Because of his interest in economics and his love of mathematics, Klein is interested in Paul? Samuelson admired it. 1942 After graduating from the University of California, Berkeley, he went on to enter the Massachusetts Institute of Technology. Study under the guidance of Samuelson. 1944 received a doctorate from MIT. He is the first doctor of economics in the college.
He joined the econometric group of the Cowles Committee of the University of Chicago. There, he accepted a challenging task and continued to Jane? Ding Bogen tried to establish an econometric model. At that time, Chicago gathered a group of talented economists and was a dazzling star. Among these people, four Nobel Prize winners miraculously appeared later. Here, Klein began his legendary career as a modeler. He tried to combine mathematics and statistical tools with Keynesian macroeconomic theory, and developed statistical methods and systems together with his colleagues in the Cowles Committee. These methods and systems have now become a part of the basic training of contemporary economists. His first macroeconomic econometric model was completed here.
1942 In the summer, Klein left Chicago and accepted the position of consultant to the Canadian government. One summer in Ottawa, he helped the Canadian government establish the first econometric model. Then he and his wife went to Europe. From June 1947 to autumn 1948, he visited many European economists, including Norwegian ragnar? Friche, Trif? Hafmo, Herman of Sweden? Walter and Eric. Lundberg and Eric? Lindahl, ragnar? Bentzel, and Jane from Holland? Ding Bergen, Richard of England? Si Tong and others also met with Bohr? Musheng and Jorgen? Peterson's life this year inspired his future research work.
When Klein returns to America, he should be Arthur? At the invitation of Burns, he joined the National Bureau of Economic Research, and with the support of a doctoral fund, he did some econometric research on the production function, laying a well-tested research method. At the same time, because he is also interested in the evaluation of property, especially the effect of current assets and savings behavior, he also participated in the work of the research center of the University of Michigan. There, he was funded by the Ford Foundation and founded an econometric research class. As a result of this effort, Klein and Arthur? Goldberg (then a graduate student) made friends and established the Klein-Goldberg American economic model with him. This model is basically a continuation of the work he started at the Cowles Committee.
Four years later, 1954, Frank? At Beauchamp's suggestion, Klein became a researcher at the Institute of Statistics of Oxford University and compiled a British model based on the data of the Oxford savings survey. This work was awarded by William in 1957. Bartling prize. During his four years in Oxford, he began to study theoretical econometrics and discuss statistical inference methods.
1958, returned to the United States and joined the faculty of the University of Pennsylvania. Since then, he has been a professor of economics at Wharton College, engaged in teaching and research. There, he created a series of models, which were later called Wharton model. 1959, he was awarded John Bates? Clark medal, 39 years old.
In the early 1960s, in order to fund the quantitative economic research of the University of Pennsylvania, he decided to set up a company to sell the econometric prediction results to private and government departments, and the funds obtained were used to fund students, the Department of Economics of the University of Pennsylvania and a wider research career.
During this period, Klein also traveled extensively and worked on model projects in many countries and regions, especially Japan, Israel and Mexico. He also directed some papers. These papers have become a part of model engineering in many developing and developed countries. 1960, he visited Japan for the first time, served as a visiting professor at Osaka University, participated in their model building project, and co-founded the International Economic Review with Michio Morishima and Murakami, which was jointly published by Osaka University and the University of Pennsylvania.
Klein's achievements and reputation are increasing day by day. 65438-0959, invited by the Chinese Academy of Social Sciences, served as the main researcher of the Economic Stability Bureau. He is mainly responsible for establishing a short-term forecasting model of the American economy. This model was originally compiled for the Institute of Social Sciences and was later selected by the Brookings Institution, so it became the "Brookings Model". This work lasted for ten years, and its harvest was that many new research methods were obtained. These methods are of great significance to his future research.
In the late 1960s, Klein felt it necessary to establish an overall international economic model. With the support of the International Fund and the National Science Foundation of the United States, from 65438 to 0968, Klein initiated an action at a meeting of Stanford University, which brought together modelers from major countries of the Organization for Economic Cooperation and Development, and established a set of continuous international equations to analyze the mutual influence and connection between national economies. This is a linked project. In fact, the link plan is an international contact model of national economies. Klein and Potter from Stanford? Hickmann, Rudolf of the International Monetary Fund? Rhomberg and Aaron from the University of California? Gordon is in charge of this project.
