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| Phillip Cagan | |
|---|---|
| Name | Phillip Cagan |
| Birth date | 1927 |
| Birth place | Brooklyn |
| Death date | 2013 |
| Occupation | Economist |
| Alma mater | City College of New York, Columbia University |
| Employer | Federal Reserve Bank of New York, International Monetary Fund, Columbia University |
Phillip Cagan was an American economist known for empirical research on inflation, monetary aggregates, and stabilization policy. His work influenced policymakers at the Federal Reserve System, International Monetary Fund, and in national governments during episodes such as the Great Inflation (1965–1982) and subsequent disinflation. Cagan combined time-series analysis with institutional insight drawn from episodes in the United States, Argentina, Chile, Germany, and other countries.
Cagan was born in Brooklyn and educated at City College of New York and Columbia University, where he studied under professors associated with New York School of Economics influences and interacted with scholars from Cowles Commission, National Bureau of Economic Research, Yale University, Harvard University, and Princeton University. During his graduate years he engaged with topics discussed at Council of Economic Advisers briefings and seminars at the Federal Reserve Bank of New York and attended conferences alongside economists from University of Chicago, London School of Economics, Massachusetts Institute of Technology, and University of California, Berkeley.
Cagan held positions at the International Monetary Fund and within the Federal Reserve Bank of New York while maintaining affiliations with Columbia University. He collaborated with researchers from the National Bureau of Economic Research, presented findings at the American Economic Association meetings, and advised officials from the U.S. Treasury Department, central banks such as the Bank of England and the Deutsche Bundesbank, and ministries in Argentina, Chile, and Italy. His career intersected with contemporaries including Milton Friedman, Anna Schwartz, Robert Mundell, James Tobin, and Paul Samuelson and drew on methods from scholars at Carnegie Mellon University, Johns Hopkins University, University of Pennsylvania, and Rutgers University.
Cagan is best known for empirical analysis of hyperinflation and adaptive expectations, notably characterizing the dynamics of money demand and indexation in episodes like the Weimar Republic, Hungarian hyperinflation, Argentina hyperinflation, Chile under Pinochet, and postwar Greece. He formalized relationships between nominal variables used by policymakers at the Federal Reserve Board, International Monetary Fund, and the World Bank and influenced debates involving monetarism, Keynesianism, and New Keynesian economics. His work on money demand contributed to policy discussions at the Bank for International Settlements and informed macroeconomic stabilization programs negotiated under Bretton Woods legacies. Cagan's empirical techniques anticipated later time-series innovations used at Econometric Society meetings and by researchers in Journal of Political Economy, Quarterly Journal of Economics, and American Economic Review.
Cagan's influential monograph on inflation dynamics appeared in venues cited alongside works by Milton Friedman, Anna Schwartz, John Maynard Keynes, Friedrich Hayek, and Irving Fisher. His articles appeared in journals such as the American Economic Review, Journal of Political Economy, and outlets of the National Bureau of Economic Research. He also contributed chapters to volumes edited by scholars from Columbia University Press, Oxford University Press, and Cambridge University Press. His empirical studies were frequently cited in policy reports by the International Monetary Fund, World Bank, Federal Reserve Bank of New York, and the Bank of England.
During his career Cagan received recognition from organizations including the American Economic Association, the National Bureau of Economic Research, and honorary acknowledgments from central banking institutions such as the Federal Reserve System and the Bank for International Settlements. His empirical contributions were discussed at symposia hosted by Columbia University, the City College of New York, and policy forums at the International Monetary Fund and World Bank.
Cagan's students and colleagues at Columbia University, the International Monetary Fund, and the Federal Reserve Bank of New York included academics who later held positions at Harvard University, Massachusetts Institute of Technology, Princeton University, Yale University, University of Chicago, and other institutions. His legacy persists in contemporary textbooks and policy debates at organizations such as the International Monetary Fund, World Bank, Bank for International Settlements, and central banks worldwide, and in research programs at the National Bureau of Economic Research, the Econometric Society, and the American Economic Association.
Category:American economists Category:Monetary economists