Neil Wallace

Neil Wallace
Born 1939 (age 78–79)
New York City, New York, U.S.
Nationality American
Institution Penn State University
University of Miami
University of Minnesota
Field Monetary economics
School or
tradition		 New classical economics
Alma mater University of Chicago
Columbia University
Doctoral
advisor		 Milton Friedman
Doctoral
students		 Robert M. Townsend
S. Rao Aiyagari
Randall Wright
Lars Ljungqvist
Per Krusell
Influences John Muth
Robert Lucas, Jr.
Information at IDEAS / RePEc

Neil Wallace (born 1939) is an American economist and professor at Pennsylvania State University. Wallace is considered one of the main proponents of new classical macroeconomics.[1]

He became professor at Penn State in 1997, after holding professorships at the University of Minnesota (1974–1994), and the University of Miami (1994–1997).

Wallace earned his Bachelor of Arts in Economics at Columbia University in 1960, and his Doctor of Philosophy in Economics at the University of Chicago under Milton Friedman in 1964.

Since 1969 Wallace has been a consultant to the Federal Reserve Bank of Minneapolis.

In 2012 he was elected Distinguished Fellow of the American Economic Association.

In 1975 he and Thomas J. Sargent proposed the Policy-ineffectiveness proposition, which refuted a basic assumption of Keynesian economics.

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 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). "'Rational' Expectations, the Optimal Monetary Instrument, and the Optimal Money Supply Rule". Journal of Political Economy. 83 (2): 241–254. doi:10.1086/260321.
  • Sargent, Thomas & Wallace, Neil (1976). "Rational Expectations and the Theory of Economic Policy". 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

  1. ↑ Galbács, Peter (2015). The Theory of New Classical Macroeconomics. A Positive Critique. Heidelberg/New York/Dordrecht/London: Springer. doi:10.1007/978-3-319-17578-2. ISBN 978-3-319-17578-2.
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