Barro graduated with a B.S. in physics
from the California Institute of Technology
in 1965, where he learned under Richard Feynman
, but he realized he "wouldn't be close to the top in those fields."
He then turned to economics and earned a PhD from Harvard University in 1970. He first reached wide notice with a 1974 paper, "Are Government Bonds Net Wealth?" It argued that under certain assumptions, present governmental borrowing would be matched by increased bequests to future generations to pay future taxes expected to pay down the government bonds; thus a lowering of current taxes
, financed by the issuance of 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,"
which for many years held the distinction of being the most cited article published in the American Economic Review.
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, 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.
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.
He was elected a Fellow of the American Academy of Arts and Sciences
Another often-cited work is a 1988 paper that he coauthored with Gary Becker
, "A Reformulation of the Economic Theory of Fertility" published in the 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.
Finally, Barro has been an outspoken opponent of stimulus spending, calling Obama's stimulus bill "garbage" and "the worst bill since the 1930s."
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 at New York Magazine
- Barro, Robert J. (November 1974). "Are government bonds net wealth?" (PDF). Journal of Political Economy. 82 (6): 1095–1117. doi:10.1086/260266. JSTOR 1830663. S2CID 154705295.
- Barro, Robert J. (1976). "Rational expectations and the role of monetary policy". Journal of Monetary Economics. 2 (1): 1–32. doi:10.1016/0304-3932(76)90002-7.
- Barro, Robert J. (June 20, 1986). "The left and democracy: Recent debates in Latin America". Telos. 1986 (68): 49–70. doi:10.3817/0686068049. S2CID 147265665.
- Barro, Robert J.; Becker, Gary S. (1988). "A reformulation of the economic theory of fertility". Quarterly Journal of Economics. 103 (1): 1–25. CiteSeerX 10.1.1.334.5711. doi:10.2307/1882640. JSTOR 1882640. PMID 11617986.
- Barro, Robert J. (May 1991). "Economic growth in a cross section of countries". Quarterly Journal of Economics. 106 (2): 407–443. CiteSeerX 10.1.1.312.3126. doi:10.2307/2937943. JSTOR 2937943.
- Barro, Robert J. (March 2000). "Inequality and growth in a panel of countries". Journal of Economic Growth. 5 (1): 5–32. doi:10.1023/A:1009850119329. S2CID 2089406.
- Barro, Robert J.; Redlick, Charles J. (2011). "Macroeconomic effects from government purchases and taxes". Quarterly Journal of Economics. 126 (1): 51–102. CiteSeerX 10.1.1.207.1087. doi:10.1093/qje/qjq002. S2CID 16036052.
- Barro, Robert J. (June 14, 2004). "The Liberal Media: It's No Myth" (PDF). Scholar.Harvard.edu.
- ^ Sala-i-Martin, Xavier. On Growth and States. Ph.D. Dissertation, Harvard University, 1990
- ^ Xavier Gabaix's Vita
- ^ Angeletos's CV
- ^ Nakamura's CV
- ^ Solow, Robert, ed. (2004). Productivity growth, inflation, and unemployment: The collected essays of Robert J. Gordon. New York: Cambridge University Press. pp. 226–227. ISBN 978-0-521-53142-9.
- ^ "Topping the Charts: Prakash Loungani profiles Harvard macroeconomist Robert Barro". Imf.org. September 1, 2007. Retrieved June 5, 2012.
- ^ Barro, Robert J.; Grossman, Herschel I. (1971). "A General Disequilibrium Model of Income and Employment". American Economic Review. 61 (1): 82–93.
- ^ Spolaore (2008).
- ^ Kolmar, 803.
- ^ Galbács, Peter (2015). The Theory of New Classical Macroeconomics. A Positive Critique. Contributions to Economics. Heidelberg/New York/Dordrecht/London: Springer. doi:10.1007/978-3-319-17578-2. ISBN 978-3-319-17578-2.
- ^ Barro, Robert (February 22, 1999). "Reagan vs. Clinton: Who's the Economic Champ?". BusinessWeek.
- ^ "Interview with Robert J. Barro" at Francisco Marroquin University. Guatemala, May 2007
- ^ "Book of Members, 1780–2010: Chapter B"(PDF). American Academy of Arts and Sciences. Retrieved May 17, 2011.
- ^ Cassidy, John (October 10, 2011). "The Demand Doctor". The New Yorker.
- ^ "Doctorado Honorífico a Robert J. Barro durante el Acto de Graduación (2007)".
- ^ "Economist Rankings at IDEAS".
- ^ 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.
- ^ 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.
- ^ Robinson, Peter (February 19, 2009). "Paul Samuelson Vs. Milton Friedman". Forbes. Retrieved June 5, 2012.
- ^ "Josh Barro". KCRW. Retrieved October 13, 2020.
Last edited on 26 January 2021, at 15:25
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