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Phillip D. Cagan

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412:, most notably "Barro (1970), Sargent and Wallace (1973), Frenkel (1975, 1976a, 1976b, 1977, 1979), Sargent (1977), Abel et al. (1979), Salemi (1979), and Salemi and Sargent (1979)." In addition, monetary economists today often refer to a "Cagan demand function" when modeling the real value of money. 906: 2301: 1733: 351:, a work that sought to identify the "causal relationships between changes in money, prices and output." The book, part of the NBER series that contained 1371: 1079: 868: 757:; Friedman, Milton; Cagan, Phillip; Klein, John J.; Lerner, Eugene M.; Selden, Richard T. (1957). "Review: Studies in the Quantity Theory of Money". 754: 541: 1034: 792: 676: 548:, Vol. 59, No. 2, Papers and Proceedings of the Eighty-first Annual Meeting of the American Economic Association (May, 1969), pp. 277–284 1047: 409: 1223: 971: 967: 2321: 2276: 2047: 914:. Vol. 79–05, Working Paper from Federal Reserve Bank of Richmond. Richmond, VA: Federal Reserve Bank of Richmond. Archived from 1726: 1364: 2291: 1856: 1330: 1324: 2296: 1269: 1020: 876: 642: 293:
where he worked for two years. Then Cagan re-entered academia, teaching at the University of Chicago for three years, and at
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Because of the impact that this groundbreaking work had upon the economics profession, Cagan was elected Fellow of the
2286: 2261: 738: 449: 343:. Cagan has published over 100 books, journal articles, reviews, reports, and pamphlets on these and other topics in 2200: 598: 486:
______, "The Non-Neutrality of Money In the Long Run: A Discussion of the Critical Assumptions and Some Evidence,"
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The Chicago School: How the University of Chicago Assembled the Thinkers Who Revolutionized Economics and Business
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The Chicago School: How the University of Chicago Assembled the Thinkers Who Revolutionized Economics and Business
374:(1956), entitled "The Monetary Dynamics of Hyperinflation," a work that became an "instant classic" in the field. 908:
An Alternative Method Of Estimating The Cagan Money Demand Function In Hyperinflation Under Rational Expectations
1871: 226:(April 30, 1927 – June 15, 2012) was an American scholar and author. He was Professor of Economics Emeritus at 2306: 2190: 1985: 1896: 1834: 313: 17: 1980: 2266: 2140: 2093: 1761: 1228: 306: 2195: 2110: 2083: 1970: 1901: 1824: 1742: 1380: 143: 1118:(1977). "The Forward Exchange Rate, Expectations, and the Demand for Money: The German Hyperinflation". 2115: 2103: 544:, "The Lag in Monetary Policy as Implied by the Time Pattern of Monetary Effects on Interest Rates," 524: 553:
Phillip Cagan and Anna J. Schwartz, "Has the Growth of Money Substitutes Hindered Monetary Policy?"
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After its publication, Cagan's article generated a significant body of work, as a number of leading
2120: 2037: 1975: 1756: 1586: 1442: 420: 2225: 2145: 2042: 2032: 2020: 2010: 1783: 363:, was praised for its "careful empirical work" and called "the most complete study in the area." 975: 2025: 1995: 1963: 1906: 1816: 522:
