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Phillip D. CaganProfessor of economics, American scholar and author
Country:
 USA |
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Biography of Phillip Cagan
Phillip D. Cagan is an American economist, scholar, and author, known for his extensive research on monetary policy and inflation control. He was born in 1927 in Seattle, Washington, and later moved with his family to Southern California.
At the age of 17, Cagan joined the United States Navy and actively participated in World War II. After the war, he decided to pursue higher education and obtained a bachelor's degree from the University of California, Los Angeles (UCLA) in 1948. In 1951, he earned a master's degree in humanities and subsequently completed his Ph.D. in economics at the University of Chicago in 1954.
Following his graduate studies, Cagan joined the National Bureau of Economic Research (NBER) in New York, where he worked for two years. He then embarked on an academic career, teaching at the University of Chicago for three years and dedicating seven years to Brown University. In 1966, he was hired by Columbia University, where he taught economics for nearly 30 years. During his tenure at Columbia, he also served as a member of the Council of Economic Advisers (CEA) in Washington, D.C., for 15 months.
Cagan's extensive research in macroeconomics resulted in over 100 books, journal articles, reviews, reports, and brochures. His most notable work is the book 'Determinants and Effects of Changes in the Stock of Money, 1875-1960,' which focuses on the causal relationships between changes in money, prices, and output. This work received high praise for its meticulous empirical analysis and was recognized as the most comprehensive study in the field.
Additionally, Cagan made significant contributions to economics through his articles, including his editing of Milton Friedman's 'Studies in the Quantity Theory of Money,' published as 'The Monetary Dynamics of Hyperinflation.' This work has become a classic in the field.
Cagan's publications have influenced and shaped the perspectives of many leading macroeconomists, who have either revised or expanded upon his findings. His 'demand for money function' is frequently referenced in the modeling of real money value. He was elected a member of the Econometric Society, the international organization of economists, and he was mentioned as a potential candidate for the Nobel Prize in Economics.
