Past Events

74th CARF Special Seminar : Prof. Neil Wallace

Date & Time: May 11 of 2017 (Thursday) 17:00-18:30
Place :Seminar Room 2 on the 1st floor of the Economics Research Annex (Kojima Hall)
Speaker : Neil Wallace (Professor of Economics at the Pennsylvania State University)
Co-organizerMacroeconomics Workshop(CIRJE)

Speech Title : "Models of money based on imperfect monitoring
and pairwise meetings: policy implications"

The presentation will review work that deals with optimal policy in models in which money plays a role because of imperfect monitoring. Three settings will be studied: a setting with no-monitoring in which fiat (outside) money is the only asset; a setting with no-monitoring and in which money and higher-return assets coexist; and a setting in which some fraction of the population is not monitored at all and the rest are perfectly monitored. In each case, I will present examples of optima—the majority of which have policies that will seem surprising.

Speaker's Profile:
Neil Wallace is a Distinguished Professor of Economics at the Pennsylvania State University. He has made a number of highly influential contributions to monetary economics, in particular to the theory of money, liquidity, inflation and monetary policy. He received his PhD in economics from the University of Chicago in 1964. He is a Distinguished Fellow of the American Economic Association, a Fellow of the American Academy of Arts and Sciences, a Fellow of the Econometric Society. He also received Distinction in the Social Sciences, College of the Liberal Arts at the Pennsylvania State University and holds an Honorary Degree from Universidad del Pacifico (Peru).