Bachelor of Arts Fresno State College, 1964. Doctor of Philosophy Massachusetts Institute of Technology, Cambridge, Mass., USA, 1968.
Assistant professor economics Princeton University, New Jersey, 1968-1974. Associate professor economics Yale University, New Haven, 1974-1979, John M. Musser professor economics, since 1979. Visiting associate professor Massachusetts Institute of Technology, Cambridge, 1977.
Member Cowles Foundation, Yale University, since 1974. Research associate National Bureau Economic Research, Cambridge, since 1979. Fellow, International Center for Finance at Yale, since 2000.
Although some of my research has been in economic theory and some in the development of econometric techniques, my main interests have always been empirical. Most of my theoretical work and my work on econometric techniques has been motivated by some empirical problem. My work in macroeconomics began with my Doctor of Philosophy thesis on the demand for employment and has cumulated in my current model of the United States economy and my current multicountry model.
In between I have done separate studies of production decisions, labour force participation, and Federal Reserve behaviour. One of my early models was designed primarily for short-run forecasting. My current macroeconometric model is structural and is based on a theoretical model that I developed in the early 1970s.
My multicountry econometric model is based on a theoretical model of the balance of payments that I developed in 1979.
Some of my work on econometric techniques has been for models with autoregressive errors, which are commonly found in macroeconomic models. I have also worked on the robust estimation of econometric models and with John Taylor on the solution and estimation of models with rational expectations. One of my main interests in econometrics is the development of techniques to test models.
I have developed a method that can be used to test alternative models and I have applied this method to a number of models.
In 1972 I did work with Dwight Jaffee on methods of estimation for markets in disequilibrium. This study began what is now a large literature on disequilibrium econometrics. In 19711 did a theoretical study of the optimal distribution of income.
This work and independent work of Jim Mirlees spawned a large literature on optimal income taxation. In 19741 developed a method for solving optimal control problems for
macroeconometric models, and this method has been widely used. I have also done work on the effects of the economy on election outcomes.
My current work includes the testing of alternative expectational hypotheses in macroeconometric models.
Fellow Econometric Society.
Married Sharon Monica Oster, May 14, 1977. Children– Emily, Stephen, John.