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career</th></tr><tr><th scope="row" class="infobox-label">Field</th><td class="infobox-data category"><a href="/wiki/Monetary_economics" title="Monetary economics">Monetary economics</a></td></tr><tr><th scope="row" class="infobox-label">Institution</th><td class="infobox-data"><a href="/wiki/Pennsylvania_State_University" title="Pennsylvania State University">Penn State University</a><br /><a href="/wiki/Miami_Herbert_Business_School" title="Miami Herbert Business School">University of Miami</a><br /><a href="/wiki/University_of_Minnesota" title="University of Minnesota">University of Minnesota</a></td></tr><tr><th scope="row" class="infobox-label">School or<br />tradition</th><td class="infobox-data category"><a href="/wiki/New_classical_economics" class="mw-redirect" title="New classical economics">New classical economics</a></td></tr><tr><th scope="row" class="infobox-label">Alma mater</th><td class="infobox-data"><a href="/wiki/University_of_Chicago" title="University of Chicago">University of Chicago</a><br /><a href="/wiki/Columbia_University" title="Columbia University">Columbia University</a></td></tr><tr><th scope="row" class="infobox-label">Doctoral<br />advisor</th><td class="infobox-data"><a href="/wiki/Milton_Friedman" title="Milton Friedman">Milton Friedman</a></td></tr><tr><th scope="row" class="infobox-label">Doctoral<br />students</th><td class="infobox-data"><a href="/wiki/Robert_M._Townsend" title="Robert M. Townsend">Robert M. Townsend</a><br /><a href="/wiki/S._Rao_Aiyagari" title="S. Rao Aiyagari">S. Rao Aiyagari</a><br /><a href="/wiki/Randall_Wright" title="Randall Wright">Randall Wright</a><br /><a href="/wiki/Lars_Ljungqvist" title="Lars Ljungqvist">Lars Ljungqvist</a><br /><a href="/wiki/Per_Krusell" title="Per Krusell">Per Krusell</a></td></tr><tr><th scope="row" class="infobox-label">Influences</th><td class="infobox-data"><a href="/wiki/John_Muth" title="John Muth">John Muth</a><br /><a href="/wiki/Robert_Lucas,_Jr." class="mw-redirect" title="Robert Lucas, Jr.">Robert Lucas, Jr.</a></td></tr><tr><td colspan="2" class="infobox-full-data"><a rel="nofollow" class="external text" href="https://ideas.repec.org/e/pwa33.html">Information</a> at <a href="/wiki/Research_Papers_in_Economics" title="Research Papers in Economics">IDEAS / RePEc</a></td></tr><tr style="display:none"><td colspan="2"> </td></tr></tbody></table> <p><b>Neil Wallace</b> (born 1939) is an American economist and professor of economics at <a href="/wiki/Pennsylvania_State_University" title="Pennsylvania State University">Penn State University</a>. He is considered one of the main proponents of <a href="/wiki/New_classical_macroeconomics" title="New classical macroeconomics">new classical macroeconomics</a> in the field of <a href="/wiki/Economics" title="Economics">economics</a>.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Early_life_and_education">Early life and education</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Neil_Wallace&action=edit&section=1" title="Edit section: Early life and education"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Wallace was born in 1939, in <a href="/wiki/New_York_City" title="New York City">New York City</a>. He attended <a href="/wiki/Columbia_University" title="Columbia University">Columbia University</a>, where he earned a <a href="/wiki/Bachelor_of_Arts" title="Bachelor of Arts">BA</a> in economics in 1960 and his <a href="/wiki/Doctor_of_Philosophy" title="Doctor of Philosophy">Ph.D</a> in economics from the <a href="/wiki/University_of_Chicago" title="University of Chicago">University of Chicago</a> in 1964, where he studied under <a href="/wiki/Nobel_Prize" title="Nobel Prize">Nobel Prize</a>-winning economist <a href="/wiki/Milton_Friedman" title="Milton Friedman">Milton Friedman</a>. </p> <div class="mw-heading mw-heading2"><h2 id="Career">Career</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Neil_Wallace&action=edit&section=2" title="Edit