Background
GROSSMAN, Herschel I. was born in 1939 in Philadelphia, Pennsylvania, United States of America.
(This is a textbook on macroeconomic theory that attempts ...)
This is a textbook on macroeconomic theory that attempts to rework the theory of macroeconomic relations through a re-examination of their microeconomic foundations. In the tradition of Keynes's General Theory of Employment, Interest and Money (published in 1936), and Patinkin's Money, Interest, and Prices, published in 1956 and revised in 1965, this book represents a third generation of macroeconomic theory. This book presents a comprehensive choice-theoretic analysis of the determination of the level of employment and the rate of inflation. A central feature of the book is the recasting of macroeconomic analysis in terms of a theory of exchange under non-market-clearing conditions. In addition, the analysis incorporates other aspects of the current reformulation of macroeconomic theory, including the relation between inflationary expectations, rates of return, and unemployment, the dynamics of aggregate demand, and the significance of incomplete information regarding the spatial distribution of wages and prices.
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GROSSMAN, Herschel I. was born in 1939 in Philadelphia, Pennsylvania, United States of America.
Bachelor with highest honors, University Virginia, 1960. Bachelor of Philosophy, University Oxford, England, 1962. Doctor of Philosophy, Johns Hopkins University, 1965.
Assistant Professor, Association Professor, Brown University, 1964-1973. Fellow, University Essex, England, 1969. Simon Senior Research Fellow, University Manchester, England, 1971.
Visiting Scholar, State University New York, Buffalo, since 1978. Institute, Institution Advanced Studies, Vienna, since 1979. European University Institute, Institution, Florence, 1980.
University Louis Pasteur, Strasbourg, 1982. Merton P. Stoltz Professor Social Sciences, Professor of Economics, Brown University, Providence, Rhode Island, United States of America, since 1973. Editorial Board, Journal of Monetary Economics
1977-, American Economic Review, 1980-1983.
Book Review Editor,7 Mon E, since 1984.
(This is a textbook on macroeconomic theory that attempts ...)
Author: Money, Employment and Inflation, 1976, Chinese translation, 1981, Japanese translation, 1982, Italian translation, 1982. Member editorial board European Journal Political Economy, 2000-2004, Economic of Governance, 1997-2004, Journal Monetary Economics, 1977-1983, review editor, 1984-1991. Board editors American Economic Review, 1980-1983.
Contributor numerous articles to professional journals.
The principal motivation for my research has been to discover a theory of the connection between money and fluctuations in economic activity that is consistent with
maximising behaviour by individual economic agents. This effort has involved the study of non-market-clearing models, models of the sharing of risk between workers and employers, and models of incomplete information about monetary disturbances. Although empirically motivated, the content of my early work was largely theoretical.
In contrast, stimulated by the integration of theory and econometrics made possible by the postulate of rational expectations, much of my recent work has involved the use of data in formal hypothesis testing. Although the primary goal of understanding observed relations between nominal and real aggregate variables has remained elusive, my efforts have helped to clarify the nature of the mystery that the observed business cycle presents — specifically, the difficulty of reconciling this aspect of reality with the neoclassical postulate of maximisation. These efforts also have led me into a number of lengthy and productive excursions involving research on such diverse problems as the theory of Walrasian models without recontracting, the efforts of suppressed inflation, the relation between money balances and commodity inventories, the nature of implicit labour contracts and the form of fluctuations in employment and earnings, the effects of minimum wages, and the existence of rational asset price bubbles.
My current work includes a theoretical and empirical research programme for positive macroeconomic analysis that incorporates choicetheoretic modelling of monetary policy.