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Neil Wallace

Professor of Economics · Penn State University

Professor of economics at Penn State University, working on monetary economics. He collaborated extensively with Thomas J. Sargent and was elected a Distinguished Fellow of the American Economic Association in 2012.

2 papers tracked 2 classics ⌁ Follow this author

Showing 2 papers

Published Classic Journal of Political Economy Published Apr 1975

"Rational" Expectations, the Optimal Monetary Instrument, and the Optimal Money Supply Rule

Thomas J. Sargent · Neil Wallace

This paper studies, within a simple "ad hoc" macroeconomic model not derived from individuals' and firms' optimizing behavior but built to resemble the macroeconometric models of the time, how the …

Expectations Monetary Policy Free Read ↗

Published Classic Quarterly Review (Federal Reserve Bank of Minneapolis) Published Oct 1981

Some Unpleasant Monetarist Arithmetic

Thomas J. Sargent · Neil Wallace

Sargent and Wallace show that even in a fully monetarist economy, a monetary authority that tightens money today while an independent fiscal authority's deficits are taken as given must finance the …

Fiscal Monetary Interactions Free Read ↗