Robert J. Barro
Robert Joseph Barro (born September 28, 1944 in New York City ) is an American economist and professor at Harvard University . He is considered an influential contemporary economist . He is known among other things through the theoretical consideration and further development of the Ricardian equivalence and the economic growth theory.
Professional background and research
Barro completed his Ph.D. at Harvard University , where he has been Professor of Economics since 1986. He has been a Fellow of the Econometric Society since 1980 . His articles are among the most cited in the refereed economic journals. Therefore, he has long been considered a favorite for the Nobel Prize in Economics . Commonly, Barro is counted among the representatives of supply-side macroeconomics.
Although originally a supporter of non- Walrasian and Keynesian concepts, he turned to the New Classical Macroeconomics early in his academic career and became one of the most important proponents of the theory of rational expectation . In 1974 he published his first work on the analysis of the Ricardian equivalence hypothesis, which has since been called the Barro-Ricardo equivalence hypothesis, and is one of the most cited economic papers. In his work Rational Expectations and the Role of Monetary Policy , published in 1976, Barro argues, building on the work of Friedman , Sargent and Lucas , that monetary policy has no influence on the other variables (especially output , unemployment and interest rates ) of an economy (one of the Core theses of monetarism ).
In his work in the 1980s, he focused more on the role of central banks . He argues that political pressure could force the central bank to neglect its inflation targets in the face of lower unemployment in the short term ( Phillips curve ). He therefore advocates an independent central bank that pursues exclusively monetary policy goals, such as the European Central Bank or the Deutsche Bundesbank . He also shaped the theory of real business cycles and, since the 1990s, the theory of economic growth .
In 1988 Barro was elected to the American Academy of Arts and Sciences .
Private
His son Josh Barro is a journalist for Business Insider . In 2012, Forbes Magazine chose it as one of the "30 brightest stars under 30".
Fonts (selection)
- with Herschel I. Grossman: A General Disequilibrium Model of Income and Employment. In: The American Economic Review. Vol. 61, No. 1, 1971, pp. 82-93, JSTOR 1910543 .
- Are Government Bonds Net Wealth? In: Journal of Political Economy . Vol. 82, No. 6, 1974, pp. 589-610, JSTOR 1830663 .
- Rational Expectations and the Role of Monetary Policy. In: Journal of Monetary Economics . Vol. 2, No. 1, 1976, pp. 1-32, doi : 10.1016 / 0304-3932 (76) 90002-7 .
- with David B. Gordon: Rules, Discretion and Reputation in a Model of Monetary Policy. In: Journal of Monetary Economics. Vol. 12, No. 1, 1983, pp. 101-121, doi : 10.1016 / 0304-3932 (83) .90051-X .
- with David B. Gordon: A Positive Theory of Monetary Policy in a Natural Rate Model. In: Journal of Political Economy. Vol. 91, No. 4, 1983, pp. 589-610, JSTOR 1831069 .
- with Xavier Sala-i-Martín : Economic Growth. McGraw-Hill, New York NY et al. 1995, ISBN 0-07-003697-7 (German edition: Economic growth. Oldenbourg, Munich et al. 1998, ISBN 3-486-23535-4 ).
- Macroeconomics. A modern approach. International student edition. Thompson South Western, Mason OH et al. 2008, ISBN 978-0-324-54567-8 .
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Web links
- Literature by and about Robert J. Barro in the catalog of the German National Library
- Web presence at Harvard
- Robert Barro , economicport.com
| personal data | |
|---|---|
| SURNAME | Barro, Robert J. |
| ALTERNATIVE NAMES | Barro, Robert Joseph |
| BRIEF DESCRIPTION | American economist |
| DATE OF BIRTH | September 28, 1944 |
| PLACE OF BIRTH | New York City |