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 university, private Ivy League research university in New Haven, Connecticut, United States. Founded in 1701, Yale is the List of Colonial Colleges, third-oldest institution of higher education in the United Stat ...

. Originally specializing in

mathematical economics Mathematical economics is the application of Mathematics, mathematical methods to represent theories and analyze problems in economics. Often, these Applied mathematics#Economics, applied methods are beyond simple geometry, and may include diff ...

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. 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 A risk-free bond is a theoretical bond that repays interest and principal with absolute certainty. The rate of return would be the risk-free interest rate. It is primary security, which pays off 1 unit no matter state of economy is realized at t ...

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 Academic publishing, scholarly literature across an array of publishing formats and disciplines. Released in Beta release, beta in November 2004, th ...

. Bewley was elected a fellow of the

American Academy of Arts and Sciences The American Academy of Arts and Sciences (The Academy) 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, and other ...

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, with approximately 23,000 members. It publishes several peer-reviewed journals, including the Journal of Economic Literature, American Economic Review, an ...

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