Neil Wallace (born 1939) is an American economist and professor at Pennsylvania State University. Wallace is considered one of the main proponents of new classical macroeconomics.He became professor at Penn State in 1997, after holding professorships at the University of Minnesota (1974–1994), and the University of Miami (1994–1997). Wallace earned his Bachelor of Arts in Economics at Columbia University in 1960, and his Doctor of Philosophy in Economics at the University of Chicago under Milton Friedman in 1964. Since 1969 Wallace has been a consultant to the Federal Reserve Bank of Minneapolis. In 2012 he was elected Distinguished Fellow of the American Economic Association. In 1975 he and Thomas J. Sargent proposed the Policy-ineffectiveness proposition, which refuted a basic assumption of Keynesian economics.