Intermediate Macroeconomics – David Romer
David Romer is an American economist and a professor of economics at the University of California, Berkeley. He is best known for his contributions to macroeconomics, particularly in the areas of economic growth and monetary policy.
Born in 1958, Romer received his undergraduate education at Princeton University and went on to earn his PhD in economics from the Massachusetts Institute of Technology (MIT) in 1985. After serving as an assistant professor at Princeton, he joined the faculty at the University of California, Berkeley in 1988, where he has been a professor ever since.
Romer’s research has focused on macroeconomic issues such as economic growth, fiscal policy, and monetary policy. He is well known for his work on the role of technological change in economic growth, specifically through his influential paper Endogenous Technological Change published in 1990. In this paper, Romer introduced the concept of endogenous growth, which suggests that technological progress is not exogenously determined, but rather can be influenced by economic factors such as investment in research and development and education.
In addition to his work on economic growth, Romer has also made significant contributions to the field of monetary policy. His paper The Death of Monetarism and the Birth of the New Keynesian Economics published in 1993, challenged the classical view of monetary policy and helped to pave the way for the development of New Keynesian economics.
Romer’s research has had a lasting impact on the field of macroeconomics and has been widely cited by other economists. In recognition of his work, he has received numerous awards including the John Bates Clark Medal, which is awarded to the most outstanding economist under the age of 40.
With his expertise in both theoretical and empirical macroeconomics, Romer has also played a significant role in shaping economic policy. He has served as a consultant to several government agencies, including the Federal Reserve and the World Bank, and has also advised on economic policy in various countries.
Overall, David Romer’s contributions to intermediate macroeconomics have been invaluable in advancing our understanding of economic growth, monetary policy, and their impacts on the larger economy. His work continues to influence and inspire future generations of economists and policymakers, making him a highly respected figure in the field of macroeconomics.