______, "Does Endogeneity of the Money Supply Disprove Monetary Effects on Economic Activity?"
419:(the most prestigious society in the field), and was mentioned as a possible candidate for the 535:, Vol. 14, No. 4, Part 2: The Conduct of U.S. Monetary Policy (Nov., 1982), pp. 565–574. 517:, Vol. 14, No. 4, Part 2: The Conduct of U.S. Monetary Policy (Nov., 1982), pp. 661–686. 2150: 2098: 2073: 1881: 1861: 378: 320: 279: 153: 125: 70: 2316: 2311: 2271: 2235: 2215: 2155: 1990: 1938: 1649: 1568: 1399: 1000: 622: 531:
Phillip Cagan and William G. Dewald, "The Conduct of U.S. Monetary Policy: Introduction,"
8: 2220: 2015: 1948: 1918: 1844: 1839: 1806: 1596: 1558: 1318: 1050:(1993). "Cointegration and Cagan's Model of Hyperinflation under Rational Expectations". 513:
______, "The Choice Among Monetary Aggregates as Targets and Guides for Monetary Policy,"
416: 298: 247: 239: 227: 210: 115: 490:, Vol. 1, No. 2, Conference on Money and Economic Growth (May, 1969), pp. 207–227. 2000: 1943: 1495: 1300: 1292: 1253: 1245: 1226:(1971). "Hyperinflation and the Dynamics of the Demand for Money in China, 1945–1949". 1211: 1203: 1167: 1135: 1103: 1067: 1005: 949: 850: 812: 774: 704: 627: 394: 301:, where he taught economics for nearly thirty years — save for fifteen months spent in 243: 47: 1086:(1979). "The Demand for Money During Hyperinflation under Rational Expectations: II". 366:
Cagan's most important contribution to economics, however, is the article included in
2210: 2130: 2068: 2061: 1891: 1700: 1611: 1576: 1257: 1215: 1179: 1150:(1977). "The Demand for Money During Hyperinflation under Rational Expectations: I". 1147: 1127: 1083: 1016: 941: 902: 734: 696: 638: 445: 1304: 423:. However, following his death in 2012, he is no longer eligible for a Nobel Prize. 2078: 1548: 1457: 1452: 1409: 1284: 1237: 1195: 1159: 1115: 1095: 1059: 1012: 842: 804: 766: 688: 634: 356: 302: 294: 259: 170: 120: 885: 2240: 2160: 2005: 1953: 1911: 1829: 1695: 1665: 1639: 1538: 1432: 1343: 1265: 726: 437: 386: 382: 367: 352: 336: 183: 1336: 508:, Vol. 12, No. 4, Part 2: Rational Expectations (Nov., 1980), pp. 826–832. 1690: 1634: 1629: 1624: 1581: 1505: 1485: 1414: 830: 599:"Phillip David Cagan Obituary: View Phillip Cagan's Obituary by New York Times" 405: 390: 344: 267: 157: 1711: 1349: 2255: 2170: 2125: 2088: 1876: 1766: 1675: 1670: 1591: 1553: 1533: 1528: 1523: 1462: 1437: 1131: 1030: 945: 895: 722: 700: 658: 433: 290: 86: 1851: 1796: 1680: 1619: 1601: 1543: 1513: 1490: 1467: 1394: 872: 255: 401:
from being self-generating, or displaying period-to-period oscillations."
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and an ingenious use of exponentially weighted averages", analyzed seven
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______, "The Demand for Currency Relative to the Total Money Supply,"
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Determinants and Effects of Changes in the Stock of Money, 1875–1960
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Determinants and Effects of Changes in the Stock of Money, 1875–1960
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Determinants and Effects of Changes in the Stock of Money, 1875–1960
2230: 1866: 1288: 1241: 785: 692: 679:(1977). "Review: Did Monetary Forces Cause the Great Depression?". 795:(1980). "Dynamic Stability in the Cagan Model of Hyperinflation". 43: 312:
During his time at Columbia, Cagan was also associated with the
258:. After the war, Cagan decided to go to college, and earned his 833:(1991). "The Hyperinflation Model of Money Demand Revisited". 271: 194: 1183: 316:(AEI) in Washington, D.C., writing on public policy issues. 878:
Estimating A Cagan-Type Demand Function For Gold: 1561–1913
263: 166: 1270:"Inflation, the Payments Period, and the Demand for Money" 1184:"Rational Expectations and the Dynamics of Hyperinflation" 925: 884:. Kyiv, Ukraine: Kyiv Economics Institute. Archived from 566:, Vol. 23, No. 3, Part 1 (Aug., 1991), pp. 293–307. 459:
