Greg Mankiw

Quick Facts

Full Name	Greg Mankiw
Occupation	Economist
Date Of Birth	Feb 3, 1958(1958-02-03)
Age	66
Country	United States
Birth City	Trenton
Horoscope	Aquarius

Greg Mankiw Biography

Greg Mankiw is one of the most popular and richest Economist who was born on February 3, 1958 in Trenton, United States. Nicholas Gregory Mankiw (/”m ae.n.k. JU Mankiw was born on March 3, 1958) is an American macroeconomist currently an Robert M. Beren Professor of Economics at Harvard University. Mankiw is well-known in the academic community for his research on New Keynesian economics.

Mankiw is often referred to as to be a New Keynesian economist, although at least one financial journalist claims that he is not a fan of such categorisations. Mankiw was a pioneer in the field of costs associated with menus, which are the main reason for price sticking. His article “Small Menu Costs and Large Business Cycles: A Macroeconomic Model of Monopoly,” published in the Quarterly Journal of Economics in 1985, assessed a company’s private motivation to adjust prices following an increase in nominal aggregate demand to the social consequences of the decision. The study concluded that an increase in aggregate demand could increase welfare or decrease it, but the reduction will never be more than the menu price. An increase in aggregate demand can reduce welfare, and possibly in a much greater amount than the price of the menu. In other words, from the perspective of a social planner’s viewpoint, prices might remain too high, but they are never too low. This paper served as a foundational base for the work of Olivier Blanchard and Nobuhiro Kiyotaki on aggregate demand externalities, as well as for work done by Laurence Ball and David Romer on the interplay between nominal and real rigidities.

Mankiw has also written several papers on the empirical analysis of consumer behavior, often emphasizing the role of heterogeneity. An article coauthored with John Campbell in 1989 found that the aggregate consumption data are best described by a model in which about half of consumers obey the permanent income hypothesis and half simply consume their current income (sometimes called hand-to-mouth behavior). An article coauthored with Stephen Zeldes in 1991 found that the consumption of stockholders covaried more strongly with the stock market than the consumption of nonstockholders does, providing a possible explanation for the equity premium puzzle.

Mankiw’s most widely cited paper is “A Contribution to the Empirics of Economic Growth,” coauthored with David Romer and David Weil and published in the Quarterly Journal of Economics in 1992. The paper argues that the Solow growth model, once augmented to include a role for human capital, does a reasonably good job of explaining international differences in standards of living. According to Google Scholar, it has been cited more than 15,000 times, making it one of the most cited articles in the field of economics.

Mankiw lives in Massachusetts with his wife Deborah and to whom was he married since 1984. They have three children: Catherine, Nicholas and Peter as well as a dog named Tobin.

Greg Mankiw Net Worth

Greg Mankiw is one of the richest Economist from United States. According to our analysis, Wikipedia, Forbes & Business Insider, Greg Mankiw 's net worth $5 Million. (Last Update: December 11, 2023)

Mankiw was the son of Trenton, New Jersey. His parents included all Ukrainians. He was raised within Cranford, New Jersey, where he was a member of Republican politics. He completed his studies at the Pingry School in 1976. He graduated in 1975 and took a course in Astrophysics in the Summer Science Program. He completed his Princeton University summa cum laude in the year 1980 with the degree of Bachelor of Arts in Economics. Mankiw wrote a 72-page senior thesis that was titled “Understanding Employment Fluctuation.” In Princeton Mankiw was in the same class alongside economics professor David Romer, who would later be a coauthor of his thesis, as well as was a roommate along with the writer Richard Greenberg.

After graduation, Mankiw completed a year of work for getting his Doctor of Philosophy at the Massachusetts Institute of Technology and following that, he attended Harvard Law School. He was an economist on staff for the Council of Economic Advisers from 1982 to 1983, a period that hints at his eventual role as Chairman of the organisation. After having left the Council and completing the PhD in economics at MIT at the age of 1984 and under the direction by Stanley Fischer. He then returned to Harvard Law for a year but, upon completing his PhD and recognizing that his strengths in economics, he resigned in order to work for MIT over a period of one year. He was appointed associate professor in economics in Harvard University in 1985. In 1987, he was elevated to the rank of full professor, at just 29 years old.

Beyond his work in macroeconomics, Mankiw has also written several other notable papers. In 1989, he coauthored a paper with David Weil examining the demographic determinants of housing demand and predicting that the aging of the baby boomers would undermine the housing market in the 1990s and 2000s. In 1986, he coauthored a paper with Michael Whinston in microeconomic theory showing that, under imperfect competition, entry tends to be excessive in homogeneous goods industries because entrants fail to take into account the business-stealing externality they impose on their rivals; when goods are heterogeneous, it is ambiguous whether free entry produces too many or too few firms because of offsetting business-stealing and product-variety externalities.

Height, Weight & Body Measurements

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Who is Greg Mankiw Dating?

According to our records, Greg Mankiw married to Deborah Roloff Mankiw. As of December 1, 2023, Greg Mankiw’s is not dating anyone.

Relationships Record : We have no records of past relationships for Greg Mankiw. You may help us to build the dating records for Greg Mankiw!

A related 2003 article by Mankiw, Reis, and Justin Wolfers analyzed data on inflation expectations, documenting substantial disagreement among both consumers and professional economists about expected future inflation. This disagreement is shown to vary over time, moving with inflation, the absolute value of the change in inflation, and relative price variability. The paper argues that a satisfactory model of economic dynamics must address these business-cycle moments. Noting that most macroeconomic models do not endogenously generate disagreement, they show that a sticky-information model broadly matches many of these facts. The model is also consistent with other observed departures of inflation expectations from full rationality, including auto-correlated forecast errors and insufficient sensitivity to recent macroeconomic news.

Facts & Trivia

Greg Ranked on the list of most popular Economist. Also ranked in the elit list of famous people born in United States. Greg Mankiw celebrates birthday on February 3 of every year.

Several controversies arose from CEA’s February 2004 Economic Report of the President. In a press conference, Mankiw spoke of the gains from free trade, noting that outsourcing of jobs by U.S. companies is “probably a plus for the economy in the long run.” While this reflected mainstream economic analysis, it was criticized by many politicians who drew a link between outsourcing and the still-slow recovery of the U.S. labor market in early 2004.

Top Facts about Greg Mankiw

1. Greg Mankiw is an American economist and Harvard professor.
2. He served as Chairman of the Council of Economic Advisers under President George W. Bush.
3. Mankiw has authored several influential economics textbooks.
4. He is a frequent contributor to The New York Times and other publications.
5. Mankiw’s research focuses on macroeconomics, monetary policy, and taxation.
6. He has been recognized with numerous awards for his contributions to economics.
7. Mankiw is a member of the American Academy of Arts and Sciences.
8. He advocates for free trade and market-based solutions to economic problems.
9. Mankiw has been criticized for his views on income inequality and redistribution policies.
10. His net worth is estimated at $14 million according to Celebrity Net Worth website