N. GREGORY MANKIW

Born February 3, 1958.

EDUCATION

The Pingry School. Graduated, 1976.
A.B. Princeton University, 1980. Summa Cum Laude in economics.
Ph.D. Massachusetts Institute of Technology, 1984. Department of Economics.

EMPLOYMENT

Council of Economic Advisers. Staff Economist. September 1982 to July 1983.
Massachusetts Institute of Technology. Instructor. September 1984 to June 1985.
Harvard University. Assistant Professor of Economics. July 1985 to June 1987.
Harvard University. Professor of Economics. July 1987 to present.

AWARDS AND GRANTS

• Wolf Balleisen Memorial Prize for best thesis in economics, Princeton University, 1980.
  
• Phi Beta Kappa, 1980.
  
• National Science Foundation Graduate Fellowship, 1980-1984.
  
• Social Science Research Council Grant, 1984-1985.
  
• National Science Foundation Research Grant, 1986-1987.
  
• Olin Fellowship, National Bureau of Economic Research, 1987-1988.
  
• National Science Foundation Presidential Young Investigators Grant, 1987-1992.
  
• Galbraith Teaching Prize (for graduate teaching), 1991.
  
• Nomination for Joseph R. Levenson Memorial Teaching Prize (for undergraduate teaching), 1991.
  
• National Science Foundation Research Grant: Accomplishment-Based Renewal, 1993-1995.

PROFESSIONAL ACTIVITIES

• Faculty Research Fellow, National Bureau of Economic Research, 1985-1987.
  
• Research Associate, National Bureau of Economic Research, 1987-present.
  
• Member, National Science Foundation Economics Panel, 1988-1990.
  
• Associate Director, Monetary Economics Program, National Bureau of Economic Research, 1991-1993.
  
• Associate Editor, Journal of Economic Perspectives, 1988-present.
  
• Associate Editor, Review of Economics and Statistics, 1989-present.
  
• Advisory Editor, McGraw-Hill Advanced Textbook Series, 1992- present.
  
• Director, Monetary Economics Program, National Bureau of Economic Research, 1993-present.
  
• Panel Adviser, Brookings Panel on Economic Activity, 1993-present.
  
• Panel of Academic Advisers, Congressional Budget Office, 1985-present.

PUBLICATIONS

1. The Permanent Income Hypothesis and the Real Interest Rate, Economics Letters 7, 1981, 307-311.

2. Hall's Consumption Hypothesis and Durable Goods, Journal of Monetary Economics 10, November 1982, 417-426.

3. An Empirical Note on Money, Government Debt, and Inflation, with Robert Barsky, Economics Letters 12, 1983, 153-156.

4. Aggregation and Stabilization Policy in a Multi-Contract Economy, with Alan Blinder, Journal of Monetary Economics 13, January 1984, 67-86.

5. Do Long-Term Interest Rates Overreact to Short-Term Interest Rates? with Lawrence Summers, Brookings Papers on Economic Activity, 1984:1, 223-247.

6. Are Preliminary Announcements of the Money Stock Rational Forecasts? with David Runkle and Matthew Shapiro, Journal of Monetary Economics 14, July 1984, 15-27.

7. A Tax Rise Could Buoy the Recovery, with Lawrence Summers, New York Times, January 27, 1985.

8. Intertemporal Substitution in Macroeconomics, with Julio Rotemberg and Lawrence Summers, Quarterly Journal of Economics 100, February 1985, 225-251.

9. How Should Fringe Benefits Be Taxed? with Avery Katz, National Tax Journal 38, March 1985, 37-46.

10. Small Menu Costs and Large Business Cycles: A Macroeconomic Model of Monopoly, Quarterly Journal of Economics 100, May 1985, 529-537; reprinted in New Keynesian Economics, Volume 1: Imperfect Competition and Sticky Prices, N.G. Mankiw and D. Romer, eds., (Cambridge, MA: MIT Press, 1991).

11. An Unbiased Reexamination of Stock Market Volatility, with David Romer and Matthew Shapiro, Journal of Finance 40, July 1985, 677-687.

