Neil Wallace
Neil Wallace (born 1939) is an American economist and professor of economics at Penn State University.He is considered one of the main proponents of new classical macroeconomics in the field of economics.He attended Columbia University, where he earned a BA in economics in 1960 and his Ph.D in economics from the University of Chicago in 1964, where he studied under Nobel Prize-winning economist Milton Friedman.In 1969, Wallace was hired as a consultant to the Federal Reserve Bank of Minneapolis.In 1975, he and Thomas J. Sargent proposed the policy-ineffectiveness proposition, which refuted a basic assumption of Keynesian economics.