Phillip D. Cagan

Phillip David Cagan ( born April 30, 1927 in Seattle, Washington, † June 15, 2012 in Palo Alto, California ) was an American economist and author. He was a professor of economics at Columbia University.

Biography

Born in Seattle, drew Cagan's family soon after Southern California has to offer. At the age of seventeen Cagan joined the Navy and fought in World War II. After the war, he began college studies at UCLA, where he graduated with a Bachelor of Arts in 1948. Cagan continued his studies at the University of Chicago continued. The Master of Arts in 1951, he received his Ph. D.. At the end of his university studies, he worked in Economics in 1961 for two years at the National Bureau of Economic Research ( NBRE ) in New York. Then Cagan took teaching assignments. He taught three years at the University of Chicago and then seven years at Brown University. In 1966 he became professor of economics at Columbia University. There he taught, with a break of 15 months, during which Cagan in the Council of Economic Advisors (CEA ) in Washington, DC worked for 30 years. During this time, Cagan has also worked for the American Enterprise Institute (AEI ) in Washington.

Cagan spent his last years in Palo Alto, where he died at the age of 85 years.

Scientific contribution

Cagan's efforts have focused on monetary policy and inflation control. He has written a number of articles, books and other writings on these and other topics of macroeconomics. Among his most famous publications include Determinants and Effects of Changes in the Stock of Money, 1875-1960, a work in which he "causal relationships in between changes in money, prices and output" investigated. The book, published in the NBER series, which also contains the authored by Milton Friedman and Anna J. Schwartz, Monetary History of the work of United States 1867-1960, was praised for its careful empirical work and the completeness of the presentation. The most important contribution Cagan will be considered hyperinflation in the edited tape of Milton Friedman Studies in the Quantity Theory of Money ( 1956) published article entitled The Monetary Dynamics of.

Selected Bibliography

  • Phillip Cagan: Studies in the Quantity Theory of Money. In: Milton Friedman ( ed.): The Monetary Dynamics of Hyperinflation. University of Chicago Press, Chicago, 1956, ISBN 0226264068
  • Phillip Cagan: Why Do We Use Money in Open Market Operations? . In: The Journal of Political Economy. Volume 66, No. 1, February 1958, pp. 34-46.
  • Phillip Cagan: The Demand for Currency Relative to the Total Money Supply. In: The Journal of Political Economy. Volume 66, No. 4, August 1958, pp. 303-328.
  • Phillip Cagan: Determinants and Effects of Changes in the Stock of Money, 1875-1960. Columbia University Press, New York 1965.
  • Phillip Cagan: The Non - Neutrality of Money in the Long Run. A Discussion of the Critical Assumptions and Some Evidence. In: Journal of Money, Credit and Banking. Volume 1, No. 2, Conference on Money and Economic Growth. May 1969, pp. 207-227.
  • Phillip Cagan: Persistent Inflation: Historical and Policy Essays. Columbia University Press New York 1979.
  • Phillip Cagan: Reflections on Rational Expectations. In: Journal of Money, Credit and Banking. Volume 12, No. 4, Part 2: Rational Expectations. November 1980, pp. 826-832.
  • Phillip Cagan: The Choice Among Monetary Aggregates as Targets and Guides for Monetary Policy. In: Journal of Money, Credit and Banking. Volume 14, No. 4, Part 2: The Conduct of U.S. Monetary Policy. November 1982, pp. 661-686.
  • Phillip Cagan: Does endogeneity of the Money Supply disprove Monetary Effects on Economic Activity? . In: Journal of Macroeconomics. Volume 15, Summer 1993.
  • Phillip Cagan and William G. Dewald: The Conduct of U.S. Monetary Policy. Introduction. In: Journal of Money, Credit and Banking. Volume 14, No. 4, Part 2: The Conduct of U.S. Monetary Policy. November 1982, pp. 565-574.
  • Phillip Cagan and Gandolfi Arthur: The Lag in Monetary Policy as Implied by the Time Pattern of Monetary Effects on Interest Rates. In: The American Economic Review. Volume 59, No. 2, Papers and Proceedings of the Eighty -first Annual Meeting of the American Economic Association. May 1969, pp. 277-284.
  • Phillip Cagan and Anna J. Schwartz: Has the Growth of Money Substitutes Hindered Monetary Policy? . In: Journal of Money, Credit and Banking. Volume 7, No. 2, May 1975 pp. 137-159.
  • Phillip Cagan and Anna J. Schwartz: The National Bank Note Puzzle Reinterpreted. In: Journal of Money, Credit and Banking. Volume 23, No. 3, Part 1, August 1991, pp. 293-307.
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