Klein spent a lot of time and energy on the Link project, which now includes underdeveloped countries, planned economy countries and OECD countries. In Klein's view, Link system is faster, cheaper and easier than any system used before. In addition, participating researchers all over the world can now use audio-visual telecommunications systems to obtain enough information on computer screens supporting the network.
Klein also had fruitful cooperation with China. 1979, Klein led an American delegation to visit China Academy of Sciences. He presided over a series of work, from collecting data, understanding China's economic structure, to helping solve problems in data management, all of which helped to establish China's econometric model. Five years later, the first econometric model of China was established. This model accurately shows the growth track of China, and also shows the balance of payments and expansion degree of China.
In the history of economic development, Klein is the best econometric model compiler at home and abroad. In the process of introducing economics into a new era of positivism, he did more than anyone else. He won the Nobel Prize in 1980 precisely because of his contribution to the compilation of econometric models.
Klein's main theoretical contribution is: based on the recognized economic theory, according to the empirical estimation of the actual data in the real economy, establish a mathematical model of the economic system, and use it to analyze economic fluctuations and economic policies and predict economic trends. Various estimation systems are used in theoretical economic analysis and public policy, including periodic research, random fluctuation, dynamic multiplier response, scheme analysis and prediction. The models studied include developing economies, centrally planned economies and industrial market economies, and the international trade and financial relations of these economies. There are Klein-Goldberger model, Brookings model, Wharton model and world model.
The history of economics will record Klein as the best econometric model maker at home and abroad. He has done more than anyone else in introducing economics into modern positivism. From the early cooperation with Coolidge Committee to the cooperation with Wharton econometric forecasting center, Klein devoted his life to the compilation and forecasting of econometric models. These efforts include not only industrialized countries, but also many developing countries.
His teacher Samuelson commented on Klein as follows: He made outstanding contributions to the development of post-war econometric model, so this period can be called "Klein era".
Klein's academic achievement is simply to combine econometric methods with Keynesian macroeconomic analysis and establish macroeconomic metrology. In his masterpiece "Keynesian Revolution", he expressed Keynes's economic theory in mathematical form for the first time. His other masterpiece, An Econometric Model in the United States1929-1952, is not only the originator of modern macro models in terms of structure, scale and advanced estimation methodology, but also the first econometric model officially used to predict economic fluctuations, which has a far-reaching and universal impact on the macroeconomic econometric models established in the United States and other countries in the future.
While compiling the model, Klein continued to Jane? Ding Bogen started the macro-analysis experiment of econometrics in 1930s, but Klein used different economic theories and different statistical techniques. His goals are also different. Klein focuses on the practical application of macroeconomic econometric model in forecasting economic development trend and formulating economic policies, and extends it to the whole world. He has made great achievements in this field and had a far-reaching impact.
He is engaged in empirical research and practical application of econometrics, starting with the study of economic fluctuations and establishing a small American econometric model. Before Klein-Goldberger model was established, he had compiled the American model during the two world wars (1921-1941), which was called "Klein model I", and he often reevaluated the model for experimental purposes. He used this model to put forward the popular view at the end of World War II that the American economy would fall into recession again. Practice has proved that his opinion is correct. After the Klein-Goldberger model was established, Klein worked with colleagues and students to compile a large-scale Wharton econometric model, including a quarterly model for short-term prediction (3 years) and an annual model for long-term prediction (10 to 25 years). The previous paragraph has been developed to the fourth generation. These models describe the American economy in detail and complexity, and are constantly updated and modified with new materials and new ideas. Klein is also the director of the Brookings econometric model. This model has a very detailed description of the structure of the American economy and is the product of the cooperation of 30 famous economists.
Klein also helps other countries build models. Including 1947, the first Canadian model, 196 1 the first Japanese model, 196 1 the first British quarterly model. His suggestions on the model style of developing countries are obviously adopted by the models of different countries such as India, Mexico and Sudan. He also worked with his colleagues to build a model of the Soviet Union and made a quantitative description of the economic plan and implementation of the former Soviet Union.
The Link Plan in the late 1960s was a large-scale econometric model of the world economy, in which Klein played a central role. He is both an initiator and an active research leader. One of the goals of this plan is to coordinate the econometric models of various countries, so as to improve the analysis of the possibility of commercial fluctuations spreading in various countries and help predict international trade and capital flows. Another goal is to study the economic effects of a country's political measures and how they affect other countries. This method is used to study how rising oil prices affect inflation, employment and trade balance in various countries. Link plan has opened up a brand-new development path and has great theoretical and practical value.