Neil Wallace

Neil Wallace
Born1939 (age 86–87)
New York City, U.S.
Academic background
EducationUniversity of Chicago
Columbia University
Milton Friedman
InfluencesJohn Muth
Robert Lucas, Jr.
Academic work
DisciplineMonetary economics
School or tradition
New classical economics
InstitutionsPenn State University
University of Miami
University of Minnesota
Doctoral students
Robert M. Townsend
S. Rao Aiyagari
Randall Wright
Lars Ljungqvist
Per Krusell
Website

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.

Early life and education

Wallace was born in 1939, in New York City. He attended Columbia University, where he earned a BA in economics in 1960 and his Ph.D in economics from the University of Chicago in 1964, where he studied under Nobel Prize-winning economist Milton Friedman.

Career

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

Notes

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