Background
GROSSMAN, Herschel I. was born in 1939 in Philadelphia, Pennsylvania, United States of America.
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book
Money Employment and Inflation
(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.
http://www.amazon.com/gp/product/0521209064/?tag=2022091-20
Money Employment and Inflation
(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.
http://www.amazon.com/gp/product/0521068657/?tag=2022091-20
Herschel I. Grossman
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Herschel I. Grossman, American economics professor. John Simon Guggenheim Memorial Foundation fellow, 1979-1980; grantee National Science Foundation, 1969, 72, 76, 78, 82, 84, United States Department Labor, 1974, 80, Social Science Research Council, 1982: Insurance Regulatory Information System scholar, 1991.
Education
Bachelor with highest honors, University Virginia, 1960. Bachelor of Philosophy, University Oxford, England, 1962. Doctor of Philosophy, Johns Hopkins University, 1965.
Career
Grossman received a bachelor of arts from the University of Virginia (1960), a Bachelor of Philosophy Grossman collaborated with Barro to produce the influential article "A General Disequilibrium Model of Income," which, for many years, held the distinction of being the most cited article ever published in the American Economic Review. The article explored the idea that disequilibrium in one market can have spillover effects to another market, creating a distinction between notional demand and effective demand.
Grossman and Barro expanded on their work and produced the classic textbook Money, Employment, and Inflation in 1976.
Following his work on disequilibrium, Grossman made several contributions to the study of economic policy and political economy. His work transitioned as he investigated the institutional frictions behind Keynesian macroeconomic models.
Grossman"s work in political economy included the study of conflict. In a 2003 paper he explored the use of expected future scarcity as an explanatory variable in current conflicts.
Grossman also investigated property rights.
He analyzed property rights formation under "common pool" situations, where all resources are initially held in common, and "initial claims" cases, where individuals have an initial claim to resources before rights are established. Grossman"s work showed how property rights could emerge in a decentralized manner. Grossman also studied the trade-offs between a decentralized property rights and a centralized authority.
He found a centralized authority would emerge when creating defensive work were relatively expensive and appropriations (taxation) were relatively easy.
Otherwise, a decentralized system would emerge. Grossman died suddenly in 2004 while attending a conference in Marseilles, France.
Achievements
Works
book
-
Money Employment and Inflation
(This is a textbook on macroeconomic theory that attempts ...)
-
Money Employment and Inflation
(This is a textbook on macroeconomic theory that attempts ...)
-
Money Employment and Inflation
Views
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.
Interests
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Born
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Died
October 9, 2004 (aged 65) -
Nationality
United States
Education
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1960
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1962
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1965
Career
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1964 - 1969
Awards
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John Simon Guggenheim Memorial Foundation fellow, 1979-1980. Grantee National Science Foundation, 1969, 72, 76, 78, 82, 84, United States Department Labor, 1974, 80, Social Science Research Council, 1982: Insurance Regulatory Information System scholar, 1991.John Simon Guggenheim Memorial Foundation fellow, 1979-1980. Grantee National Science Foundation, 1969, 72, 76, 78, 82, 84, United States Department Labor, 1974, 80, Social Science Research Council, 1982: Insurance Regulatory Information System scholar, 1991.