Otto Eckstein (August 1, 1927 – March 22, 1984) was a German-American economist. He was a key developer and proponent of the theory of core inflation (Eckstein 1981), which proposed that in determining accurate metrics of long run inflation, the transitory price changes of items subject to volatile pricing, such as food and energy, are to be excluded from computation.
Life and career edit
Eckstein was born in Germany in 1927 to a Jewish business family. In 1938, when he was 11 years old, he and several other family members fled the Nazi regime, first emigrating to England, and then, a year later, moving to the United States, where he made his permanent home.[1] He held an A.B. from Princeton University and a Ph.D. from Harvard University and became a Harvard University economics professor, an economic consultant to President Lyndon Baines Johnson, and a member of the President's Council of Economic Advisers from 1964 to 1966. In 1969, he and Donald Marron co-founded Data Resources Inc.,[1][2][3] the largest non-governmental distributor of economic data in the world,[1] which built and maintained the largest macroeconometric model of the era.[4] In 1975 he was elected as a Fellow of the American Statistical Association.[5] In 1979 he sold DRI for over $100 million to McGraw Hill.[6]
Eckstein was married and had three children. He died of cancer in 1984, at the age of 56.[1]
Bibliography edit
- "Water and Resource Development," 1958
- "Inflation, the Wage-Price Spiral and Economic Growth", 1958, in Relationship of Prices to Economic Stability and Growth
- "Staff Report on Employment, Growth and Price Levels," 1959.
- "A Simulation of the U.S. Economy in Recession", with J. S. Duesenberry and G. Fromm, 1960, Econometrica
- "The Determination of Money Wages in American Industry", with T. Wilson, 1962, QJE
- "The Price Equation", with G. Fromm, 1968, AER
- "The Inflation Process in the United States", with R. Brinner, 1972,
- "Industry Price Equations", with D. Wyss, 1972, in Eckstein, editor, Econometrics of Price Determination
- "The Data Resources Model: Uses, structure, and the analysis of the US economy", with E.W. Green and A. Sinai, 1974, in Klein and Burmeister, editors, Econometric Model Performance
- "Econometric Models and the Formation of Business Expectations", 1976, Challenge
- "National Economic Information Systems for Developed Countries", 1977, in Perlman, editor, Organization and Retrieval of Economic Knowledge
- "The Great Recession," 1978
- "Long-Term Properties of the Price-Wage Mechanism in the United States, 1891 to 1977", with J. Girola, 1978, REStat
- "Public Finance," 1979.
- Eckstein, Otto (1981), Core inflation
- "Econometric Models for Forecasting and Policy Analysis: The present state of the art", 1981, in Kmenta, editor "Large-Scale Macroeconometric Models"
- Eckstein, Otto (1983), The DRI Model of the U.S. Economy
- Eckstein, Otto; Allen Sinai (1990), "1. The Mechanisms of the Business Cycle in the Postwar Period", in Robert J. Gordon (ed.), The American Business Cycle: Continuity and Change, University of Chicago Press, ISBN 978-0-226-30453-3
References edit
- ^ a b c d Arenson, Karen W. (1984-03-23). "Otto Ecktein, Educator Who Led in Economic Forecasting". The New York Times. ISSN 0362-4331. Retrieved 2018-12-17.
- ^ "Johnson Conversation with Otto Eckstein on May 04, 1964 (WH6405.02)—Presidential Recordings Program—Miller Center". Archived from the original on 2013-12-13. Retrieved 2013-12-06.
- ^ https://www.nber.org/chapters/c10018.pdf [bare URL PDF]
- ^ "Richard Hokenson Home Page". Archived from the original on 2010-07-26. Retrieved 2013-12-07.
- ^ View/Search Fellows of the ASA, accessed 2016-08-20.
- ^ "McGraw Hill Inc. Plans to Buy Company Run by Otto Eckstein; Data Resources Stock Jumps | News | The Harvard Crimson". www.thecrimson.com. Retrieved 2018-12-17.
External links edit
- Otto Eckstein, 1927-1984 profile at the New School
- NBER tribute by Allen Sinai