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Neil Wallace (born 1939) is an American economist and professor of economics at Penn State University . He is considered one of the main proponents of new classical macroeconomics in the field of economics .[1]
Early life and education
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Wallace was born in 1939, in New York City . He attended Columbia University , where he earned a BA Ph.D in economics from the University of Chicago in 1964, where he studied under Nobel Prize -winning economist Milton Friedman .
Career
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In 1969, Wallace was hired as a consultant to the Federal Reserve Bank of Minneapolis . He served as a professor at the University of Minnesota from 1974 until 1994 and as a professor at the University of Miami from 1994 until 1997. In 1997, he was hired as a professor at Penn State .
In 1975, he and Thomas J. Sargent proposed the policy-ineffectiveness proposition , which refuted a basic assumption of Keynesian economics . In 2012, he was elected Distinguished Fellow of the American Economic Association .
Selected publications
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Ricardo De O. Cavalcanti and Neil Wallace, 1999. "Inside and Outside Money as Alternative Media of Exchange," Journal of Money, Credit and Banking , 31(3, Part 2), pp. 443 –457.
Thomas J. Sargent and Neil Wallace, "Rational Expectations and the Dynamics of Hyperinflation," International Economic Review , 14(2 ), (Jun., 1973), pp. 328–350 .
_____ and _____, 1973. The Stability of Models of Money and Growth with Perfect Foresight," Econometrica , 41(6 ), pp. 1043 –1048.
Sargent, Thomas & Wallace, Neil (1975). "Journal of Political Economy . 83 2 ): 241–254. doi :10.1086/260321 . S2CID 154301791 .
Sargent, Thomas & Wallace, Neil (1976). "Rational Expectations and the Theory of Economic Policy" (PDF) . Journal of Monetary Economics 2 2 ): 169–183. doi :10.1016/0304-3932(76 )90032-5 .
_____ and _____, 1981. "Some Unpleasant Monetarist Arithmetic," Federal Reserve Bank of Minneapolis Quarterly Review , 5(3 ), pp. 1–17.
Neil Wallace, 1980. The Overlapping Generations Model of Fiat Money," in Models of Monetary Economies , Federal Reserve Bank of Minneapolis, pp. 49–82 . Abstract .
_____, 2001. "Whither Monetary Economics?," International Economic Review , 42(4 ), pp. p. 847 –869.
Notes
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External links
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International
National
Academics
Other
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a d d i t i o n a l t e r m s m a y a p p l y . B y u s i n g t h i s s i t e , y o u a g r e e t o t h e T e r m s o f U s e a n d P r i v a c y P o l i c y . W i k i p e d i a ® i s a r e g i s t e r e d t r a d e m a r k o f t h e W i k i m e d i a F o u n d a t i o n , I n c . , a n o n - p r o f i t o r g a n i z a t i o n . ● P r i v a c y p o l i c y ● A b o u t W i k i p e d i a ● D i s c l a i m e r s ● C o n t a c t W i k i p e d i a ● C o d e o f C o n d u c t ● D e v e l o p e r s ● S t a t i s t i c s ● C o o k i e s t a t e m e n t ● M o b i l e v i e w
