Professor Neil Wallace acquired a Ph.D. in Economics at the University of Chicago in nineteen sixty-four. He immediately started his career as an economist at the University of Minnesota. After thirty years of residence at the University of Minnesota, Professor Wallace moved to the University of Miami in the year nineteen ninety-four, and to the Pennsylvania State University in the year nineteen ninety-seven.
Professor Wallace is one of the most influential scholars of macroeconomic theory and has made significant contributions to the field. His major concern has always been the monetary phenomena of our society.
In the 1980s we experienced a revolutionary change in the field of macroeconomics with the emergence of the rational expectation school. Professor Wallace was among those who led this movement. This new macroeconomic theory had a micro foundation, combined with the concept of rational expectation. Although this theory has now become a standard model, the policy implications were completely different from those derived by Keynesian macroeconomics which was a standard tool at that time.