{{short description|American economist}} {{Use mdy dates|date=July 2025}}
{{BLP sources|date=November 2013}} {{Infobox economist | name = Neil Wallace | school_tradition = New classical economics
| image = | image_size = | caption = | birth_date = {{Birth year and age|1939}} | birth_place = New York City, U.S. | death_date = | death_place = | institution = Penn State University<br>University of Miami<br>University of Minnesota | field = Monetary economics | alma_mater = University of Chicago<br>Columbia University | doctoral_advisor = Milton Friedman | doctoral_students = Robert M. Townsend<br>S. Rao Aiyagari<br>Randall Wright<br>Lars Ljungqvist<br>Per Krusell | influences = John Muth<br>Robert Lucas, Jr. | influenced = | contributions = | awards = | signature = <!-- file name only --> | repec_prefix = e | repec_id = pwa33 }}
'''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.<ref>{{cite book |last=Galbács |first=Peter |title=The Theory of New Classical Macroeconomics. A Positive Critique |location=Heidelberg/New York/Dordrecht/London |publisher=Springer |year=2015 |isbn= 978-3-319-17578-2 |doi=10.1007/978-3-319-17578-2 |series=Contributions to Economics }}</ref>
==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 Association.
==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. [https://www.jstor.org/pss/2601062 443]–457. * Thomas J. Sargent and Neil Wallace, "Rational Expectations and the Dynamics of Hyperinflation," ''International Economic Review'', 14(2), (Jun., 1973), pp. [https://web.archive.org/web/20060909063754/http://www.cbe.csueastbay.edu/~alima/courses/6315/Week05/WallaceSargentHyperinflation.pdf 328–350]. * _____ and _____, 1973. The Stability of Models of Money and Growth with Perfect Foresight," ''Econometrica'', 41(6), pp. [https://www.jstor.org/pss/1914034 1043]–1048. * {{Cite journal |last1=Sargent |first1=Thomas |name-list-style=amp |first2=Neil |last2=Wallace |year=1975 |title='Rational' Expectations, the Optimal Monetary Instrument, and the Optimal Money Supply Rule |journal=Journal of Political Economy |volume=83 |issue=2 |pages=241–254 |doi=10.1086/260321 |s2cid=154301791 }} * {{Cite journal |last1=Sargent |first1=Thomas |name-list-style=amp |first2=Neil |last2=Wallace |year=1976 |title=Rational Expectations and the Theory of Economic Policy |journal=Journal of Monetary Economics |volume=2 |issue=2 |pages=169–183 |doi= 10.1016/0304-3932(76)90032-5|url=http://www.minneapolisfed.org/research/WP/WP29.pdf }} * _____ and _____, 1981. "Some Unpleasant Monetarist Arithmetic," Federal Reserve Bank of Minneapolis ''Quarterly Review'', 5(3), pp. [https://web.archive.org/web/20110727055011/http://research.mpls.frb.fed.us/research/qr/qr531.pdf 1–17.] * Neil Wallace, 1980. The Overlapping Generations Model of Fiat Money," in ''Models of Monetary Economies'', Federal Reserve Bank of Minneapolis, pp. [https://web.archive.org/web/20120314212443/http://www.minneapolisfed.org/publications_papers/books/models/cp49.pdf 49–82]. [http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.141.7429 Abstract]. * _____, 2001. "Whither Monetary Economics?," ''International Economic Review'', 42(4), pp. [https://www.jstor.org/pss/826976 p. 847]–869.
==Notes== {{Reflist}}
==External links== *[https://econ.la.psu.edu/people/nxw9/ Neil Wallace biography] at Penn State Department of Economics *[https://scholar.google.com/citations?user=pc3ZUvcAAAAJ&hl=en Neil Wallace] at Google Scholar
{{Neoclassical economists}}
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{{DEFAULTSORT:Wallace, Neil}} Category:1939 births Category:Living people Category:20th-century American economists Category:21st-century American economists Category:Monetary economists Category:New classical economists Category:Columbia College, Columbia University alumni Category:University of Chicago alumni Category:University of Minnesota faculty Category:University of Miami faculty Category:Pennsylvania State University faculty Category:Fellows of the Econometric Society Category:Fellows of the American Academy of Arts and Sciences Category:Distinguished fellows of the American Economic Association
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