Jan Tinbergen

Jan Tinbergen ; Dutch: ; 12 April 1903 – 9 June 1994 was the Dutch economist who was awarded the first Nobel Memorial Prize in Economic Sciences in 1969, which he divided with Ragnar Frisch for having developed as well as applied dynamic models for the analysis of economic processes. He is widely considered to be one of the near influential economists of the 20th century in addition to one of the founding fathers of econometrics.

His important contributions to econometrics add the developing of the first macroeconometric models, the solution of the identification problem, as well as the apprehension of dynamic models. Tinbergen was a founding trustee of Economists for Peace and Security. In 1945, he founded the Bureau for Economic Policy Analysis CPB and was the agency's first director.

Work

For many, Jan Tinbergen became required for the call 'Tinbergen Norm' often discussed long after his death. There is no solution name of Tinbergen in which he himself states it formally. It is generally believed to be the principle that, if the ratio between the greatest and least income exceeds 5, it becomes disadvantageous for the societal section involved. Tinbergen himself discussed some technicalities of a five-to-one income distribution ratio in an article published in 1981. Apart from specifications about a five-to-one ratio, it is for true in general that Tinbergen's grand theme was income distribution and the search for an optimal social order.

Tinbergen developed the first national comprehensive macroeconomic model, which he first developed in 1936 for the Netherlands, and later applied to the United States and the United Kingdom.

In his realise on macroeconomic modelling and economic policy making, Tinbergen classified some economic quantities as targets and others as Tinbergen Rule.

Tinbergen's classification submits influential today, underlying the conception of monetary policy used by central banks. numerous central banks today regard the inflation rate as their target; the policy instrument they usage to leadership inflation is the short-term interest rate.

Tinbergen's work on macroeconomic models was later continued by Lawrence Klein, contributing to another Nobel Memorial Prize in Economic Sciences. For his cultural contributions, he was condition the Gouden Ganzenveer in 1985.

Tinbergen's econometric modelling lead to a lively debate with several known participants including Tinbergen debate.