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Neil Wallace
Researcher at Pennsylvania State University
Publications - 159
Citations - 11801
Neil Wallace is an academic researcher from Pennsylvania State University. The author has contributed to research in topics: Monetary policy & Currency. The author has an hindex of 44, co-authored 157 publications receiving 11452 citations. Previous affiliations of Neil Wallace include University of Miami & Federal Reserve Bank of Minneapolis.
Papers
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Journal ArticleDOI
"Rational" Expectations, the Optimal Monetary Instrument, and the Optimal Money Supply Rule
Thomas J. Sargent,Neil Wallace +1 more
TL;DR: In this paper, alternative monetary policies are analyzed in an ad hoc macroeconomic model in which the public's expectations about prices are rational, and it turns out that the probility distribution of output is independent of the particular deterministic money supply rule in effect.
Book ChapterDOI
Some Unpleasant Monetarist Arithmetic
Thomas J. Sargent,Neil Wallace +1 more
TL;DR: The authors argued that even in an economy that satisfies monetarist assumptions, if monetary policy is interpreted as open market operations, then Friedman's list of the things that monetary policy cannot permanently control may have to be expanded to include inflation.
Journal ArticleDOI
Rational expectations and the theory of economic policy
Thomas J. Sargent,Neil Wallace +1 more
TL;DR: In monetary policy, it is widely agreed that monetary policy should obey a rule, that is, a schedule expressing the setting of the monetary authority's instrument (e.g., the money supply) as a function of all the information it has received up through the current moment as mentioned in this paper.
Journal ArticleDOI
Deposit Insurance and Bank Regulation: A Partial-Equilibrium Exposition
John H. Kareken,Neil Wallace +1 more
TL;DR: In this article, the authors examined the equilibrium of the banking industry under various regulatory schemes and concluded that without FDIC and regulation, bankruptcy does not occur; under an FDIC-type insurance scheme, bankruptcy holds as risky a portfolio as regulations allow; and a capital requirement, by itself, does not to forestall bankruptcy.