William Branson
Photo by Denise Applewhite
Princeton professor William Branson, who was a pioneer in the field
of international economics, died Tuesday, Aug. 15, in Princeton from
complications from throat cancer. He was 68.
Branson, who joined the faculty in 1967, was the John Foster Dulles
Professor Emeritus in International Affairs and professor emeritus of
economics and international affairs. He taught undergraduate and
graduate classes in macroeconomic theory and policy, international
finance and trade, and economic development. His research focused
primarily on foreign exchange markets and the macroeconomic problems
facing developing and transition economies.
"With Dale Henderson, he developed the 'portfolio balance' approach to
exchange rate determination, an approach that emphasizes changes in the
relative supplies of assets denominated in different currencies as a
fundamental cause of exchange rate movements," said Gene Grossman, the
Jacob Viner Professor of International Economics and director of the
International Economics Section at Princeton.
"Bill was a longtime consultant to the World Bank and other
international institutions, where he lent sage advice on macroeconomic
policy and financial structure to many developing countries," he said.
"Many students will remember him for his widely used textbook,
'Macroeconomic Theory and Policy.' Colleagues will remember his broad
interests in international economics and his fine leadership of the
international studies group at the National Bureau of Economic
Research, a role that he capably filled for 15 years."
Branson was born on Feb. 14, 1938, in Springfield, Ill. A 1959 graduate
of the U.S. Naval Academy, he served as a supply officer in the Navy
for five years while pursuing graduate studies at the University of
California-Berkeley, where he earned his M.A. in 1964. He received his
Ph.D. from the Massachusetts Institute of Technology in 1967.
After two years on the Princeton faculty, Branson spent a year on leave
as a senior staff economist with the President's Council of Economic
Advisers. He began serving as a consultant to the World Bank in 1981,
working on stabilization and structural adjustment programs in
Indonesia, Kenya, Turkey, Yugoslavia and Portugal.
He also was a consultant with the International Monetary Fund, the U.S.
Federal Reserve Board, the U.S. Treasury Department and the
international Organization for Economic Cooperation and Development. He
was director of research in international studies and a research
associate at the National Bureau of Economic Research from 1978 to
1993. In addition he was a visiting professor at institutions in
Sweden, Austria, France, Greece and Italy.
The author of numerous articles for professional journals, Branson
first published "Macroeconomic Theory and Policy" in 1972. It was
translated into several other languages and published in two more
editions. His book "Macroeconomics" (co-written with James Litvack)
was published in 1976.
Branson, who became a full professor at Princeton in 1972, was named
the Jacob Viner Professor of International Economics in 1988 and to the
Dulles professorship in 1992. He transferred to emeritus status in 2000.
Branson is survived by his children Kristin, William and Emily Branson,
and Ekaterina Zamyshlyaeva; and by his granddaughter Morgan Branson
Lynch.
A memorial service is scheduled for 1 p.m. Saturday, Sept. 16, in the University Chapel. Memorial contributions may be made to Habitat for Humanity. Questions may be sent to WHBransonMemorial@hotmail.com.
