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David Ernest William LAIDLER

David Ernest William LAIDLER, economist in the field of History of Economic Thought, Methodology; Economic Fluctuations; Forecasting; Stabilisation and Inflation; Balance of Payments; International Finance. Lister Lector British Association for the Advancement of Science, 1972; Fellow, Royal Society Canada, 1982; Executive Com., Association of University Teachers of Economics, United Kingdom, 5; Member, Secretary, Society Economics Analysis, 1971-1975; Executive Com., Canadian Economie Association, 1980-1983.

Background

  • LAIDLER, David Ernest William was born in 1938 in Tynemouth, England.

  • Education

    • Bachelor of Science London School of Economies and Political Science, London, United Kingdom, 1959. Master of Arts University Syracuse, 1960. Doctor of Philosophy University Chicago, 1964.

      Master of Arts University Manchester, 1973.

    Career

    • Temporary Assistant Lector, London School of Economies and Political Science, London, United Kingdom, 2. Assistant Professor of Economics, University California Berkeley, 1963-1966. Acting Assistant Professor, Stanford University, 1964.

      Lector Economics, University Essex, 1966-1969. Part-time Economics Adviser, United Kingdom Ministry Housing and Local Government, 1968-1970. Professor of Economics, University Manchester, 1969-1975.

      Visiting Professor, Brown University, 1973. Visiting Economics, Reserve Bank Australia, 1977. Visiting Professor, Stockholm School Economics, 1978, University Konstanz, 1980.

      Visiting Special Lector, Monash University, 1980. Professor of Economics, University Western Ontario, Canada, since 1975. Editorial Boards, Manchester School of Economic and Social Studies, 75, Review of Economic Studies, 1970-1975, American Economic Review, 1976-1978, Canadian Journal of Economics, 1977-1979, Journal of Economic Literature, since 1978.

      Association Editor, Journal of Money, Credit and Banking, since 1979. North American Corresp. Editor, Manchester School of Economic and Social Studies, since 1982.

      General Editor with J. M. Parkin), Inflation Series Manchester University Press). Editor Adviser, Philip Allan Publishers.

    Major achievements

    • Lister Lector British Association for the Advancement of Science, 1972. Fellow, Royal Society Canada, 1982. Executive Com., Association of University Teachers of Economics, United Kingdom, 5.

      Member, Secretary, Society Economics Analysis, 1971-1975. Executive Com., Canadian Economie Association, 1980-1983.

    Works

    • Essays on Money and Inflation
    • In this volume of 11 essays on the determinants of money-wage inflation, Laidler places the emphasis on price inflation, arguing that it is this which interacts with interest rates, the nominal money supply and the balance of payments, to influence aggregate demand.

    Views

    My first published papers were empirical studies of the United States demand for money function, concerned with establishing the importance of the interest rate and some wealth or permanent income measure in the function. Later my interest turned to inflation, and I became involved in integrating hypotheses about inflationoutput (or unemployment) interaction into macroeconomic systems, thereby producing what are essentially dynamic IS/LM models capable of dealing with simultaneous price and output fluctuations. I have constructed both analytic and small econometric models of closed and open economies which, involving as they do notions of excess demand and supply, represent alternatives to so-called New Classical models of the business cycle, even though both classes of models have their roots in the monetarist analysis of the 1960s. Recently, I have been investigating the links between the adjustment lags frequently found in single equation studies of the demand for money, and the lags in the transmission mechanism linking money supply changes with output and prices.

    I am becoming convinced that these two apparently different types of lags are, in fact, one and the same phenomenon. If true, this would imply that there is no such structural relationship as a short-run aggregate demand for money function. I conjecture that it will also be found to imply that the hypothesis of clearing competitive markets cannot be sustained as a basis for empirical macroeconomic analysis. In addition to the above, I have also written from time to time on current issues of policy in the United Kingdom, the United States and Canada, and I have undertaken a number of studies of particular aspects of the history of monetary economics.

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