Jerome L. Stein, 1928-
One of the creators of the "Keynes-
Wicksell" model of monetary growth which incorporated an independent investment
function and took careful consideration of disequilibrium and macro-growth linkage harked
back to the works of Wicksell, Keynes
and Hayek. Jerome Stein's initial presentation of the model in the
late 1960s - in particular, his Money and Capacity Growth (1971) presentation - was
coupled with Hugh Rose's and Keizo Nagatani's
developments. However, it had a short-lived existence as the attention of macroeconomists
turned to the Rational Expectations debate. Since then, Stein has worked on problems of
stabilization policy and finance. The Keynes-Wicksell model has recently had a resurgence
in Post Keynesian and Post
Walrasian theory. J.L. Stein currently teaches at Brown.
Major works of Jerome L. Stein
- "Methods of Indentifying Disturbances which Produce Changes in Money National
income", 1960, JPE
- "The Nature and Efficiency of the Foreign Exchange Market", 1962, Essays in
International Finance.
- "Money and Capacity Growth", 1966, JPE.
- "Neoclassical and Keynes-Wicksell Models of Monetary Growth", 1969, JMCB.
- "A Minimal Role of Government in Achieving Optimal Growth", 1969, Economica.
- "Stabilization Policies in a Growing Economy" with K. Nagatani, 1969, RES.
- "Monetary Growth Theory in Perspective", 1970, AER.
- Money and Capacity Growth, 1971.
- "Optimal Stabilization", with E.F.Infante, 1973, JMCB.
- "Unemployment, Inflation andMonetarism", 1974, AER.
- "Inside the Monetarist Black Box", 1976, in Stein, editor, Monetarism.
- "Inflation, Employment and Stagflation", 1978, JME.
- "Spot, Forward and Futures", 1979, in Levy, editor, Research in Finance.
- Monetarist, Keynesian and New Classical Economics, 1982.
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