American economist

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.

Education

Wallace earned his BA in economics from Columbia University 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