Phillip D. Cagan

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Phillip David Cagan (born April 30, 1927 in Seattle , Washington , † June 15, 2012 in Palo Alto , California ) was an American economist and author. He was Professor of Economics at Columbia University .

biography

Born in Seattle, Cagan's family soon moved to Southern California. At the age of seventeen, Cagan entered the Navy and fought in World War II. After the war, he began college at UCLA , graduating with a Bachelor of Arts in 1948. Cagan continued his studies at the University of Chicago . He received his Master of Arts in 1951 and his Ph. D. in Economics in 1961. After completing his university education, he worked for two years at the National Bureau of Economic Research (NBRE) in New York . Then Cagan took up teaching activities. He taught at the University of Chicago for three years and then at Brown University for seven years . In 1966 he became professor of economics at Columbia University . He taught there for 30 years , with a break of 15 months, during which Cagan served on the Council of Economic Advisors (CEA) in Washington, DC . During this time, Cagan also worked for the American Enterprise Institute (AEI) in Washington.

Cagan spent the last years of his life in Palo Alto , where he died at the age of 85.

Scientific contribution

Cagan's focus was on monetary policy and inflation control. He has written a variety of articles, books, and other writings on these and other macroeconomic topics . Among his most famous publications are Determinants and Effects of Changes in the Stock of Money, 1875-1960 a work in which he investigates "causal relationships between changes in money, prices and output". The book, published in the NBER series, which also includes the Monetary History of the United States, 1867-1960 written by Milton Friedman and Anna J. Schwartz , has been recognized for its careful empirical work and the completeness of the presentation. Cagan's most important contribution is considered to be his article entitled The Monetary Dynamics of Hyperinflation , published by Milton Friedman, Studies in the Quantity Theory of Money (1956) .

Selected bibliography

  • Phillip Cagan: Studies in the Quantity Theory of Money . In: Milton Friedman (Ed.): The Monetary Dynamics of Hyperinflation . University of Chicago Press, Chicago 1956, ISBN 0226264068
  • Phillip Cagan: Why Do We Use Money in Open Market Operations? . In: The Journal of Political Economy . Volume 66, No. 1, February 1958, pp. 34-46, JSTOR 1826947 .
  • Phillip Cagan: The Demand for Currency Relative to the Total Money Supply . In: The Journal of Political Economy . Volume 66, No. 4, August 1958, pp. 303-328, JSTOR 1827423 .
  • Phillip Cagan: Determinants and Effects of Changes in the Stock of Money, 1875-1960 . Columbia University Press, New York 1965.
  • Phillip Cagan: The Non-Neutrality of Money In the Long Run. A Discussion of the Critical Assumptions and Some Evidence . In: Journal of Money, Credit and Banking . Volume 1, No. 2, Conference on Money and Economic Growth . May 1969, pp. 207-227, JSTOR 1991271 .
  • Phillip Cagan: Persistent Inflation: Historical and Policy Essays . Columbia University Press New York 1979.
  • Phillip Cagan: Reflections on Rational Expectations . In: Journal of Money, Credit and Banking . Volume 12, No. 4, Part 2: Rational Expectations . November 1980, pp. 826-832, JSTOR 1992037 .
  • Phillip Cagan: The Choice Among Monetary Aggregates as Targets and Guides for Monetary Policy . In: Journal of Money, Credit and Banking . Volume 14, No. 4, Part 2: The Conduct of US Monetary Policy . November 1982, pp. 661-686, JSTOR 1991555 .
  • Phillip Cagan: Does Endogeneity of the Money Supply Disprove Monetary Effects on Economic Activity? . In: Journal of Macroeconomics . Volume 15, summer 1993.
  • Phillip Cagan and William G. Dewald: The Conduct of US Monetary Policy. Introduction . In: Journal of Money, Credit and Banking . Volume 14, No. 4, Part 2: The Conduct of US Monetary Policy . November 1982, pp. 565-574, JSTOR 1991549 .
  • Phillip Cagan and Arthur Gandolfi: The Lag in Monetary Policy as Implied by the Time Pattern of Monetary Effects on Interest Rates . In: The American Economic Review . Volume 59, No. 2, Papers and Proceedings of the Eighty-first Annual Meeting of the American Economic Association . May 1969, pp. 277-284, JSTOR 1823681 .
  • Phillip Cagan and Anna J. Schwartz : Has the Growth of Money Substitutes Hindered Monetary Policy? . In: Journal of Money, Credit and Banking . Volume 7, No. 2, May 1975, pp. 137-159, JSTOR 1991346 .
  • Phillip Cagan and Anna J. Schwartz: The National Bank Note Puzzle Reinterpreted . In: Journal of Money, Credit and Banking . Volume 23, No. 3, Part 1, August 1991, pp. 293-307, JSTOR 1992747 .

