William A. Barnett
Photograph of William A. Barnett
October 30, 1941 |
University of Kansas, Department of Economics.Center for Financial Stability, NY City.
|Field||Economic measurement, macroeconomics, monetary econometrics, consumer demand and production modelling, nonlinear dynamics.|
School or tradition
|Alma mater||M.I.T (B.S., 1963).|
|Influences||Henri Theil, Milton Friedman, Franco Modigliani, Simon Kuznets, Robert Lucas, Jr., Thomas J. Sargent.|
|Contributions||Divisia monetary aggregates.|
Higuchi Research Award (2013).American Publishers Award for Professional and Scholarly Excellence (the PROSE Awards) (2012).
|Information at IDEAS / RePEc|
William Arnold Barnett (born October 30, 1941) is an American economist, whose current work is in the fields of chaos, bifurcation, and nonlinear dynamics in socioeconomic contexts, as well as in the study of the aggregation problem and the challenges of measurement in economics.
Barnett is currently the Oswald Distinguished Professor of Macroeconomics at the University of Kansas and Director of the Center for Financial Stability, in New York City. He is also a Senior Research Fellow of the IC2 Institute at the University of Texas at Austin and a Fellow of the Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise. He is the founder and President of the Society for Economic Measurement (SEM). He was previously Research Economist at the Board of Governors of the Federal Reserve System in Washington, D.C.; Stuart Centennial Professor of Economics at the University of Texas at Austin; and Professor of Economics at Washington University in St. Louis. Prior to becoming an economist, he worked as an engineer at Rocketdyne on development of the Rocketdyne F-1 rocket engine.
His research is in macroeconomics and econometrics. He is Founding President of the Society for Economic Measurement, Founding Editor of the Cambridge University Press journal, Macroeconomic Dynamics and of the Emerald Group Publishing monograph series, International Symposia in Economic Theory and Econometrics, and originator of the Divisia monetary aggregates and the "Barnett critique".
In consumer demand and production modelling, he originated the Laurent series approach to specification design and the seminonparametric approach using the Müntz–Szász theorem. His publications on bifurcation analysis and nonlinear dynamics have shown that robustness of dynamical inferences is compromised, when policy simulations are run only at point estimates of parameters, since confidence regions about those estimates are often crossed by bifurcation boundaries.
He is a Fellow of the American Statistical Association, a Charter Fellow of the Journal of Econometrics, a Charter Fellow of the Society for Economic Measurement, a Fellow of the World Innovation Foundation, a Fellow of the IC2 Institute, and a Fellow of the Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise, and Honorary Professor at Henan University in Kaifeng, China. He is ranked among the top 2% of the world's economists in RePEc.
His book with Nobel Laureate, Paul A. Samuelson, Inside the Economist's Mind: Conversations with Eminent Economists, Wiley-Blackwell Publishing (2007), ISBN 1-4051-5917-0, has been translated into seven languages. His MIT Press book, Getting It Wrong: How Faulty Monetary Statistics Undermine the Fed, the Financial System, and the Economy, ISBN 9780262516884, won the American Publishers Award for Professional and Scholarly Excellence (the PROSE Awards) for the best book published in economics during 2012.
Honorary Journal Special Issues
Special issues of two eminent professional journals, the Journal of Econometrics and Econometric Reviews, have been published in Professor Barnett's honor with contribution by many of the world's most prominent economists. These journals are:
- Special issue of the Journal of Econometrics on the topic of "Internally Consistent Modeling, Aggregation, Inference, and Policy," coedited by James Heckman and Apostolos Serletis, v. 183, no. 1, November 2014, pp. 1 - 146.
- Special issue of Econometric Reviews on the topic of "Econometrics with Theory: A Volume Honoring William A. Barnett," coedited by James Heckman and Apostolos Serletis, v. 34, no. 1-2, 2015, pp. 1 - 254.
- Barnett, William and Apostolos Serletis (2000). The Theory of Monetary Aggregation. Elsevier.
- Barnett, William and Jane Binner (2004). Functional Structure and Approximation in Econometrics. Elsevier.
- Barnett, William and Paul Samuelson (2007). Inside the Economist's Mind: Conversations with Eminent Economists. Wiley/Blackwell.
- Barnett, William and Marcelle Chauvet (2011). Financial Aggregation and Index Number Theory. World Scientific Publishing.
- Barnett, William (2012). Getting It Wrong: How Faulty Monetary Statistics Undermine the Fed, the Financial System, and the Economy. MIT Press.
Selected journal articles
- Barnett, William (September 1980). "Economic Monetary Aggregates: An Application of Index Number and Aggregation Theory". Journal of Econometrics.
- Barnett, William, Paul Spindt, and Edward Offenbacher (December 1984). "The New Divisia Monetary Aggregates". Journal of Political Economy.
- Barnett, William, A. R. Gallant, M. J. Hinich. J. A. Jungeilges, D. T. Kaplan, and M. J. Jensen (1997). "A Single-Blind Controlled Competition among Tests for Nonlinearity and Chaos". Journal of Econometrics.
- Barnett, William, and Shu Wu (January 2005). "On User Costs of Risky Monetary Assets". Annals of Finance.
- Barnett, William (February 2007). "Multilateral Aggregation-Theoretic Monetary Aggregation over Heterogeneous Countries". Journal of Econometrics.
- Chrystal, Alec; MacDonald, Ronald (1994). "Empirical Evidence on the Recent Behavior and Usefulness of Simple-Sum and Weighted Measures of the Money Stock". Federal Reserve Bank of St. Louis Review: 73–109.
- Belongia, Michael; Ireland, Peter (2012). "The Barnett Critique After Three Decades: A New Keynesian Analysis" (PDF). NBER Working Paper. doi:10.3386/w17885. Retrieved 2014.
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- Barnett papers
- Personal web site
- Center for Financial Stability
- Society for Economic Measurement