Neil Wallace (born 1939) is an American economist and professor of economics at

Penn State University The Pennsylvania State University (Penn State or PSU) is a Public university, public Commonwealth System of Higher Education, state-related Land-grant university, land-grant research university with campuses and facilities throughout Pennsyl ...

. He is considered one of the main proponents of

new classical macroeconomics New classical macroeconomics, sometimes simply called new classical economics, is a school of thought in macroeconomics that builds its analysis entirely on a neoclassical framework. Specifically, it emphasizes the importance of foundations bas ...

in the field of

economics Economics () is a behavioral science that studies the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods and services. Economics focuses on the behaviour and interac ...

Early life and education

Wallace was born in 1939, in

New York City New York, often called New York City (NYC), is the most populous city in the United States, located at the southern tip of New York State on one of the world's largest natural harbors. The city comprises five boroughs, each coextensive w ...

. He attended

Columbia University Columbia University in the City of New York, commonly referred to as Columbia University, is a Private university, private Ivy League research university in New York City. Established in 1754 as King's College on the grounds of Trinity Churc ...

, where he earned a BA in economics in 1960 and his Ph.D in economics from the

University of Chicago The University of Chicago (UChicago, Chicago, or UChi) is a Private university, private research university in Chicago, Illinois, United States. Its main campus is in the Hyde Park, Chicago, Hyde Park neighborhood on Chicago's South Side, Chic ...

in 1964, where he studied under

Nobel Prize The Nobel Prizes ( ; ; ) are awards administered by the Nobel Foundation and granted in accordance with the principle of "for the greatest benefit to humankind". The prizes were first awarded in 1901, marking the fifth anniversary of Alfred N ...

-winning economist

Milton Friedman Milton Friedman (; July 31, 1912 – November 16, 2006) was an American economist and statistician who received the 1976 Nobel Memorial Prize in Economic Sciences for his research on consumption analysis, monetary history and theory and ...

Career

In 1969, Wallace was hired as a consultant to the

Federal Reserve Bank of Minneapolis The Federal Reserve Bank of Minneapolis, located in Minneapolis, Minnesota, Minneapolis, Minnesota, in the United States, covers the 9th District of the Federal Reserve, which is made up of Minnesota, Montana, North Dakota, North and South Dakota ...

. He served as a professor at the

University of Minnesota The University of Minnesota Twin Cities (historically known as University of Minnesota) is a public university, public Land-grant university, land-grant research university in the Minneapolis–Saint Paul, Twin Cities of Minneapolis and Saint ...

from 1974 until 1994 and as a professor at the

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 ...

from 1994 until 1997. In 1997, he was hired as a professor at

Penn State #Redirect Pennsylvania State University The Pennsylvania State University (Penn State or PSU) is a Public university, public Commonwealth System of Higher Education, state-related Land-grant university, land-grant research university with ca ...

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

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) strongl ...

. In 2012, he was elected 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 ...

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. * * * _____ 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
49–82Abstract
* _____, 2001. "Whither Monetary Economics?," ''International Economic Review'', 42(4), pp
p. 847
��869.

Notes

External links

Neil Wallace biography
at Penn State Department of Economics
Neil Wallace
at

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1939 births Living people 20th-century American economists 21st-century American economists Monetary economists New classical economists Columbia College (New York) alumni University of Chicago alumni University of Minnesota faculty University of Miami faculty Pennsylvania State University faculty Fellows of the Econometric Society Fellows of the American Academy of Arts and Sciences Distinguished fellows of the American Economic Association {{US-economist-stub