James Tobin was an American economist who served on the Council of Economic Advisers and consulted with the Board of Governors of the Federal Reserve System,and taught at Harvard and Yale Universities. He contributed to the development of key ideas in the Keynesian economics of his generation and advocated government intervention in particular to stabilize output and avoid recessions. His academic work included pioneering contributions to the study of investment,monetary and fiscal policy and financial markets. He also proposed an econometric model for censored dependent variables,the well-known tobit model.
Milton Friedman was an American economist and statistician who received the 1976 Nobel Memorial Prize in Economic Sciences for his research on consumption analysis,monetary history and theory and the complexity of stabilization policy. With George Stigler,Friedman was among the intellectual leaders of the Chicago school of economics,a neoclassical school of economic thought associated with the work of the faculty at the University of Chicago that rejected Keynesianism in favor of monetarism until the mid-1970s,when it turned to new classical macroeconomics heavily based on the concept of rational expectations. Several students,young professors and academics who were recruited or mentored by Friedman at Chicago went on to become leading economists,including Gary Becker,Robert Fogel,and Robert Lucas Jr.
Kenneth Joseph Arrow was an American economist,mathematician,writer,and political theorist. Along with John Hicks,he won the Nobel Memorial Prize in Economic Sciences in 1972.
Robert Emerson Lucas Jr. was an American economist at the University of Chicago. Widely regarded as the central figure in the development of the new classical approach to macroeconomics,he received the Nobel Prize in Economics in 1995 "for having developed and applied the hypothesis of rational expectations,and thereby having transformed macroeconomic analysis and deepened our understanding of economic policy". He was characterized by N. Gregory Mankiw as "the most influential macroeconomist of the last quarter of the 20th century". In 2020,he ranked as the 10th most cited economist in the world.
Development economics is a branch of economics that deals with economic aspects of the development process in low- and middle- income countries. Its focus is not only on methods of promoting economic development,economic growth and structural change but also on improving the potential for the mass of the population,for example,through health,education and workplace conditions,whether through public or private channels.
Robert Merton Solow,GCIH was an American economist and Nobel laureate whose work on the theory of economic growth culminated in the exogenous growth model named after him. He was Institute Professor Emeritus of Economics at the Massachusetts Institute of Technology,where he was a professor from 1949 on. He was awarded the John Bates Clark Medal in 1961,the Nobel Memorial Prize in Economic Sciences in 1987,and the Presidential Medal of Freedom in 2014. Four of his PhD students,George Akerlof,Joseph Stiglitz,Peter Diamond,and William Nordhaus,later received Nobel Memorial Prizes in Economic Sciences in their own right.
Andrew Michael Spence is a Canadian-American economist and Nobel laureate.
Endogenous growth theory holds that economic growth is primarily the result of endogenous and not external forces. Endogenous growth theory holds that investment in human capital,innovation,and knowledge are significant contributors to economic growth. The theory also focuses on positive externalities and spillover effects of a knowledge-based economy which will lead to economic development. The endogenous growth theory primarily holds that the long run growth rate of an economy depends on policy measures. For example,subsidies for research and development or education increase the growth rate in some endogenous growth models by increasing the incentive for innovation.
The Chicago school of economics is a neoclassical school of economic thought associated with the work of the faculty at the University of Chicago,some of whom have constructed and popularized its principles. Milton Friedman,and George Stigler are considered the leading scholars of the Chicago school.
Edward Christian Prescott was an American economist. He received the Nobel Memorial Prize in Economics in 2004,sharing the award with Finn E. Kydland,"for their contributions to dynamic macroeconomics:the time consistency of economic policy and the driving forces behind business cycles". This research was primarily conducted while both Kydland and Prescott were affiliated with the Graduate School of Industrial Administration at Carnegie Mellon University. According to the IDEAS/RePEc rankings,he was the 19th most widely cited economist in the world in 2013. In August 2014,Prescott was appointed an Adjunct Distinguished Economic Professor at the Australian National University (ANU) in Canberra,Australia. Prescott died of cancer on November 6,2022,at the age of 81.
John Brian Taylor is the Mary and Robert Raymond Professor of Economics at Stanford University,and the George P. Shultz Senior Fellow in Economics at Stanford University's Hoover Institution.
Thomas John Sargent is an American economist and the W.R. Berkley Professor of Economics and Business at New York University. He specializes in the fields of macroeconomics,monetary economics,and time series econometrics. As of 2020,he ranks as the 29th most cited economist in the world. He was awarded the Nobel Memorial Prize in Economics in 2011 together with Christopher A. Sims for their "empirical research on cause and effect in the macroeconomy".
Kamer Daron Acemoğlu is a Turkish-born American economist who has taught at the Massachusetts Institute of Technology since 1993,where he is currently the Elizabeth and James Killian Professor of Economics. He received the John Bates Clark Medal in 2005,and was named an Institute Professor at MIT in 2019.
Karl Shell is an American theoretical economist,specializing in macroeconomics and monetary economics.
Sir Christopher Antoniou Pissarides is a Cypriot economist. He is Regius Professor of Economics at the London School of Economics,and Professor of European Studies at the University of Cyprus. His research focuses on macroeconomics,labour economics,economic growth,and economic policy. In 2010,along with Peter Diamond and Dale Mortensen,he received the Nobel Prize in Economics,"for their analysis of markets with theory of search frictions."
William Dawbney Nordhaus is an American economist. He was a Sterling Professor of Economics at Yale University,best known for his work in economic modeling and climate change,and a co-recipient of the 2018 Nobel Memorial Prize in Economic Sciences. Nordhaus received the prize "for integrating climate change into long-run macroeconomic analysis".
Michael Robert Kremer is an American development economist currently serving as University Professor in Economics at the University of Chicago and Director of the Development Innovation Lab at the Becker Friedman Institute for Research in Economics. Kremer formerly served as the Gates Professor of Developing Societies at Harvard University,a role he held from 2003 to 2020. In 2019,Kremer was jointly awarded the Nobel Memorial Prize in Economic Sciences,together with Esther Duflo and Abhijit Banerjee,"for their experimental approach to alleviating global poverty."
Dynamic stochastic general equilibrium modeling is a macroeconomic method which is often employed by monetary and fiscal authorities for policy analysis,explaining historical time-series data,as well as future forecasting purposes. DSGE econometric modelling applies general equilibrium theory and microeconomic principles in a tractable manner to postulate economic phenomena,such as economic growth and business cycles,as well as policy effects and market shocks.
Macroeconomic theory has its origins in the study of business cycles and monetary theory. In general,early theorists believed monetary factors could not affect real factors such as real output. John Maynard Keynes attacked some of these "classical" theories and produced a general theory that described the whole economy in terms of aggregates rather than individual,microeconomic parts. Attempting to explain unemployment and recessions,he noticed the tendency for people and businesses to hoard cash and avoid investment during a recession. He argued that this invalidated the assumptions of classical economists who thought that markets always clear,leaving no surplus of goods and no willing labor left idle.
The Department of Economics is an academic department of the University of Oxford within the Social Sciences Division. Relatively recently founded in 1999,the department is located in the Norman Foster-designed Manor Road Building.
