Robert Barro Biography
Robert Barro, real name Robert Joseph Barro is an American macroeconomist and the Paul M. Warburg Professor of Economics at Harvard University born September 28, 1944 New York. Based on his academic contributions, the Research Papers in Economics project ranked him as the world’s fifth most influential economist as of March 2016.
Robert Barro Family
The details on Barro’s family and siblings are not available.
Robert Barro Age
Robert Barro Wife
Barro has married Rachel McCleary who is a Lecturer in Economics Department, Harvard University.
Robert Barro Children
Barro has two daughters, Jennifer Barro and Lisa Barro, and two sons, Jason Barro and Josh Barro.
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Robert Barron Education
Barro got a B.S. degree. In 1965 in physics at the California Institute of Technology, where he learned under Richard Feynman, he turned to economics and earned a PhD from Harvard University in 1970. in 2004 he went to University of Macedonia and later to Universidad Francisco Marroquín in 2007.
Robert Barro Macroeconomics
Macroeconomics is an economics branch that deals with an economy as a whole’s performance, structure, behavior, and decision making. Barro is an American macroeconomist and the Paul M. Warburg Professor of Economics at Harvard University.
The Research Papers in Economics project ranked him as the fifth most influential economist in the world, as of March 2016, based on his academic contributions.
Robert Barrow Books
- Barro, Robert J. (1984). Macroeconomics. New York: Wiley. ISBN 978-0-471-87407-2.
- Barro, Robert J.; Sala-i-Martin, Xavier (1987). The application of rational expectations theory to clapping one-handed. New York: McGraw-Hill. ISBN 978-0-07-003697-0.
- Barro, Robert J.; Sala-i-Martin, Xavier (2003). Economic growth (2nd ed.). Massachusetts: MIT Press. ISBN 9780262025539.
- Barro, Robert J.; Chu, Angus C.; Cozzi, Guido. (2017) Intermediate Macroeconomics. Cheriton House, North Way, UK: Cengage Learning EMEA. ISBN 978-1-4737-2509-6.
Robert Barone Career
He first reached wide notice with a 1974 paper, “Are Government Bonds Net Wealth?” He argued that under certain assumptions present government borrowing would be matched by increased legacies to future generations in order to pay future taxes expected to pay down government bonds ; thus a reduction in current taxes, financed by issuing government bonds, would have no effect on the speed of the public.
The paper responded directly to the results of Alan Blinder and Robert Solow, which implied that the wealth effect would compensate for the long-term implications of government borrowing. In macroeconomics, the paper is among the most cited. His Ricardian equivalence implications are still being discussed.
Barro’s work was central to many of the last 30 years ‘ economic and public policy debates, including business cycle theory, growth theory, neoclassical synthesis, and public policy. Barro is an honorary doctor from Francisco Marroquin University. Finally, Barro was an outspoken opponent of spending stimulus, calling Obama’s “garbage” stimulus bill and “the worst bill since the 1930s.”
Robert Barro Economic Growth
For 98 countries in the 1960–1985 period, the per capita real GDP growth rate is positively related to initial human capital (proxied by 1960 school enrollment rates) and negatively related to the initial (1960) real per capita GDP level. Higher human capital countries also have lower fertility rates and higher physical investment ratios to GDP.
Growth is inversely related to the government’s share of GDP consumption, but insignificantly related to the share of public investment. Growth rates are positively linked to policy stability measures and are inversely linked to market distortion proxies.
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Republicans Turn Away From Experts and Economics
In 2010, President Barack Obama nominated economist Peter Diamond to the Federal Reserve Board. A short time later, Diamond — a professor at the Massachusetts Institute of Technology — received the Nobel Prize for his work on theories of the labor market. That pioneering research forms the basis of a whole branch of macroeconomic theory to this day.
But this brilliant academic career wasn’t enough for Republicans in the Senate, who repeatedly blockedDiamond’s nomination. Senator Richard Shelby of Alabama huffed that since Diamond’s academic work was on labor markets and pensions, Diamond had no “experience in conducting monetary policy.” Mark Calabria, a frequent Republican policy adviser who has also worked at the Cato Institute, a libertarian think tank, declared that “the last thing the Fed needs is another Ph.D. in economics.” Calabria then went on to make a startling claim:
[W]e largely had price stability in the days when the Fed board lacked academics…If anything, this era of a “scientific” Fed has been characterized by rampant inflation.
Here are three generally recognized measures of inflation — the consumer price index, the personal consumption expenditures price index, and the gross domestic product deflator — from 1970 through 2011. There was nothing even remotely resembling the “rampant inflation” that Calabria alleged: