Neil Wallace is one of the most influential thinkers in contemporary economics. Beginning with his papers in the early 1970s, he became, along with Bob Lucas, Ed Prescott, and Tom Sargent, one of the leaders of the “rational expectations revolution.” Since 1969 he has served as a consultant to the Research Department at the Federal Reserve Bank of Minneapolis and was instrumental in its role, along with that of the University of Minnesota, as an incubator of modern macroeconomics.
Neil has made major contributions to thinking about monetary theory, dynamic macroeconomics, international exchange rates, and economic policy. Many of his papers coauthored with Sargent, such as “Some Unpleasant Monetarist Arithmetic,” are now considered classics. His current research focuses on monetary economics.
Neil received his B.A. in economics from Columbia University and his Ph.D. in economics from the University of Chicago. In addition to his work for the Fed, he is also a professor of economics at Pennsylvania State University, a position he has held since 1997. Prior to that, he held positions at the University of Miami and the University of Minnesota. He is a Fellow of the American Academy of Arts and Sciences, the Econometric Society, and the AEA.