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Neil Wallace
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 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New Classical Economics
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 importance of foundations based on microeconomics, especially rational expectations. New classical macroeconomics strives to provide neoclassical microeconomic foundations for macroeconomic analysis. This is in contrast with its rival New Keynesian economics, new Keynesian school that uses microfoundations, such as Sticky (economics), price stickiness and imperfect competition, to generate macroeconomic models similar to earlier, Keynesian ones. History Classical economics is the term used for the first modern school of economics. The publication of Adam Smith's ''The Wealth of Nations'' in 1776 is considered to be the birth of the school. Perhaps the central idea behind it is on the ability of the market to be self-correcting as well as bei ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bachelor Of Arts
A Bachelor of Arts (abbreviated B.A., BA, A.B. or AB; from the Latin ', ', or ') is the holder of a bachelor's degree awarded for an undergraduate program in the liberal arts, or, in some cases, other disciplines. A Bachelor of Arts degree course is generally completed in three or four years, depending on the country and institution. * Degree attainment typically takes five or more years in Argentina, Brazil, Chile, and Peru. * Degree attainment typically takes four years in Afghanistan, Armenia, Azerbaijan, Bangladesh, Brunei, Bulgaria, Canada (except Quebec), China, Egypt, Finland, Georgia, Ghana, Greece, Hong Kong, Indonesia, India, Iran, Iraq, Ireland, Jamaica, Japan, Kazakhstan, Kenya, Kuwait, Latvia, Lebanon, Lithuania, Malaysia, Mexico, Mongolia, Myanmar, Nepal, the Netherlands, Nigeria, Pakistan, the Philippines, Qatar, Russia, Saudi Arabia, Scotland, Serbia, Singapore, South Africa, South Korea, Spain, Sri Lanka, Taiwan, Thailand, Turkey, Ukraine, the United S ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Living People
Purpose: Because living persons may suffer personal harm from inappropriate information, we should watch their articles carefully. By adding an article to this category, it marks them with a notice about sources whenever someone tries to edit them, to remind them of WP:BLP (biographies of living persons) policy that these articles must maintain a neutral point of view, maintain factual accuracy, and be properly sourced. Recent changes to these articles are listed on Special:RecentChangesLinked/Living people. Organization: This category should not be sub-categorized. Entries are generally sorted by family name In many societies, a surname, family name, or last name is the mostly hereditary portion of one's personal name that indicates one's family. It is typically combined with a given name to form the full name of a person, although several give .... Maintenance: Individuals of advanced age (over 90), for whom there has been no new documentation in the last ten ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1939 Births
This year also marks the start of the World War II, Second World War, the largest and deadliest conflict in human history. Events Events related to World War II have a "WWII" prefix. January * January 1 ** Coming into effect in Nazi Germany of: *** The Protection of Young Persons Act (Germany), Protection of Young Persons Act, passed on April 30, 1938, the Working Hours Regulations. *** The small businesses obligation to maintain adequate accounting. *** The Jews name change decree. ** With his traditional call to the New Year in Nazi Germany, Führer and Reich Chancellor Adolf Hitler addresses the members of the National Socialist German Workers' Party (NSDAP). ** The Hewlett-Packard technology and scientific instruments manufacturing company is founded by Bill Hewlett and David Packard, in a garage in Palo Alto, California, considered the birthplace of Silicon Valley. ** Philipp Etter takes over as President of the Swiss Confederation. ** The Third Soviet Five Year P ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Google Scholar
Google Scholar is a freely accessible web search engine that indexes the full text or metadata of Academic publishing, scholarly literature across an array of publishing formats and disciplines. Released in Beta release, beta in November 2004, the Google Scholar index includes peer-reviewed online academic journals and books, conference papers, theses and dissertations, preprints, Abstract (summary), abstracts, technical reports, and other scholarly literature, including Legal opinion, court opinions and patents. Google Scholar uses a web crawler, or web robot, to identify files for inclusion in the search results. For content to be indexed in Google Scholar, it must meet certain specified criteria. An earlier statistical estimate published in PLOS One using a mark and recapture method estimated approximately 79–90% coverage of all articles published in English with an estimate of 100 million.'' Trend Watch'' (2014) Nature (journal), Nature 509(7501), 405 – discussing Madian K ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Journal Of Monetary Economics
