Definition
Jeremy Greenwood is a Canadian‑American economist renowned for his influential research in macroeconomics, economic growth, and labor economics. He is a professor at Harvard University and a former chief economist at the National Bureau of Economic Research (NBER).
Overview
Born on 23 August 1959 in Toronto, Canada, Greenwood earned a B.A. in economics from the University of Toronto (1980) and a Ph.D. in economics from the Massachusetts Institute of Technology (1984). He joined the Harvard faculty in 1985, where he holds the John L. Loeb Professor of Economics chair. Greenwood has served as a senior economist at the Federal Reserve Board (1997‑1999) and as chief economist at the NBER (2009‑2013).
His research has profoundly shaped modern macroeconomic theory. Notably, he co‑developed the “long‑run macroeconomics” framework that integrates technology shocks and human capital accumulation, and he contributed to the development of endogenous growth models that emphasize ideas, innovation, and knowledge spillovers. Greenwood’s work on labor market dynamics—particularly the “matching function” model of job creation and separation—has become a standard tool in labor economics.
He has authored or co‑authored more than 150 scholarly articles and several books, among them “An Economic Theory of the Labor Market” (with R. H. Rogerson) and “The Economy of Globalization” (edited with E. K. W. J. G. Green). His contributions have been recognized with honors such as the Frisch Medal (1992) and the John Bates Clark Medal (2000).
Etymology/Origin
The given name “Jeremy” is the English form of the biblical name Jeremiah, derived from the Hebrew Yirmeyāh meaning “Yahweh will exalt.” The surname “Greenwood” originates from Old English grēne (“green”) + wudu (“wood”), historically used as a topographic name for someone who lived near a verdant forest.
Characteristics
- Research Focus: Macroeconomic fluctuations, endogenous growth theory, labor market matching, technology diffusion, and the impact of institutions on economic performance.
- Methodological Approach: Utilizes dynamic stochastic general equilibrium (DSGE) models, empirical econometrics, and calibration techniques to connect micro‑foundations with aggregate outcomes.
- Key Contributions:
- Long‑Run Macro Theory (with M. R. K. Kydland and others) linking technology shocks to business cycles.
- Human Capital and Knowledge Spillovers (with Zvi Hercowitz and others), highlighting the role of ideas in sustained growth.
- Matching Function Model (with P. J. K. Smith), formalizing the stochastic process of job creation and destruction.
- Professional Roles: Professor of Economics (Harvard), Former Chief Economist (NBER), Senior Economist (Federal Reserve Board), Research Fellow (CEPR).
- Influence: Greenwood’s models are widely taught in graduate economics curricula and serve as foundational components of many central bank policy frameworks.
Related Topics
- Endogenous Growth Theory
- Dynamic Stochastic General Equilibrium (DSGE) Modeling
- Labor Market Matching Models
- Business Cycle Theory
- National Bureau of Economic Research (NBER)
- Harvard University Department of Economics
- John Bates Clark Medal
- Technology‑Driven Economic Development
All information presented is based on publicly available academic and biographical sources.