literature

  • Johan Van Overtveldt: The Chicago School. How the University of Chicago Assembled the Thinkers Who Revolutionized Economics and Business . Agate, Chicago 2007, ISBN 1932841148 .
  • Brian Snowdon and Howard R. Vane: Phillip Cagan . In: An Encyclopedia of Macroeconomics . Edward Elgar Publishing, Cheltenham, UK 2002, p. 105.
  • Tom Engsted: Cointegration and Cagan's Model of Hyperinflation under Rational Expectations . In: Journal of Money, Credit and Banking . Volume 25, No. 3, Part 1, August 1993, pp. 350-360, JSTOR 2077767 .
  • Michael K. Salemi and Thomas J. Sargent : The Demand for Money During Hyperinflation under Rational Expectations: II . In: International Economic Review . Vol. 20, No. 3, October 1979, pp. 741-758, JSTOR 2526270 .
  • Jacob A. Frenkel: The Forward Exchange Rate, Expectations, and the Demand for Money. The German hyperinflation . In: International Economic Review . Volume 67, No. 4, September 1977, pp. 653-670, JSTOR 1813397 .
  • Thomas J. Sargent: The Demand for Money During Hyperinflation under Rational Expectations: I . In: International Economic Review . Volume 18, No. 1, February 1977, pp. 59-82, JSTOR 2525769 .
  • Thomas J. Sargent and Neil Wallace : Rational Expectations and the Dynamics of Hyperinflation . In: International Economic Review . Volume 14, No. 2, June 1973, pp. 328-350, JSTOR 2525924 .
  • Teh-wei Hu: Hyperinflation and the Dynamics of the Demand for Money in China, 1945-1949 . In: The Journal of Political Economy . Volume 79, No. 1, January-February 1971, pp. 186-195, JSTOR 1837395 .
  • Robert J. Barro : Inflation, the Payments Period, and the Demand for Money . In: The Journal of Political Economy . Volume 78, No. 6, November-December 1970, pp. 1228-1263, JSTOR 1830622 .

Web links

Individual evidence

  1. ↑ Phillip David Cagan Obituary , accessed September 19, 2012 (English)
  2. ^ Phillip Cagan: Determinants and Effects of Changes in the Stock of Money, 1875-1960 . Columbia University Press, New York 1965
  3. ↑ Benjamin Klein : Review: Did Monetary Forces Cause the Great Depression? by Peter Temin . In: The Journal of Business . Volume 50, No. 2, April 1977, pp. 244-248, JSTOR 2352161
  4. ^ Phillip Cagan: Studies in the Quantity Theory of Money . In: Milton Friedman (Ed.): The Monetary Dynamics of Hyperinflation . University of Chicago Press, Chicago 1956, ISBN 0226264068
  5. ^ Johan Van Overtveldt: The Chicago School. How the University of Chicago Assembled the Thinkers Who Revolutionized Economics and Business . Agate, Chicago 2007, ISBN 1932841148
personal data
SURNAME Cagan, Phillip D.
ALTERNATIVE NAMES Cagan, Phillip David (full name)
BRIEF DESCRIPTION American economist and author
DATE OF BIRTH April 30, 1927
PLACE OF BIRTH Seattle , Washington
DATE OF DEATH June 15, 2012
Place of death Palo Alto , California