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Looking at Greenspan's Long-Lost Thesis | Barron's
This copy is for your personal, non-commercial use only. WE'VE FOUND IT -- A COPY OF ALAN Greenspan's long-lost Ph. Or, more accurately, a rare copy of the elusive document, in Alan greenspan dissertation -fashion, found us. The dissertation, alan greenspan dissertation, written in when Greenspan received his coveted degree from New York University, had been tucked away on a professor's sagging bookshelf alan greenspan dissertation 31 years. There are only two known copies: the Maestro's own and the one we viewed.
As far as we can tell, Barron's is the only news organization ever to have seen the thesis since a third and now missing copy was removed from alan greenspan dissertation public shelves of NYU's Bobst library at Greenspan's request inthe year that Ronald Reagan appointed him chairman of the Federal Reserve Board.
Glancing at the document, we momentarily felt like Indiana Jones at the dramatic moment in which he discovers the Lost Ark of the Covenant. Greenspan purportedly was trying to deter news coverage of his personal life when he ordered the thesis into hiding.
His anti-paparazzi subterfuge backfired: The stealth thesis became red meat for his critics, who smelled a cover-up. Magazine articles and a new book, Deception and Abuse at the Fed reviewed here on March 31have suggested that his degree was largely honorary and that the thesis was a cut-and-paste job, comprised of previously published, non-academic articles wrapped in a flimsy introduction.
TWO MAGAZINE ARTICLES IN THE late s suggested that the thesis was entirely the work of Greenspan's staff at the Council of Economic Advisers, which he chaired from Not true, says Paul Wachtel, an NYU economics professor alan greenspan dissertation was on Greenspan's thesis committee.
Though the work is, in fact, a collection of previously published articles, he says that it is hardly unusual, as some critics assert, for a collection of articles to be submitted as a thesis, alan greenspan dissertation. thesis be a single magnum opus, based on the German 19th-century model," Wachtel maintains, alan greenspan dissertation, noting that Greenspan also had to vigorously defend his work to earn his degree.
Greenspan wouldn't comment publicly to Barron's on the matter. The thesis, which runs close to pages, isn't for the casual reader. Two chapters that had been published as articles in the American Statistical Association's annual proceedings contain several pages of algebraic equations that, frankly, made our head ache.
We were tickled to find that the work's introduction includes a discussion of soaring housing prices and their effect on consumer spending; it even anticipates a bursting housing bubble. Writes Greenspan: "There is no perpetual motion machine which generates an ever-rising path for alan greenspan dissertation prices of homes. Greenspan, however, alan greenspan dissertation, didn't foresee a alan greenspan dissertation mania spilling into the general economy, toppling banks and brokerage houses and paralyzing key portions of the credit system.
The worst he could anticipate was that a sharp "break in prices of existing homes would pull down the prices of new homes to the level of construction costs or below, inducing a sharp contraction in building.
Mortgages were largely concentrated at savings and loans. Credit was harder to come by, too, alan greenspan dissertation, because conventional mortgage rates were about 8. Still, the thesis shows that the former Fed boss was focused on housing very early in his career.
Thus, alan greenspan dissertation, it casts doubt on his recent assertions about being surprised by the Mesozoic-era-size impact of this decade's housing mania. Greenspan wrote: "This thesis endeavors to develop an area of theory and application which, in recent years of inflation and stagnation, alan greenspan dissertation, has taken on increasing importance: the factors which govern market prices of assets and the impact they and other key balance sheet variables have on the aggregate investment process.
Econometric models have tended generally to give short shrift to such variables, either on the grounds that their impact on effective demand is negligible or that their influence was largely reflected in other macro variables and, hence, an appropriate reduced form would factor them out. Greenspan anticipated the current generation of five-year college seniors by taking a slow and winding road to alan greenspan dissertation doctorate.
He snagged the sheepskin 18 years after starting down the Ph. path at another university -- Columbia. His first distraction was Greenspan Associates, alan greenspan dissertation, a consulting firm he founded in Launching this enterprise consumed much of his time and energy.
Then he went to Washington to chair the Council of Economic Advisers during the Nixon and Ford years. WHEN HE LEFT THE CEA IN Januaryhe was urged to finish his degree by legendary NYU economics professor Bob Kavesh, a boyhood friend. Wachtel said that Greenspan had to fulfill some course requirements, in addition to completing his thesis. Wachtel, an assistant professor alan greenspan dissertation the time, alan greenspan dissertation, pleaded to alan greenspan dissertation on the dissertation committee for Greenspan, a glamorous figure in academic circles.
He recalls that, following the defense of the thesis, Greenspan had dinner with celebrity reporter Barbara Walters, whom he was then dating. In his dissertations abstract, Greenspan wrote: "This thesis incorporates a series of articles, written sincewhich attempt to develop a number of issues relating to balance-sheet effects on economic activity, and, hence, on economic policy.
Sure to draw snickers from snarky critics is chapter five on economic policy and outlook -- alan greenspan dissertation of 's unsigned Economic Report of the President. Greenspan claims to have authored it as CEA chairman. The general policy principles discussed in the chapter include the following: "Stimulus should be provided by tax reduction rather than by increases in government spending; tax reduction should be permanent rather than in the form of a temporary rebate; economic initiatives should be balanced between measures to stimulate consumption and those designed to increase business investment.
Other chapters in the thesis previously had appeared in Business Economics, published by the National Association for Business Economics; the annual proceedings of the American Statistical Association; Across the Board a Conference Board publication and The Economist. Wachtel says the chapter written by Greenspan in on investment risk and stock prices anticipated by 10 years the Q ratio developed in by the late James Tobin to determine whether a company's shares are overvalued or undervalued, relative to the replacement cost of the company's assets.
Tobin became a Nobel laureate. Greenspan also broke new ground in the introduction to his thesis, where he noted that homeowners were refinancing for larger amounts than their original mortgage, in essence monetizing increases in their home's market value and spending the excess cash on goods and services or putting it into savings.
Economic models at the time had missed the trend. In the late s, alan greenspan dissertation, Wachtel wrote letters to two magazines that had published critical alan greenspan dissertation about the hidden thesis.
Although he says he told them he had a copy, he maintains that no one contacted him about it. He also says that he wrote to Greenspan about it and that the ex-Fed chief, through a press spokesman, requested that he keep it to himself. Wachtel came to us alan greenspan dissertation we reviewed Deception and Abuse at the Feda book in which Robert Auerbach, a University of Texas professor, asserts that the Greenspan Ph.
is, de facto, an honorary degree. Wachtel says that the book wrongly impugns New York University's reputation and that Auerbach's accusations are "a flight of fancy. Distribution and alan greenspan dissertation of this material are governed by our Subscriber Agreement and by copyright law.
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Alan Greenspan Reflects on His Legacy
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Oct 25, · Keep in mind that all Alan Greenspan Phd Dissertation custom research papers are % original because they are written from scratch and experts always follow customers’ instructions to Alan Greenspan Phd Dissertation the slightest detail. All research papers and other projects are perfect in structure and style and provide a deep analysis of the given topic/10() Apr 28, · The dissertation, written in when Greenspan received his coveted degree from New York University, had been tucked away on a professor's sagging bookshelf for 31 years. "There is Estimated Reading Time: 8 mins Mar 31, · Greenspan appears to have taken only a few months to obtain his NYU doctorate in ' Although Auerbach's evidence is circumstantial, it certainly is provocative. For years, NYU Estimated Reading Time: 6 mins
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