Background
Mr. Klein was born in Omaha, Nebraska, United States, on September 14, 1920. He was a son of Leo Byron and Blanche (Monheit) Klein.
Paul Samuelson
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(Two important new developments have occurred that have si...)
Two important new developments have occurred that have significant impact on the evolution of econometrics, namely, the end of the Cold War and the emergence of the information revolution in nearly all economies of the world. The information revolution has had significant effect on data flows, making them much more timely, accessible, and descriptive of more parts of the economy. At the same time, it has changed the industrial structure of many economies, giving rise to increasing importance of the tertiary sectors (e.g. services). The new generation of hardware and software enables econometricians to handle larger and more complex problems, especially those that are data intensive and computer intrusive. These major events require reconsideration and redrafting of some of the materials of the original edition. The present volume retains the original structure of "Lectures on Microeconomic Theory" and takes up principles of constructing dynamic macroeconometric models and their use in economic analyses and forecasting, while introducing many updates, revisions and extensions. The description of the econometric methodology has been limited to specific applications of time series analysis, and the title has been changed to "Principles of Macroeconometric Modeling". The first four chapters discuss the principles of specifying equations of structural macromodels, covering both developed marked economies, transition economies and world-wide models. The remaining chapters cover some major issues in the use of macromodels. The point of departure is model simulation, especially of the prevailing non-linear models, which is followed by model validation. The analysis of model dynamics covers economic fluctuations and the relevant implications of non-stationarity. The use of macromodels in policy analysis is presented next; it includes multiplier analysis and scenario simulations. The monograph ends up with forecasting being a special case of simulation analysis.
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(This important book, prepared under the direction of Nobe...)
This important book, prepared under the direction of Nobel Laureate Lawrence R. Klein, shows how economic forecasts are made. It explains how modern developments in information technology have made it possible to forecast frequently - at least monthly but also weekly or bi-weekly - depending upon the perceived needs of potential forecast users and also on the availability of updated material. The book focuses on forecasts in a diverse range of economies including the United States, China, India, Russia, Germany, Japan, South Korea, and Turkey. At a time of great economic uncertainty, this book makes an important contribution by showing how new information technology can be used to prepare national economic forecasts.
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(Economics, Econometrics and The LINK" is a collection of ...)
Economics, Econometrics and The LINK" is a collection of scholarly contributions by leading scholars from the U.S., Europe, and Asia dealing with issues of economics and econometrics. The book contains a learned and erudite exposition of macroeconomics and macroeconomic modeling including national, sectoral, issues exchange rate, environment, international price competitiveness and international linkages. It presents a comprehensive perspective of econometric modeling - country-specific, sector-specific and issue-specific. The volume is a tribute to the work of Lawrence R. Klein from all his friends who share a common agenda, viz. to relate the study of economics to the studies of mankind.
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Mr. Klein was born in Omaha, Nebraska, United States, on September 14, 1920. He was a son of Leo Byron and Blanche (Monheit) Klein.
In 1942 Lawrence Klein finished University of California, Berkeley, where he began his computer modeling and earned a Bachelor of Arts in Economics. He received his Doctor of Philosophy in Economics at the Massachusetts Institute of Technology (MIT) in 1944, where he was Paul Samuelson's first doctoral student. Then he finished Lincoln College, Oxford, obtaining Master of Arts in 1957.
From 1944 to 1947 Mr. Klein worked at University of Chicago, Chicago, IL, as a faculty member. Between 1948 and 1950 he served at National Bureau of Economic Research, Cambridge, MA, holding the post of a research associate. During 1949-1954 Mr. Klein was appointed faculty member, and research associate in survey research center at University of Michigan, Ann Arbor.
In 1954-1958 Lawrence Klein affiliated with Oxford Institute of Statistics, Oxford, England. In 1958 he resumed his office as a professor of economics at University of Pennsylvania, Philadelphia, becoming university professor in 1964 and Benjamin Franklin professor in 1968.
Mr. Klein became a visiting professor at Osaka University in 1960, University of Colorado, 1962, City University of New York, 1962-1963, Hebrew University of Jerusalem, 1964, Princeton University, 1966, Stanford University, 1968, the Institute for Advanced Studies, Vienna, Austria, 1970-1974, and University of Copenhagen, 1974. Since 1968 he held the position of a Ford Visiting Professor at the University of California, Berkeley.
