He continued his education at the University of California at Los Angeles, where he earned his Ph.D. in economics (1969, supervisor: Armen Alchian).
He was employed at the Federal Reserve Bank of St. Louis from 1967 up until 1975, ending with the position as senior vice president and director of research.
From July 1980 to March 1981 and August 1982 to January 1985, Jordan held the position as dean and professor at the Robert O. Anderson School of Management located at the University of New Mexico.
During the break in his employment at the University of New Mexico, Jordan was a member of President Ronald Reagan's Council of Economic Advisers from April 1981 to July 1982.
After his stay at the University of New Mexico, he attained employment as the senior vice president and chief economist at First Interstate Bancorp from 1985 to 1992.