The ''Journal of Monetary Economics'' is a peer-reviewed academic journal covering research on macroeconomics and monetary economics. It is published by Elsevier and was established in October 1973 by Karl Brunner and Charles I. Plosser. Beginning in 2002, it was merged with the ''Carnegie-Rochester Conference Series on Public Policy''. The latter series was established in 1976 and had been published independently, originally by the North-Holland Publishing Company, now an imprint of Elsevier. According to the ''Journal Citation Reports'', the journal has a 2021 impact factor of 4.63. Since 2022, its editors are Boragan Aruoba and Yuriy Gorodnichenko. It is widely regarded as one of the most prestigious academic journals in economics and was ranked as top 10 among all economics journals in 2008. See also * List of economics journals The following is a list of scholarly journals in economics containing most of the prominent academic journals in economics. Popular magazine ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
American Economic Association
The American Economic Association (AEA) is a learned society in the field of economics, with approximately 23,000 members. It publishes several peer-reviewed journals, including the Journal of Economic Literature, American Economic Review, and the Journal of Economic Perspectives. History and constitution The AEA was established in 1885 in Saratoga Springs, New York by younger progressive economists trained in the German historical school, including Richard T. Ely, Edwin Robert Anderson Seligman and Katharine Coman, the only woman co-founder; Since 1900, it has been under the control of academics. The Purposes of the Association are the following: 1) The encouragement of economic research, especially the historical and statistical study of the actual conditions of industrial life; 2) The issue of publications on economic subjects; 3) The encouragement of perfect freedom of economic discussion. The Association says that it takes no partisan attitude, nor does it comm ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Keynesian Economics
Keynesian economics ( ; sometimes Keynesianism, named after British economist John Maynard Keynes) are the various macroeconomics, macroeconomic theories and Economic model, models of how aggregate demand (total spending in the economy) strongly influences Output (economics), economic output and inflation. In the Keynesian view, aggregate demand does not necessarily equal the aggregate supply, productive capacity of the economy. It is influenced by a host of factors that sometimes behave erratically and impact production, employment, and inflation. Keynesian economists generally argue that aggregate demand is volatile and unstable and that, consequently, a market economy often experiences inefficient macroeconomic outcomes, including economic recession, recessions when demand is too low and inflation when demand is too high. Further, they argue that these economic fluctuations can be mitigated by economic policy responses coordinated between a government and their central bank. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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 levels of output and employment in the economy. Theory Prior to the work of Sargent and Wallace, macroeconomic models were largely based on the adaptive expectations assumption. Many economists found this unsatisfactory since it assumes that agents may repeatedly make systematic errors and can only revise their expectations in a backward-looking way. Under adaptive expectations, agents do not revise their expectations even if the government announces a policy that involves increasing money supply beyond its expected growth level. Revisions would only be made after the increase in the money supply has occurred, and even then agents would react only gradually. In each period that agents found their expectations of inflation to be wrong, a certain ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Thomas J
Clarence Thomas (born June 23, 1948) is an American lawyer and jurist who has served since 1991 as an associate justice of the Supreme Court of the United States. President George H. W. Bush Clarence Thomas Supreme Court nomination, nominated him to succeed Thurgood Marshall. After Marshall, Thomas is the second African Americans, African American to serve on the U.S. Supreme Court and has been its List of United States Supreme Court justices by time in office, longest-serving member since Anthony Kennedy's retirement in 2018. He has also been the Court's oldest member since Stephen Breyer retired in 2022. Thomas was born in Pin Point, Georgia. After his father abandoned the family, he was raised by his grandfather in a poor Gullah community near Savannah, Georgia. Growing up as a devout Catholic, Thomas originally intended to be a priest in the Catholic Church but became dissatisfied with its efforts to combat racism and abandoned his aspiration to join the clergy. He gradua ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
University Of Miami
The University of Miami (UM, UMiami, Miami, U of M, and The U) is a private university, private research university in Coral Gables, Florida, United States. , the university enrolled 19,852 students in two colleges and ten schools across over 350 academic majors and programs, including the Miller School of Medicine in Health District (Miami), Miami's Health District, the University of Miami School of Law, law school on the main campus, the Rosenstiel School of Marine, Atmospheric, and Earth Science on Virginia Key, and additional research facilities in southern Miami-Dade County, Florida, Miami-Dade County. The University of Miami offers 151 undergraduate, 149 master's, and 68 doctoral degree programs. With over 20,000 faculty and staff as of 2024, the University of Miami is the second-largest employer in Miami-Dade County. The university's main campus in Coral Gables spans , has over of buildings, and is located southwest of Greater Downtown Miami, downtown Miami, the heart ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