12. Consumer Durables and the Real Interest Rate, Review of Economics and Statistics 67, August 1985, 353-362.

13. Trends, Random Walks, and Tests of the Permanent Income Hypothesis, with Matthew Shapiro, Journal of Monetary Economics 16, September 1985, 165-174.

14. The Changing Behavior of the Term Structure of Interest Rates, with Jeffrey Miron, Quarterly Journal of Economics 101, May 1986, 211-228.

15. Do We Reject Too Often? Small Sample Properties of Tests of Rational Expectations Models, with Matthew Shapiro, Economics Letters 20, 1986, 139-145.

16. Free Entry and Social Inefficiency, with Michael Whinston, Rand Journal of Economics 17, Spring 1986, 48-58.

17. News or Noise: An Analysis of GNP Revisions, with Matthew Shapiro, Survey of Current Business 66, May 1986, 20-25.

18. The Term Structure of Interest Rates Revisited, Brookings Papers on Economic Activity, 1986:1, 61-96.

19. The Allocation of Credit and Financial Collapse, Quarterly Journal of Economics 101, August 1986, 455-470; reprinted in New Keynesian Economics, Volume 2: Coordination Failures and Real Rigidities, N.G. Mankiw and D. Romer, eds., (Cambridge, MA: MIT Press, 1991).

20. Risk and Return: Consumption Beta versus Market Beta, with Matthew Shapiro, Review of Economics and Statistics 68, August 1986,452-459.

21. Ricardian Consumers with Keynesian Propensities, with Robert Barsky and Stephen Zeldes, American Economic Review 76, September 1986, 676-691.

22. Issues in Keynesian Macroeconomics: A Review Essay, Journal of Monetary Economics 18, September 1986, 217-223.

23. Comment on "Do Equilibrium Real Business Cycle Theories Explain Post-War U.S. Business Cycles?" by Martin Eichenbaum and Kenneth J. Singleton, NBER Macroeconomics Annual 1, 1986, 139-145.

24. The Equity Premium and the Concentration of Aggregate Shocks, Journal of Financial Economics 17, 1986, 211-219.

25. An Econometric Investigation of Easterlin's Synthesis Framework: The Philippines and the United States, with Bryan Boulier, Population Studies 40, November 1986, 473-486.

26. Money Demand and the Effects of Fiscal Policies, with Lawrence Summers, Journal of Money, Credit, and Banking 18, November 1986, 415-429; reprinted in Recent Developments in Macroeconomics, volume III, edited by Edmund S. Phelps, (Hants, England: Edward Elgar Publishing, 1991).

27. Consumer Spending and the After-Tax Real Interest Rate, The Effects of Taxation on Capital Formation, edited by Martin Feldstein, (Chicago: University of Chicago Press, 1987).

28. Government Purchases and Real Interest Rates, Journal of Political Economy 95, April 1987, 407-419.

29. Comment on "The New Keynesian Microfoundations" by Julio Rotemberg, NBER Macroeconomics Annual 2, 1987.

30. Permanent and Transitory Components in Macroeconomic Fluctuations, with John Campbell, American Economic Review 77, May 1987, 111-117.

31. The Adjustment of Expectations to a Change in Regime: A Study of the Founding of the Federal Reserve, with Jeffrey Miron and David Weil, American Economic Review 77, June 1987, 358-374; reprinted in Growth of the Regulatory State, 1900-1917, edited by Robert F. Himmelberg, New York: Garland Publishing, 1994.

32. The Optimal Collection of Seigniorage: Theory and Evidence, Journal of Monetary Economics 20, September 1987, 327-341.

33. Are Output Fluctuations Transitory? with John Campbell, Quarterly Journal of Economics, November 1987, 857-880.

34. The New Keynesian Economics and the Output-Inflation Trade-off, with Laurence Ball and David Romer, Brookings Papers on Economic Activity, 1988:1, 1-65; reprinted in New Keynesian Economics, Volume 1: Imperfect Competition and Sticky Prices, N.G. Mankiw and D. Romer, eds., (Cambridge, MA: MIT Press, 1991).