______, "Why Do We Use Money in Open Market Operations?"
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The article, which contained "extensive manipulation of
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______, "The National Bank Note Puzzle Reinterpreted,"
725:(1956). "The Monetary Dynamics of Hyperinflation". In 436:(1956). "The Monetary Dynamics of Hyperinflation". In 867: 330: 1178: 861: 1004: 765:(280). American Statistical Association: 599–602. 626: 497:Persistent Inflation: Historical and Policy Essays 1346:San José State University Department of Economics 472:, Vol. 66, No. 4 (Aug., 1958), pp. 303–328, 2253: 617: 615: 504:______, "Reflections on Rational Expectations," 361:Monetary History of the United States, 1867–1960 1741: 1379: 759:Journal of the American Statistical Association 557:, Vol. 7, No. 2 (May, 1975), pp. 137–159. 463:, Vol. 66, No. 1 (Feb., 1958), pp. 34–46. 1321:, Department of Economics, Columbia University 999: 621: 1727: 1365: 1337:Thayer Watkins, "Episodes of Hyperinflation," 612: 499:, New York: Columbia University Press (1979). 481:, New York: Columbia University Press (1965). 297:for seven years. In 1966 Cagan was hired by 2302:University of California, Los Angeles alumni 1029: 669: 393:generally satisfy the condition of dynamic 1734: 1720: 1372: 1358: 960: 901: 733:. Chicago: University of Chicago Press. 444:. Chicago: University of Chicago Press. 426: 385:and found that "the parameters of money 285:After graduate school, Cagan joined the 1146: 1114: 1046: 731:Studies in the Quantity Theory of Money 442:Studies in the Quantity Theory of Money 372:Studies in the Quantity Theory of Money 14: 2254: 829: 665:. New York: Columbia University Press. 1897:Marxian critique of political economy 1715: 1353: 1264: 966: 823: 747: 721: 675: 657: 432: 250:shortly thereafter. Cagan joined the 1194:(2). Blackwell Publishing: 328–350. 1094:(3). Blackwell Publishing: 741–758. 1058:(3). Blackwell Publishing: 350–360. 1052:Journal of Money, Credit and Banking 841:(3). Blackwell Publishing: 327–351. 835:Journal of Money, Credit and Banking 803:(3). Blackwell Publishing: 577–582. 791: 715: 564:Journal of Money, Credit and Banking 555:Journal of Money, Credit and Banking 533:Journal of Money, Credit and Banking 515:Journal of Money, Credit and Banking 506:Journal of Money, Credit and Banking 488:Journal of Money, Credit and Banking 287:National Bureau of Economic Research 591: 24: 2322:Economists from Washington (state) 2277:Fellows of the Econometric Society 1222: 1158:(1). Blackwell Publishing: 59–82. 993: 305:, when he was on the staff of the 25: 2338: 1312: 1039:An Encyclopedia of Macroeconomics 331:Contributions to economic science 2201:History of macroeconomic thought 2026:Neoclassical–Keynesian synthesis 1277:The Journal of Political Economy 1037:, eds. (2002). "Phillip Cagan". 470:The Journal of Political Economy 461:The Journal of Political Economy 246:, Cagan and his family moved to 347:. He is perhaps best known for 408:either reexamined or extended 13: 1: 2292:University of Chicago faculty 2191:Critique of political economy 1188:International Economic Review 1152:International Economic Review 1120:International Economic Review 1088:International Economic Review 932:"Election of Fellows, 1975". 