person
N. Gregory Mankiw
American economist (b. 1958). One of the foundational figures of the New Keynesian program; menu-costs work in the mid-1980s established the microfoundation for sticky prices. Principal author of the dominant US intermediate-macro textbook.
Stub.
Gregory Mankiw’s career at Harvard produced the principal early statement of menu-cost-based New Keynesian microfoundations: the 1985 QJE paper “Small Menu Costs and Large Business Cycles” showed that even small firm-level frictions in price adjustment could produce large aggregate effects, providing a microfoundation for sticky prices that the Old Keynesian tradition had asserted but not derived. With David Romer he edited the two-volume New Keynesian Economics (1991), the canonical anthology of the early program. His intermediate-level textbook Macroeconomics (1992, multiple editions) and principles textbook Principles of Economics are the dominant teaching texts in their respective markets.
Chair of the Council of Economic Advisers under George W. Bush (2003–2005). Active as a policy commentator from a moderately right-leaning New Keynesian perspective.