35. Consumption: Beyond Certainty Equivalence, with Olivier Blanchard, American Economic Review 78, May 1988, 173-177.

36. Imperfect Competition and the Keynesian Cross, Economics Letters 26, 1988, 7-13; reprinted in New Keynesian Economics, Volume 1: Imperfect Competition and Sticky Prices, N.G. Mankiw and D. Romer, eds., (Cambridge, MA: MIT Press, 1991).

37. The Worldwide Change in the Behavior of Interest Rates and Prices in 1914, with Robert Barsky, Jeffrey Miron, and David Weil, European Economic Review 32, June 1988, 1123-1147.

38. Comment on "New Issues in Corporate Finance," by Colin Mayer, European Economic Review 32, June 1988, 1183-1186.

39. Interest Rates, NBER Reporter, Spring 1988, 7-8.

40. Recent Developments in Macroeconomics: A Very Quick Refresher Course, Journal of Money, Credit, and Banking, August 1988, Part 2, 436-449.

41. Comment on "How Does Macroeconomic Policy Affect Output?" by J. Bradford DeLong and Lawrence H. Summers, Brookings Papers on Economic Activity, 1988:2, 481-485.

42. Money Demand and the Effects of Fiscal Policies: Reply, with Lawrence Summers, Journal of Money, Credit, and Banking, November 1988, 715-717.

43. Assessing Dynamic Efficiency: Theory and Evidence, with Andrew Abel, Lawrence Summers, and Richard Zeckhauser, Review of Economic Studies 56, January 1989, 1-20.

44. Home Sweet Home, Worth Less Even Less, with David Weil, The Boston Globe, May 2, 1989.

45. Comment on "International Stock Price Movements: Links and Messages," by George M. von Furstenberg and Bang Nam Jeon, Brookings Papers on Economic Activity, 1989:1, 168-171.

46. International Evidence on the Persistence of Economic Fluctuations, with John Campbell, Journal of Monetary Economics 23, 319-333.

47. Real Business Cycles: A New Keynesian Perspective, Journal of Economic Perspectives 3, Summer 1989, 79-90; reprinted in Essential Readings in Economics, edited by Saul Estrin and Alan Marin, London: Macmillan Press, 1995, 328-341.

48. Precautionary Saving and the Timing of Taxes, with Miles Kimball, Journal of Political Economy 97, August 1989, 863-879.

49. Review of Macroeconomics and Finance: Essays in Honor of Franco Modigliani, edited by R. Dornbusch, S. Fischer, and J. Bossons, Journal of Economic Literature 27, September 1989, 1191-1192.

50. Consumption, Income, and Interest Rates: Reinterpreting the Time Series Evidence, with John Campbell, NBER Macroeconomics Annual 4, 1989, 185-216.

51. The Baby Boom, the Baby Bust, and the Housing Market, with David Weil, Regional Science and Urban Economics 19, 1989, 235-258; reprinted in Economics Alert, November 1993.

52. Optimal Advice for Monetary Policy, with Susanto Basu, Miles Kimball, and David Weil, Journal of Money, Credit, and Banking, February 1990, 19-36.

53. Permanent Income, Current Income, and Consumption, with John Campbell, Journal of Economics and Business Statistics 8, July 1990, 265-280.

54. The Adjustment of Expectations to a Change in Regime: Reply, with Jeffrey Miron and David Weil, American Economic Review 80, September 1990, 977-979.

55. The Decline in Prices of Houses Isn't All Bad, with David Weil, Boston Globe, December 23, 1990, A26; also in several other newspapers.

56. A Quick Refresher Course in Macroeconomics, Journal of Economic Literature 28, December 1990, 1645-1660; reprinted in French in Problemes Economique, October 2, 1991, 1-10.

57. Comment on "Money and Business Cycles: A Real Business Cycle Interpretation," by Charles I. Plosser, Monetary Policy on the 75th Anniversary of the Federal Reserve System, edited by Michael T. Belongia, (Boston: Kluwer Academic Publishers, 1991), 275-278.

