Neil Wallace (born 1939) is an American economist and professor of economics at
Penn State University
The Pennsylvania State University (Penn State or PSU) is a public state-related land-grant research university with campuses and facilities throughout Pennsylvania. Founded in 1855 as the Farmers' High School of Pennsylvania, Penn State became ...
. He is considered one of the main proponents of
new classical macroeconomics
New classical macroeconomics, sometimes simply called new classical economics, is a school of thought in macroeconomics that builds its analysis entirely on a neoclassical economics, neoclassical framework. Specifically, it emphasizes the importa ...
in the field of
economics
Economics () is the social science that studies the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods and services.
Economics focuses on the behaviour and intera ...
.
Education
Wallace earned his
BA in economics from
Columbia University
Columbia University (also known as Columbia, and officially as Columbia University in the City of New York) is a private research university in New York City. Established in 1754 as King's College on the grounds of Trinity Church in Manhatt ...
in 1960 and his
Ph.D
A Doctor of Philosophy (PhD, Ph.D., or DPhil; Latin: or ') is the most common Academic degree, degree at the highest academic level awarded following a course of study. PhDs are awarded for programs across the whole breadth of academic fields ...
in economics from the
University of Chicago
The University of Chicago (UChicago, Chicago, U of C, or UChi) is a private research university in Chicago, Illinois. Its main campus is located in Chicago's Hyde Park neighborhood. The University of Chicago is consistently ranked among the b ...
in 1964, where he studied under
Nobel Prize
The Nobel Prizes ( ; sv, Nobelpriset ; no, Nobelprisen ) are five separate prizes that, according to Alfred Nobel's will of 1895, are awarded to "those who, during the preceding year, have conferred the greatest benefit to humankind." Alfr ...
-winning economist
Milton Friedman
Milton Friedman (; July 31, 1912 – November 16, 2006) was an American economist and statistician who received the 1976 Nobel Memorial Prize in Economic Sciences for his research on consumption analysis, monetary history and theory and the ...
.
Career
In 1969, Wallace was hired as a consultant to the
Federal Reserve Bank of Minneapolis
Federal or foederal (archaic) may refer to:
Politics
General
*Federal monarchy, a federation of monarchies
*Federation, or ''Federal state'' (federal system), a type of government characterized by both a central (federal) government and states or ...
. He served as a professor at the
University of Minnesota
The University of Minnesota, formally the University of Minnesota, Twin Cities, (UMN Twin Cities, the U of M, or Minnesota) is a public university, public Land-grant university, land-grant research university in the Minneapolis–Saint Paul, Tw ...
from 1974 until 1994 and as a professor at the
University of Miami
The University of Miami (UM, UMiami, Miami, U of M, and The U) is a private research university in Coral Gables, Florida. , the university enrolled 19,096 students in 12 colleges and schools across nearly 350 academic majors and programs, incl ...
from 1994 until 1997. In 1997, he was hired as a professor at
Penn State #Redirect Pennsylvania State University
The Pennsylvania State University (Penn State or PSU) is a Public university, public Commonwealth System of Higher Education, state-related Land-grant university, land-grant research university with campu ...
.
In 1975, he and
Thomas J. Sargent
Thomas John Sargent (born July 19, 1943) is an American economist and the W.R. Berkley Professor of Economics and Business at New York University. He specializes in the fields of macroeconomics, monetary economics, and time series econometrics ...
proposed the
policy-ineffectiveness proposition The policy-ineffectiveness proposition (PIP) is a new classical theory proposed in 1975 by Thomas J. Sargent and Neil Wallace based upon the theory of rational expectations, which posits that monetary policy cannot systematically manage the level ...
, which refuted a basic assumption of
Keynesian economics
Keynesian economics ( ; sometimes Keynesianism, named after British economist John Maynard Keynes) are the various macroeconomic theories and models of how aggregate demand (total spending in the economy) strongly influences economic output an ...
. In 2012, he was elected Distinguished Fellow of the
American Economic Association
The American Economic Association (AEA) is a learned society in the field of economics. It publishes several peer-reviewed journals acknowledged in business and academia. There are some 23,000 members.
History and Constitution
The AEA was esta ...
.
Selected publications
* 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
Thomas John Sargent (born July 19, 1943) is an American economist and the W.R. Berkley Professor of Economics and Business at New York University. He specializes in the fields of macroeconomics, monetary economics, and time series econometrics ...
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.
*
*
* _____ 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
49–82Abstract
* _____, 2001. "Whither Monetary Economics?," ''International Economic Review'', 42(4), pp
p. 847€“869.
Notes
External links
Neil Wallace biographyat Penn State Department of Economics
Neil Wallaceat
Google Scholar
Google Scholar is a freely accessible web search engine that indexes the full text or metadata of scholarly literature across an array of publishing formats and disciplines. Released in beta in November 2004, the Google Scholar index includes p ...
1939 births
Living people
20th-century American economists
21st-century American economists
Monetary economists
New classical economists
Columbia University alumni
University of Chicago alumni
University of Minnesota faculty
University of Miami faculty
Pennsylvania State University faculty
Fellows of the Econometric Society
Fellows of the American Academy of Arts and Sciences
Distinguished Fellows of the American Economic Association
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