Apr 01, · For years, NYU told the public that, at Greenspan's request, the thesis was locked away from public view in a vault at its Bobst Library. Auerbach himself was told this in January when he Estimated Reading Time: 6 mins Our seasoned business, internet blogging, and social media Alan Greenspan Dissertation Nyu writers are true professionals with vast experience at turning words into action. Short deadlines are no problem for any business plans, white papers, email marketing campaigns, and original, compelling web content/10() Alan Greenspan.” Robert Kavesh (BS ’49), NYU Stern emeritus profes-sor, presented Greenspan with his degree and reflected on their relationship. They were students together at NYU, which Greenspan attended after studying the sax-ophone at the Juilliard School. Later, Kavesh taught Greenspan as he pursued a graduate degree at Stern
Dr. Greenspan's Amazing Invisible 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 Lassie-Come-Home -fashion, found us. The dissertation, alan greenspan dissertation nyu, 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 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 the 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, alan greenspan dissertation nyu.
Greenspan purportedly was trying to deter news coverage of his personal life when he ordered the alan greenspan dissertation nyu into hiding, alan greenspan dissertation nyu. 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 alan greenspan dissertation nyu 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, alan greenspan dissertation nyu, which he chaired from Not true, says Paul Wachtel, an NYU economics professor who 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 alan greenspan dissertation nyu assert, for a collection alan greenspan dissertation nyu articles to be submitted as a thesis. alan greenspan dissertation nyu be a single magnum opus, based on the German 19th-century model," Wachtel maintains, 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, alan greenspan dissertation nyu. 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 alan greenspan dissertation nyu 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 the prices of homes.
Greenspan, however, didn't foresee a housing mania spilling into the general economy, toppling banks and alan greenspan dissertation nyu 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, 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, it casts doubt on his recent assertions about being surprised alan greenspan dissertation nyu 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, 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 a doctorate.
He snagged the sheepskin 18 years after starting down the Ph. path at another university -- Columbia, alan greenspan dissertation nyu. His first distraction was Greenspan Associates, 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, alan greenspan dissertation nyu. 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 at the time, pleaded to be 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, alan greenspan dissertation nyu, and, hence, on economic policy.
Sure to draw snickers from snarky critics is chapter five on economic policy and outlook -- part 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, Wachtel wrote letters to two magazines that had published critical articles 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 after we reviewed Deception and Abuse at the Feda book in which Robert Auerbach, a University alan greenspan dissertation nyu 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 use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at or visit www.
We've detected you are on Internet Explorer. For the best Barrons. com experience, please update to a modern browser. CHROME SAFARI FIREFOX. Google Firefox. Subscriber Benefits. Text size. Close Looking at Greenspan's Long-Lost Thesis WE'VE FOUND IT -- A COPY OF ALAN Greenspan's long-lost Ph.
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Alan Greenspan Nyu Dissertation The service is an effective solution for those customers seeking excellent writing quality for less money. We guarantee % confidentiality and anonymity. We guarantee % confidentiality and anonymity/10() Alan Greenspan.” Robert Kavesh (BS ’49), NYU Stern emeritus profes-sor, presented Greenspan with his degree and reflected on their relationship. They were students together at NYU, which Greenspan attended after studying the sax-ophone at the Juilliard School. Later, Kavesh taught Greenspan as he pursued a graduate degree at Stern Our seasoned business, internet blogging, and social media Alan Greenspan Dissertation Nyu writers are true professionals with vast experience at turning words into action. Short deadlines are no problem for any business plans, white papers, email marketing campaigns, and original, compelling web content/10()
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