797:International Economic Review 314:American Enterprise Institute 266:in 1948. Cagan received his 2297:University of Chicago alumni 2099:Rational expectations theory 1325:Major works of Phillip Cagan 1229:Journal of Political Economy 546:The American Economic Review 307:Council of Economic Advisors 233: 7: 2282:Columbia University faculty 2196:History of economic thought 1743:Schools of economic thought 1381:Chicago school of economics 1333:, New School's CEPA Website 1327:, New School's CEPA Website 572: 144:Chicago School of Economics 10: 2343: 2116:New neoclassical synthesis 2104:Real business-cycle theory 2327:Chicago School economists 2183: 1927: 1815: 1782: 1775: 1749: 1658: 1610: 1567: 1504: 1476: 1423: 1387: 972:"Nobel Prize Predictions" 528:, Vol. 15, (Summer 1993). 525:Journal of Macroeconomics 217: 205: 189: 177: 149: 137: 111: 101: 96: 92: 82: 55: 36: 29: 2287:Brown University faculty 2262:American macroeconomists 601:. Legacy.com. 1927-04-30 584: 421:Nobel Prize in Economics 335:Cagan's work focused on 254:at age 17 and fought in 2226:Post-autistic economics 1182:; Neil Wallace (1973). 681:The Journal of Business 327:during his last years. 1964:Modern Monetary Theory 1331:Overview of Monetarism 379:differential equations 2048:Keynes–Marx synthesis 1001:Van Overtveldt, Johan 623:Van Overtveldt, Johan 427:Selected bibliography 280:University of Chicago 154:University of Chicago 126:University of Chicago 2307:Writers from Seattle 2236:World-systems theory 2216:Mainstream economics 2156:Technocracy movement 2136:Saltwater/freshwater 1681:Julian Lincoln Simon 1659:Business and finance 1650:Frank H. Easterbrook 1569:Public choice school 1506:New social economics 1478:New economic history 1400:Henry Calvert Simons 940:(2): 415–419. 1976. 2267:Monetary economists 2221:Heterodox economics 1949:Capability approach 1825:American (National) 1807:School of Salamanca 1597:William A. Niskanen 417:Econometric Society 397:that precludes the 339:and the control of 299:Columbia University 248:Southern California 228:Columbia University 224:Phillip David Cagan 211:Econometric Society 116:Columbia University 1857:English historical 1496:Robert M. Townsend 1342:2012-12-07 at the 1180:Sargent, Thomas J. 1148:Sargent, Thomas J. 1080:Salemi, Michael K. 903:Goodfriend, Marvin 540:Phillip Cagan and 2249: 2248: 2211:Political economy 2179: 2178: 2111:New institutional 2084:Neo-Schumpeterian 1892:Marxist economics 1872:German historical 1709: 1708: 1701:Lars Peter Hansen 1612:Law and economics 1577:James M. Buchanan 1116:Frenkel, Jacob A. 1084:Thomas J. Sargent 1022:978-1-932841-14-5 644:978-1-932841-14-5 389:estimated during 370:'s edited volume 278:in 1954 from the 270:in 1951, and his 221: 220: 16:(Redirected from 2334: 2241:Economic systems 1780: 1779: 1762:Medieval Islamic 1736: 1729: 1722: 1713: 1712: 1587:Randall Holcombe 1549:Sudhir Venkatesh 1458:Allan H. Meltzer 1453:Harry G. Johnson 1448:Phillip D. Cagan 1410:Theodore Schultz 1374: 1367: 1360: 1351: 1350: 1308: 1283:(6): 1228–1263. 