Douglas C Dacy

Biography

After graduate school Dacy took a job at the Institute for Defense Analyses (IDA) where he served as a defense analyst and, for a short time, as Director of the Program Analysis Division. During the Vietnam War he served as an economic assistant to the Deputy Ambassador working primarily on problems of economic development. From 1967 to 1981 he alternated between IDA and the Economics Department at the University of Texas. Starting in 1981 he has devoted full time to the Economics Department. His principle concern within the area of macroeconomics-monetary economics has been on the measurement of the real interest rate. The real interest rate is not just a single rate such as the rate of treasury bills, he thinks, but it is an after-tax composite rate of return on a balanced portfolio of assets including stocks and residential housing. Currently he is engaged in a study to define this real return as well as to measure it