Robert Barro

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Robert Barro
Born (1944-09-28) September 28, 1944 (age 79)
New York City, U.S.
Education
PhD)
SpouseRachel McCleary
Academic career
InstitutionHarvard University
FieldMacroeconomics
School or
tradition		New classical macroeconomics
Doctoral
advisor		Zvi Griliches
Doctoral
students		Zvi Hercowitz
Xavier Sala-i-Martin
Xavier Gabaix
George-Marios Angeletos
Emi Nakamura
Michael Kremer
ContributionsRicardian equivalence hypothesis
Economic growth
Time consistency
Information at IDEAS / RePEc

Robert Joseph Barro (born September 28, 1944) is an American

Quarterly Journal of Economics.[3]

Academic career

Barro graduated with a B.S. in

government bonds, would have no effect on the public's spending on consumer goods. The paper was in direct response to Alan Blinder and Robert Solow's results, which had implied that the long term implications of government borrowing would be compensated for by the wealth effect. The paper is among the most cited in macroeconomics. Its implications of his Ricardian equivalence
are still being debated.

Barro collaborated with Herschel Grossman to produce the influential 1971 article "A General Disequilibrium Model of Income and Employment",[6] which for many years held the distinction of being the most cited article published in the American Economic Review.[7] 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. Barro and Grossman expanded on their work and produced the classic textbook Money, Employment, and Inflation in 1976.[8]

In 1976, he authored another influential paper, "Rational expectations and the role of monetary policy" in which he argued that information asymmetries would cause real effects as rational economic actors in response to uncertainty but not in response to expected monetary policy changes. In it and other essays, he investigated the real effects of monetary changes through which he could significantly contribute to the clarification of the exact circumstances of the validity of the policy-ineffectiveness proposition. While he has revisited the topic since then and critically appraised the paper, it was important in integrating the role of money into neoclassical economics and into the synthesis of general equilibrium and macroeconomic models.[9]

In 1983, he applied the

BusinessWeek article.[10]

His 1984 Macroeconomics textbook remains a standard for explaining the subject, and his 1995 book, with Columbia University economist Xavier Sala-i-Martin, on Economic Growth, is a widely cited and read graduate-level textbook on the theory and evidence concerning long-run economic growth. Barro's research in the 1990s was focused mainly on the theoretical and empirical determinants of growth: he gave fundamental contributions to the theory of endogenous growth, with particular attention to the links between innovation and public investment on one side and growth on the other side. He was a pioneer in the econometric analysis of the main factors associated with growth in the modern era.[11]

Barro served as Vice President of the American Economic Association in 1998, and served on its Executive Committee from 1987 to 1990.[5] He has been a research associate at the NBER since 1978.[5] He was elected a Fellow of the Econometric Society in 1980, and was elected to the American Academy of Arts and Sciences in 1988.[12][13]

Another often-cited work is a 1988 paper that he coauthored with

Quarterly Journal of Economics
, which is influential in thinking about "infinite time horizon" modelling.

Subsequently, Barro began investigating the influence of religion and popular culture on political economy by working with his wife, Rachel McCleary.

Barro believes that the

Keynesian multiplier is less than one. He believes that for every dollar the government borrows and spends, spending elsewhere in the economy falls by almost the same amount.[14]

Barro's work has been central to many of the economic and public policy debates of the last 30 years, including business cycle theory, growth theory, the

Universidad Francisco Marroquin.[15] The Research Papers in Economics (RePEc) project ranked him as the fifth most influential economist in the world, as of March 2016, based on his academic contributions.[16]

Finally, Barro has been an outspoken opponent of stimulus spending, calling Obama's stimulus bill "garbage" and "the worst bill since the 1930s."[17][18][19]

Personal life

Robert Barro is married to Rachel McCleary. Together they have made critical contributions to the field of religion and economics. McCleary holds a doctorate from the University of Chicago and teaches at Harvard. Barro has four children: Jennifer, Lisa, Jason, and Josh, who is a journalist.

Selected bibliography

Books

  • Barro, Robert J. (1984). Macroeconomics. New York: Wiley.
    ISBN 978-0-471-87407-2
    .
  • Barro, Robert J.;
    ISBN 9780262025539
    .
  • Barro, Robert J.; Chu, Angus C.; Cozzi, Guido. (2017) Intermediate Macroeconomics. Cheriton House, North Way, UK: Cengage Learning EMEA.
    ISBN 978-1-4737-2509-6
    .

Articles

References

  1. ^ "Robert Barro". ineteconomics.org.
  2. ISBN 978-0-521-53142-9
    .
  3. ^ "Institute for New Economic Thinking".
  4. ^ "Topping the Charts: Prakash Loungani profiles Harvard macroeconomist Robert Barro". Imf.org. September 1, 2007. Retrieved June 5, 2012.
  5. ^ a b c https://scholar.harvard.edu/files/barro/files/vita_073022.pdf
  6. ^ Barro, Robert J.; Grossman, Herschel I. (1971). "A General Disequilibrium Model of Income and Employment". American Economic Review. 61 (1): 82–93.
  7. ^ Spolaore (2008).
  8. ^ Kolmar, 803.
  9. ISBN 978-3-319-17578-2
    .
  10. ^ Barro, Robert (February 22, 1999). "Reagan vs. Clinton: Who's the Economic Champ?". BusinessWeek. Archived from the original on July 2, 2012.
  11. ^ "Interview with Robert J. Barro" at Francisco Marroquin University. Guatemala, May 2007
  12. ^ "Book of Members, 1780–2010: Chapter B" (PDF). American Academy of Arts and Sciences. Retrieved May 17, 2011.
  13. ^ "Current Fellows". www.econometricsociety.org. Retrieved February 8, 2024.
  14. ^ Cassidy, John (October 10, 2011). "The Demand Doctor". The New Yorker.
  15. ^ "Doctorado Honorífico a Robert J. Barro durante el Acto de Graduación (2007)".
  16. ^ "Economist Rankings at IDEAS".
  17. ^ Barro, Robert J. (February 23, 2010). ""The Stimulus Evidence One Year On" Economist Robert Barro, Harvard University, WSJ". The Wall Street Journal. Retrieved June 5, 2012.
  18. ^ Barro, Robert J. (October 1, 2009). ""Stimulus Spending Doesn't Work" Economist Robert Barro, Harvard University, WSJ". The Wall Street Journal. Retrieved June 5, 2012.
  19. ^ Robinson, Peter (February 19, 2009). "Paul Samuelson Vs. Milton Friedman". Forbes. Retrieved June 5, 2012.

External links

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