1274: 1266:Barro, Robert J. 1261: 1219: 1175: 1143: 1111: 1075: 1042: 1026: 1013:Agate Publishing 1010: 987: 986: 984: 983: 974:. Archived from 964: 958: 957: 929: 923: 922: 920: 913: 899: 893: 892: 890: 883: 869:Deviatov, Alexei 865: 859: 858: 827: 821: 820: 789: 783: 782: 755:Angell, James W. 751: 745: 744: 727:Friedman, Milton 719: 713: 712: 673: 667: 666: 655: 649: 648: 635:Agate Publishing 632: 619: 610: 609: 607: 606: 595: 455: 438:Friedman, Milton 387:demand functions 357:Anna J. Schwartz 303:Washington, D.C. 295:Brown University 121:Brown University 66: 64: 27: 26: 21: 2342: 2341: 2337: 2336: 2335: 2333: 2332: 2331: 2252: 2251: 2250: 2245: 2175: 2161:Thermoeconomics 1932:21st centuries) 1931: 1929: 1923: 1811: 1771: 1757:Ancient schools 1745: 1740: 1710: 1705: 1696:Campbell Harvey 1666:Harry Markowitz 1654: 1640:Richard Epstein 1606: 1563: 1539:Kevin M. Murphy 1500: 1472: 1433:Milton Friedman 1419: 1383: 1378: 1344:Wayback Machine 1319:Faculty Emeriti 1315: 1272: 1200:10.2307/2525924 1164:10.2307/2525769 1100:10.2307/2526270 1064:10.2307/2077767 1035:Vane, Howard R. 1023: 996: 994:Further reading 991: 990: 981: 979: 965: 961: 931: 930: 926: 918: 911: 900: 896: 888: 881: 866: 862: 847:10.2307/1992749 831:Taylor, Mark P. 828: 824: 809:10.2307/2526353 793:Khan, Mohsin S. 790: 786: 771:10.2307/2281729 752: 748: 741: 720: 716: 677:Klein, Benjamin 674: 670: 656: 652: 645: 620: 613: 604: 602: 597: 596: 592: 587: 575: 542:Arthur Gandolfi 452: 429: 406:macroeconomists 383:hyperinflations 368:Milton Friedman 353:Milton Friedman 337:monetary policy 333: 319:Cagan lived in 236: 197: 184:Milton Friedman 179: 165: 150:Alma mater 139: 129: 124: 119: 97:Academic career 78: 68: 62: 60: 51: 41: 32: 23: 22: 15: 12: 11: 5: 2340: 2330: 2329: 2324: 2319: 2314: 2309: 2304: 2299: 2294: 2289: 2284: 2279: 2274: 2269: 2264: 2247: 2246: 2244: 2243: 2238: 2233: 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List 1514:Jacob Mincer 1491:Robert Fogel 1468:Scott Sumner 1447: 1443:Karl Brunner 1395:Frank Knight 1280: 1276: 1233: 1227: 1191: 1187: 1155: 1151: 1123: 1119: 1091: 1087: 1055: 1051: 1048:Engsted, Tom 1038: 1006: 980:. Retrieved 976:the original 962: 937: 934:Econometrica 933: 927: 916:the original 907: 897: 886:the original 877: 873:Neil Wallace 863: 838: 834: 825: 800: 796: 787: 762: 758: 749: 730: 717: 684: 680: 671: 662: 653: 628: 603:. Retrieved 593: 563: 554: 545: 532: 523: 514: 505: 496: 487: 478: 469: 460: 441: 414: 403: 376: 371: 365: 360: 348: 334: 318: 311: 284: 256:World War II 237: 223: 222: 198:Analysis of 193:Analysis of 2317:2012 deaths 2312:1927 births 2272:Monetarists 2151:Supply-side 2074:Neo-Marxian 1887:Marginalism 1817:Late modern 1802:Physiocrats 1686:Eugene Fama 1645:Robert Bork 1519:Gary Becker 1405:Jacob Viner 1224:Hu, Teh-wei 1011:. Chicago: 968:Tufte, Dave 633:. Chicago: 112:Institution 83:Nationality 2256:Categories 2131:Regulation 2057:Monetarism 2043:Circuitism 1991:Ecological 