section: Career"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In 1969, Wallace was hired as a consultant to the <a href="/wiki/Federal_Reserve_Bank_of_Minneapolis" title="Federal Reserve Bank of Minneapolis">Federal Reserve Bank of Minneapolis</a>. He served as a professor at the <a href="/wiki/University_of_Minnesota" title="University of Minnesota">University of Minnesota</a> from 1974 until 1994 and as a professor at the <a href="/wiki/University_of_Miami" title="University of Miami">University of Miami</a> from 1994 until 1997. In 1997, he was hired as a professor at <a href="/wiki/Pennsylvania_State_University" title="Pennsylvania State University">Penn State</a>. </p><p>In 1975, he and <a href="/wiki/Thomas_J._Sargent" title="Thomas J. Sargent">Thomas J. Sargent</a> proposed the <a href="/wiki/Policy-ineffectiveness_proposition" title="Policy-ineffectiveness proposition">policy-ineffectiveness proposition</a>, which refuted a basic assumption of <a href="/wiki/Keynesian_economics" title="Keynesian economics">Keynesian economics</a>. In 2012, he was elected Distinguished Fellow of the <a href="/wiki/American_Economic_Association" title="American Economic Association">American Economic Association</a>. </p> <div class="mw-heading mw-heading2"><h2 id="Selected_publications">Selected publications</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Neil_Wallace&action=edit&section=3" title="Edit section: Selected publications"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li>Ricardo De O. Cavalcanti and Neil Wallace, 1999. "Inside and Outside Money as Alternative Media of Exchange," <i>Journal of Money, Credit and Banking</i>, 31(3, Part 2), pp. <a rel="nofollow" class="external text" href="https://www.jstor.org/pss/2601062">443</a>–457.</li> <li><a href="/wiki/Thomas_J._Sargent" title="Thomas J. Sargent">Thomas J. Sargent</a> and Neil Wallace, "Rational Expectations and the Dynamics of Hyperinflation," <i>International Economic Review</i>, 14(2), (Jun., 1973), pp. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20060909063754/http://www.cbe.csueastbay.edu/~alima/courses/6315/Week05/WallaceSargentHyperinflation.pdf">328–350</a>.</li> <li>_____ and _____, 1973. The Stability of Models of Money and Growth with Perfect Foresight," <i>Econometrica</i>, 41(6), pp. <a rel="nofollow" class="external text" href="https://www.jstor.org/pss/1914034">1043</a>–1048.</li> <li><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFSargentWallace1975" class="citation journal cs1">Sargent, Thomas & Wallace, Neil (1975). "<span class="cs1-kern-left"></span>'Rational' Expectations, the Optimal Monetary Instrument, and the Optimal Money Supply Rule". <i>Journal of Political Economy</i>. <b>83</b> (2): 241–254. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1086%2F260321">10.1086/260321</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:154301791">154301791</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+Political+Economy&rft.atitle=%27Rational%27+Expectations%2C+the+Optimal+Monetary+Instrument%2C+and+the+Optimal+Money+Supply+Rule&rft.volume=83&rft.issue=2&rft.pages=241-254&rft.date=1975&rft_id=info%3Adoi%2F10.1086%2F260321&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A154301791%23id-name%3DS2CID&rft.aulast=Sargent&rft.aufirst=Thomas&rft.au=Wallace%2C+Neil&rfr_id=info%3Asid%2Fen.wikipedia.org%3ANeil+Wallace" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSargentWallace1976" class="citation journal cs1">Sargent, Thomas & Wallace, Neil (1976). <a rel="nofollow" class="external text" href="http://www.minneapolisfed.org/research/WP/WP29.pdf">"Rational Expectations and the Theory of Economic Policy"</a> <span class="cs1-format">(PDF)</span>. <i><a href="/wiki/Journal_of_Monetary_Economics" title="Journal of Monetary Economics">Journal of Monetary Economics</a></i>. <b>2</b> (2): 169–183. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1016%2F0304-3932%2876%2990032-5">10.1016/0304-3932(76)90032-5</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+Monetary+Economics&rft.atitle=Rational+Expectations+and+the+Theory+of+Economic+Policy&rft.volume=2&rft.issue=2&rft.pages=169-183&rft.date=1976&rft_id=info%3Adoi%2F10.1016%2F0304-3932%2876%2990032-5&rft.aulast=Sargent&rft.aufirst=Thomas&rft.au=Wallace%2C+Neil&rft_id=http%3A%2F%2Fwww.minneapolisfed.org%2Fresearch%2FWP%2FWP29.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3ANeil+Wallace" class="Z3988"></span></li> <li>_____ and _____, 1981. "Some Unpleasant Monetarist Arithmetic," Federal Reserve Bank of Minneapolis <i>Quarterly Review</i>, 5(3), pp. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20110727055011/http://research.mpls.frb.fed.us/research/qr/qr531.pdf">1–17.</a></li> <li>Neil Wallace, 1980. The Overlapping Generations Model of Fiat Money," in <i>Models of Monetary Economies</i>, Federal Reserve Bank of Minneapolis, pp. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20120314212443/http://www.minneapolisfed.org/publications_papers/books/models/cp49.pdf">49–82</a>. <a rel="nofollow" class="external text" href="http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.141.7429">Abstract</a>.</li> <li>_____, 2001. "Whither Monetary Economics?," <i>International Economic Review</i>, 42(4), pp. <a rel="nofollow" class="external text" href="https://www.jstor.org/pss/826976">p. 847</a>–869.</li></ul> <div class="mw-heading mw-heading2"><h2 id="Notes">Notes</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Neil_Wallace&action=edit&section=4" title="Edit section: Notes"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap"><ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGalbács2015" class="citation book cs1">Galbács, Peter (2015). <i>The Theory of New Classical Macroeconomics. A Positive Critique</i>. Contributions to Economics. Heidelberg/New York/Dordrecht/London: Springer. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1007%2F978-3-319-17578-2">10.1007/978-3-319-17578-2</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-3-319-17578-2" title="Special:BookSources/978-3-319-17578-2"><bdi>978-3-319-17578-2</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Theory+of+New+Classical+Macroeconomics.+A+Positive+Critique&rft.place=Heidelberg%2FNew+York%2FDordrecht%2FLondon&rft.series=Contributions+to+Economics&rft.pub=Springer&rft.date=2015&rft_id=info%3Adoi%2F10.1007%2F978-3-319-17578-2&rft.isbn=978-3-319-17578-2&rft.aulast=Galb%C3%A1cs&rft.aufirst=Peter&rfr_id=info%3Asid%2Fen.wikipedia.org%3ANeil+Wallace" class="Z3988"></span></span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Neil_Wallace&action=edit&section=5" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a rel="nofollow" class="external text" href="https://econ.la.psu.edu/people/nxw9/">Neil Wallace biography</a> at Penn State Department of Economics</li> <li><a rel="nofollow" class="external text" href="https://scholar.google.com/citations?user=pc3ZUvcAAAAJ&hl=en">Neil Wallace</a> at <a href="/wiki/Google_Scholar" title="Google Scholar">Google Scholar</a></li></ul> <div class="navbox-styles"><style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output .hlist dt,.mw-parser-output .hlist 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title="New classical macroeconomics">New classical macroeconomics</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Robert_Barro" title="Robert Barro">Robert Barro</a></li> <li><a href="/wiki/Axel_Leijonhufvud" title="Axel Leijonhufvud">Axel Leijonhufvud</a></li> <li><a href="/wiki/Robert_Lucas_Jr." title="Robert Lucas Jr.">Robert Lucas Jr.</a></li> <li><a href="/wiki/Bennett_McCallum" title="Bennett McCallum">Bennett McCallum</a></li> <li><a href="/wiki/Patrick_Minford" title="Patrick Minford">Patrick Minford</a></li> <li><a href="/wiki/Thomas_J._Sargent" title="Thomas J. 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