58. Comment on "Consumption Growth Parallels Income Growth: Some New Evidence," by Chris Carroll and Lawrence H. Summers, National Saving and Economic Performance, edited by D. Bernheim and J. Shoven, (Chicago: University of Chicago Press, 1991), 343-347.

59. Should the Fed Smooth Interest Rates? The Case of Seasonal Monetary Policy, with Jeffrey Miron, Carnegie-Rochester Conference Series on Public Policy 34 (1991): 41-70.

60. The Response of Consumption to Income: A Cross-Country Investigation, with John Campbell, European Economic Review 35 (1991): 723-767.

61. The Consumption of Stockholders and Non-Stockholders, with Stephen Zeldes, Journal of Financial Economics 29 (March 1991): 97-112.

62. New Keynesian Economics, Volume 1: Imperfect Competition and Sticky Prices, editor, with David Romer, (Cambridge, MA: MIT Press, 1991).

63. New Keynesian Economics, Volume 2: Coordination Failures and Real Rigidities, editor, with David Romer, (Cambridge, MA: MIT Press, 1991).

64. Letter, The New Republic, April 1, 1991, 4.

65. Macroeconomics in Disarray, NBER Reporter, Summer 1991, 6-11; reprinted in Society, May/June 1992.

66. Stock Market Efficiency and Volatility: A Statistical Appraisal, with David Romer and Matthew Shapiro, Review of Economic Studies 58 (1991), 455-477.

67. Keep Growth Rate From Sliding Down, with David Weil, Champaign-Urbana News-Gazette, August 25, 1991, B3; also in several other newspapers.

68. Wrong Time for Tax Cuts, with David Weil, Wall Street Journal, October 31, 1991, A23.

69. Comment on "Markups and the Business Cycle," by Julio Rotemberg and Michael Woodford, NBER Macroeconomics Annual 1991, 129-133.

70. Review of The Making of Economic Policy, by Steven Sheffrin, Journal of Economic Literature 29, December 1991, 1759-1760.

71. Macroeconomics, (New York: Worth Publishers, 1992); translated into Armenian, French, German, Italian, Japanese, Mandarin, Portuguese, Russian, and Spanish.

72. The Baby Boom, the Baby Bust, and the Housing Market: A Reply to Our Critics, with David Weil, Regional Science and Urban Economics 21, 1992, 573-579.

73. The Reincarnation of Keynesian Economics, European Economic Review 36, April 1992, 559-565.

74. A Contribution to the Empirics of Economic Growth, with David Romer and David Weil, Quarterly Journal of Economics 107, May 1992, 407-437; to be reprinted in Economic Growth: Theory and Evidence, edited by G.M. Grossman, London: Edward Elgar Publishing; also to be reprinted in The Economics of Productivity, edited by E.N. Wolff, London: Edward Elgar Publishing.

75. Comment on "The Search for Growth" by Charles Plosser, in Policies for Long-Run Economic Growth, Federal Reserve Bank of Kansas City, 1992.

76. Economics, Communism, or Baseball, Harvard-Radcliffe Yearbook 1992, 60-61; reprinted in the Dryden Press Author Essay Series in Economics, 1995.

77. Comment on "U.S. Money Demand: Surprising Cross-Sectional Estimates," by Casey Mulligan and Xavier Sala-i-Martin, Brookings Papers on Economic Activity, 1992:2, 330-334.

78. Introduction: Symposium on Keynesian Economics Today, Journal of Economics Perspectives 7, no. 1, Winter 1993.

79. Comment on "The Value and Performance of U.S. Corporations," by Bronwyn H. Hall and Robert E. Hall, Brookings Papers on Economic Activity, 1993:1, 39-43.

80. New Keynesian Economics, in The Fortune Encyclopedia of Economics, edited by David Henderson.

81. Comment on "Looting: The Economic Underworld of Bankruptcy for Profit," by George A. Akerlof and Paul M. Romer, Brookings Papers on Economic Activity, 1993:2, 64-67.