1959:Chartalism 1939:Behavioral 1882:Manchester 1877:Malthusian 1835:Birmingham 1792:Cameralism 1776:Modern era 1750:Pre-modern 1425:Monetarism 982:2007-08-16 605:2012-08-31 579:Monetarism 325:California 289:(NBER) in 244:Washington 75:California 63:2012-06-16 48:Washington 2206:Economics 2141:Stockholm 2016:Keynesian 1981:Cracovian 1930:(20th and 1919:Socialist 1902:Mutualism 1845:Ricardian 1840:Classical 1258:153790758 1216:153883996 1132:0002-8282 946:0012-9682 701:0021-9398 399:inflation 395:stability 341:inflation 321:Palo Alto 276:Economics 252:U.S. Navy 234:Biography 200:inflation 140:tradition 133:(1954–55) 128:(1955–58) 123:(1959–66) 118:(1966–95) 106:Economist 71:Palo Alto 2231:Degrowth 2166:Virginia 2006:Freiburg 2001:Feminist 1954:Carnegie 1944:Buddhist 1912:Lausanne 1867:Georgism 1830:Austrian 1388:Founders 1340:Archived 1305:67760257 1268:(1970). 1003:(2007). 970:(2002). 905:(1979). 875:(2006). 661:(1965). 625:(2007). 573:See also 495:______, 477:______, 238:Born in 209:Fellow, 178:Doctoral 87:American 2184:Related 1971:Chicago 1297:1830622 1250:1837395 1208:2525924 1172:2525769 1140:1813397 1108:2526270 1072:2077767 954:1912742 855:1992749 817:2526353 779:2281729 729:(ed.). 709:2352161 440:(ed.). 309:(CEA). 240:Seattle 180:advisor 61: ( 44:Seattle 2062:Market 1303:  1295:  1256:  1248:  1214:  1206:  1170:  1138:  1130:  1106:  1070:  1019:  952:  944:  853:  815:  777:  737:  707:  699:  641:  448:  213:(1975) 206:Awards 77:, U.S. 50:, U.S. 2038:Post- 1301:S2CID 1293:JSTOR 1273:(PDF) 1254:S2CID 1246:JSTOR 1212:S2CID 1204:JSTOR 1168:JSTOR 1136:JSTOR 1104:JSTOR 1068:JSTOR 950:JSTOR 919:(PDF) 912:(PDF) 889:(PDF) 882:(PDF) 851:JSTOR 813:JSTOR 775:JSTOR 705:JSTOR 585:Notes 272:Ph.D. 262:from 195:money 102:Field 2021:Neo- 1128:ISSN 1017:ISBN 942:ISSN 735:ISBN 697:ISSN 639:ISBN 446:ISBN 355:and 268:M.A. 264:UCLA 260:B.A. 167:UCLA 131:NBER 56:Died 37:Born 2033:New 1285:doi 1238:doi 1196:doi 1160:doi 1096:doi 1060:doi 843:doi 805:doi 767:doi 689:doi 359:'s 274:in 162:PhD 2258:: 1299:. 1291:. 1281:78 1279:. 1275:. 1252:. 1244:. 1234:79 1232:. 1210:. 1202:. 1192:14 1190:. 1186:. 1166:. 1156:18 1154:. 1134:. 1124:67 1122:. 1102:. 1092:20 1090:. 1082:; 1066:. 1056:25 1054:. 1033:; 1015:. 948:. 938:44 936:. 871:; 849:. 839:23 837:. 811:. 801:21 799:. 773:. 763:52 761:. 703:. 695:. 685:50 683:. 637:. 614:^ 323:, 282:. 242:, 230:. 171:BA 160:, 158:MA 73:, 46:, 1735:e 1728:t 1721:v 1373:e 1366:t 1359:v 1307:. 1287:: 1260:. 1240:: 1218:. 1198:: 1174:. 1162:: 1142:. 1110:. 1098:: 1074:. 1062:: 1043:. 1025:. 985:. 956:. 857:. 845:: 819:. 807:: 781:. 769:: 743:. 711:. 691:: 647:. 608:. 456:. 454:. 173:) 169:( 164:) 156:( 65:) 20:)

Index

Phillip Cagan
Seattle
Washington
Palo Alto
California
American
Economist
Columbia University
Brown University
University of Chicago
NBER
Chicago School of Economics
University of Chicago
MA
PhD
UCLA
BA
Milton Friedman
money
inflation
Econometric Society
Columbia University
Seattle
Washington
Southern California
U.S. Navy
World War II
B.A.
UCLA
M.A.

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