Truman Fassett Bewley (born July 19, 1941) is an American economist. He is the Alfred Cowles Professor of Economics at

Yale University Yale University is a private research university in New Haven, Connecticut. Established in 1701 as the Collegiate School, it is the third-oldest institution of higher education in the United States and among the most prestigious in the w ...

. Originally specializing in

mathematical economics Mathematical economics is the application of mathematical methods to represent theories and analyze problems in economics. Often, these applied methods are beyond simple geometry, and may include differential and integral calculus, difference ...

and

general equilibrium theory In economics, general equilibrium theory attempts to explain the behavior of supply, demand, and prices in a whole economy with several or many interacting markets, by seeking to prove that the interaction of demand and supply will result in an ov ...

, since the late 1990s Bewley has gained renown for his work on

sticky wages Nominal rigidity, also known as price-stickiness or wage-stickiness, is a situation in which a nominal price is resistant to change. Complete nominal rigidity occurs when a price is fixed in nominal terms for a relevant period of time. For exampl ...

. In Bewley's 1999 book ''Why Wages Don't Fall During a Recession'', hundreds of interviews with executives, labor leaders, and other professionals establish morale as an important factor in why businesses are reluctant to decrease employee compensation at times of low demand. In

, Bewley (1972) established key existence results for models with infinitely many goods. Due to Bewley (1977), Bewley is the namesake of Bewley models, the class of incomplete markets general equilibrium models in which agents face idiosyncratic income shocks and achieve ''partial'' insurance via, for example, a risk-free bond or capital. Aiyagari (1994), Huggett (1993), and Krusell and Smith (1998) are examples of Bewley models, each with many hundreds of citations according to

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 ...

. Bewley was elected a fellow of the

American Academy of Arts and Sciences The American Academy of Arts and Sciences (abbreviation: AAA&S) is one of the oldest learned societies in the United States. It was founded in 1780 during the American Revolution by John Adams, John Hancock, James Bowdoin, Andrew Oliver, a ...

in 2005. In 2012 he was elected a 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 ...

References

External links

Homepage of Truman F. Bewley

* {{DEFAULTSORT:Bewley, Truman F. 1941 births Living people 20th-century American economists 21st-century American economists Fellows of the American Academy of Arts and Sciences University of California, Berkeley alumni Yale University faculty Place of birth missing (living people) Fellows of the Econometric Society Distinguished Fellows of the American Economic Association Nancy L. Schwartz Memorial Lecture speakers