In 1947 Lawrence Klein became an economic consultant to Canadian government., from 1965 till 1974 McMillan Co., UNCTAD, 1966, 1967, 1975, 1977, and 1980, E. I. duPont de Nemours, 1966-1968, State of New York, 1969, American Telephone and Telegraph Co., 1969, Federal Reserve Board, 1973, UNIDO, 1973-75, Congressional Budget Office, 1977, and Council of Economic Advisers, 1977-1980.
Then Mr. Klein served as an adviser to State Planning Committee, People’s Republic of China. Between 1963 and 1972 he was a principal investigator at Econometric Model Project of Brookings Institute, Washington, D.C., starting from 1968 at Project LINK. In 1970 he became a senior adviser to Brookings Panel on Economic Activity. Lawrence Klein was a chair of board of trustees at Wharton Econometrics Forecasting Associates, Inc., 1969-1980, chair of professional board, since 1980.
During the period of 1968-1970 he held the post of a director of Uni-Coll Corporation. Later he became a member of Committee on Prices, Federal Reserve Board, trustee of Maurice Falk Institute for Economic Research, Israel, 1969-1975. He also wads a member of advisory board, Strategic Studies Center, Stanford Research Institute, 1974-1976. In 1976 Lawrence Klein was appointed coordinator of Jimmy Carter’s Economic Task Force. In 1976-1978 he served as a chair of Pennsylvania Economic Advisory Committee. Since 1977 he was a member of advisory council at Institute for Advanced Studies, Vienna. From 1959 to 1965 Mr. Klein worked as an editor of International Econometric Review, since 1965 as an associate editor. In 1976 he joined editorial board of Empirical Economics.
A member of American Philosophical Society for macroeconometric modeling
A member of "Economists for Peace and Security"
organization"for concearning about issues of peace, conflict, war, and the world economy.
A member of "National Academy of Sciences"
A member of "National Bureau of Economic Research"
A founder of Wharton Econometric Forecasting Associates or WEFA, (now IHS Global Insight)
In 1977 he was president of the American Economic Association.
An Econometric Model of the United States, 1929-52 (with Associate in Science Goldberger, 1955)
The Keynesian Revolution (1947)
The Wharton Econometric Forecasting Model (with MK Evans, 1967)
The Brookings Model (With Gary Fromm. 1975)
Econometric Model Performance (1976)
An Introduction to Econometric Forecasting and Forecasting Models (1980)
Econometric Models As Guides for Decision Making (1982)
The Economics of Supply and Demand 1983
Economics, Econometrics and The LINK (with M Dutta, 1995)
China and India: Two Asian Economic Giants, Two Different Systems (2004)
(Two important new developments have occurred that have si...)
(This volume contains selected papers of Lawrence R Klein ...)
(Economics, Econometrics and The LINK" is a collection of ...)
(This important book, prepared under the direction of Nobe...)
National Academy of Sciences , United States
American Academy of Arts and Sciences , United States
John Bates Clark medalist, 1959, executive committee member, 1966-1968, president, 1977
American Economists Association , United States
National Association of Business Economists , United States
Econometric Society , United States
fellow, 1945-1948, director of committee on economic stability, 1971-1976
Social Science Research Council , United States
Lawrence Klein married Sonia Adelson on February 15, 1947. They had four children: Hannah, Rebecca, Rachel, Jonathan.
Paul Samuelson taught Lawrence Klein at M.I.T.
Trygve Haavelmo and Lawrence Klein worked together at Chicago University
Tjalling Charles Koopmans and Lawrence Klein worked together at Cowles Commission for Research in Economics
Kenneth Arrow and Lawrence Klein worked together at Cowles Commission for Research in Economics
Leonid Hurwicz and Lawrence Klein worked together at Cowles Commission for Research in Economics
Herbertand Simon also worked at Cowles Commission for Research in Economics
Jacob Marschak and Lawrence Klein worked together at Cowles Commission for Research in Economics
George Katona and Lawrence Robert Klein worked together to learn the effect of psychology on economic behavior.
Arthur Goldberg worked with Lawrence Klein on the development of the famous Klein–Goldberger macroeconomic computer model at the University of Michigan.