82. Macroeconomics, second edition, (New York: Worth Publishers, 1994).

83. Asymmetric Price Adjustment and Economic Fluctuations, with Laurence Ball, Economic Journal 104, no. 423, March 1994, 247-261.

84. Monetary Policy, editor, University of Chicago Press, 1994.

85. Nominal Income Targeting, with Robert Hall, in Monetary Policy, edited by N.G. Mankiw, University of Chicago Press, 1994.

86. Interview, in A Modern Guide to Macroeconomics: An Introduction to Competing Schools of Thought, by Brian Snowden, Howard Vane, and Peter Wynarcyk, Hants, England: Edward Elgar Publishing, 1994.

87. Comment on "Demographics, the Housing Market, and the Welfare of the Elderly," by Dan McFadden, in Studies in the Economics of Aging, edited by D.A. Wise, Chicago: University of Chicago Press, 1994.

88. Comment on "Aging in Germany and the United States: International Comparisons," by Axel Borsch-Supan, in Studies in the Economics of Aging, edited by D.A. Wise, Chicago: University of Chicago Press, 1994.

89. The Founding of the Fed and the Behavior of Interest Rates: What Can Be Learned From Small Samples? with Jeffrey Miron and David Weil, Journal of Monetary Economics, December 1994, 555-559.

90. Comment on "Optimal Monetary Policy and the Sacrifice Ratio," by Jeff Fuhrer, Goals, Guidelines, and Constraints Facing Monetary Policymakers: Proceedings of a Conference Sponsored by the Federal Reserve Bank of Boston, Conference Series No. 38, 1994, 70-75.

91. A Sticky-Price Manifesto, with Laurence Ball, Carnegie-Rochester Conference Series on Public Policy, volume 41, December 1994, 127-151.

92. Macroeconomics: Canadian Edition, with William Scarth, Worth Publishers, 1995.

93. Foreword, in Economic Growth, by Robert Barro and Xavier Sala-i-Martin, McGraw-Hill, 1995.

94. Relative-Price Changes as Aggregate Supply Shocks, with Laurence Ball, Quarterly Journal of Economics, February 1995, 161-193.

95. Capital Mobility in Neoclassical Models of Growth, with Robert Barro and Xavier Sala-i-Martin, American Economic Review 85, March 1995, 103-115.

96. Review of "Macro Markets: Creating Institutions for Managing Society's Largest Economic Risks" by Robert J. Shiller, Economica, May 1995.

97. The Growth of Nations, Brookings Papers on Economic Activity, 1995:1, 275-326.

98. Review of "Peddling Prosperity: Economic Sense and Nonsense in the Age of Diminished Expectations" by Paul Krugman, Journal of Economic Literature, December 1995, 1987-1988.

99. Program Report: Monetary Economics, NBER Reporter, Fall 1995, 1-6

100. What Do Budget Deficits Do? with Laurence Ball, Budget Deficits and Debt: Issues and Options, Federal Reserve Bank of Kansas City, 1995, 95-119.

101. My Rules of Thumb, The American Economist 40, no. 1, Spring 1996, 14-19.

102. Comment on "The Macroeconomics of Low Inflation" by George A. Akerlof, William T. Dickens, and George L. Perry, Brookings Papers on Economic Activity, 1996:1, 66-70.

103. Macroeconomics, third edition, (New York: Worth Publishers, 1997).

104. An Asset Allocation Puzzle, with Niko Canner and David Weil, American Economic Review, March 1987, 181-191.

105. Comment on "Why Do People Dislike Inflation?" by Robert J. Shiller, in Reducing Inflation: Motivation and Strategy, edited by C. Romer and D. Romer, University of Chicago Press, 1997.

106. The Deficit Gamble, with Laurence Ball and Douglas Elmendorf.

107. Stock-Market Yields and the Pricing of Municipal Bonds, with James Poterba.

108. Comment on Solow and Taylor, Alvin Hansen Symposium on Monetary Policy.

109. Government Debt, with Douglas Elmendorf.

110. Comment on Klenow and Rodriguez, NBER Macroeconomics Annual 1997, forthcoming.

111. Principles of Economics, The Dryden Press, forthcoming.