Otto Eckstein, 1927-1984
German-born Harvard economist and
developer of large-scale macroeconometric
models (for which he founded a forecasting corporation, Data Resources Inc. (DRI)).
Eckstein introduced the concept of
"core" inflation (i.e. general price inflation minus the
price movements of particularly volatile commodities (e.g. oil) and foodstuffs).
He was on the Council of Economic Advisors
from 1964 to 1966.
Major Works of Otto Eckstein
- Water and Resource Development, 1958
- "Inflation, the Wage-Price Spiral and Economic Grwoth", 1958,
in Relationship of Prices to Economic Stability and Growth
- Staff Report on Employment, Growth and Price Levels, 1959.
- "A Simulation of the U.S. Economy in Recession", with J.S. Duesenberry
and G. Fromm, 1960, Econometrica
- "The Determination of Money Wages in American Industry", with T. Wilson, 1962,
QJE
- "The Price Equation", with G. Fromm, 1968, AER
- "The Inflation Process in the United States", with R. Brinner,
1972,
- "Industry Price Equations", with D. Wyss, 1972, in Eckstein,
editor, Econometrics of Price Determination
- "The Data Resources Model: Uses, structure, and the analysis of the
US economy", with E.W. Green and A. Sinai, 1974, in Klein and
Burmeister, editors, Econometric Model Performance
- "Econometric Models and the Formation of Business
Expectations", 1976, Challenge
- "National Economic Information Systems for Developed
Countries", 1977, in Perlman, editor, Organization and Retrieval
of Economic Knowledge
- The Great Recession, 1978
- :Long-Term Properties of the Price-Wage Mechanism in the United States,
1891 to 1977", with J. Girola, 1978, REStat
- Public Finance, 1979.
- Core Inflation, 1981.
- "Econometric Models for Forecasting and Policy Analysis: The
present state of the art", 1981, in Kmenta, editor Large-Scale
Macroeconometric Models
- The DRI Model of the US Economy, 1983.
- "The Mechanisms of the Business Cycle in the Postwar Era", with
A. Sinai, 1986, in R.J. Gordon, editor, American Business Cycle
Resources on Otto Eckstein