Neil Wallace

Neil Wallace
Born	1939 (age 85–86) New York City
Nationality	United States
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
Influences	John Muth Milton Friedman Robert Lucas, Jr.
Influenced	S. Rao Aiyagari George McCandless
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.

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.
• _____ 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.

External links

• Curriculum vitae
• Bio at Penn State