Lawrence Klein dies in Gladwyne, PA, at the age of 93.
Upon returning to America in autumn 1948, he joins the staff of the National Bureau of Economic Research on a post doctoral grant.
He earns his Ph.D. in Economics at the Massachusetts Institute of Technology (MIT) in 1944.
He joins the econometrics team at the Cowles Commission of the University of Chicago. There he builds a model of the US economy to forecast the development of business fluctuations and to study the effects of government economic policy. After World War II Klein uses his model to correctly predict, against the prevailing expectation, that there would be an economic upturn rather than a depression due to increasing consumer demand from returning servicemen.
He visits the Central High School at Omaha, where he graduates in 1937.
In 1954, Klein's brief membership in the Communist Party is made public, and he is denied tenure at the University of Michigan, in the wake of the McCarthy era. Klein moves to the University of Oxford, and develops an economic model of the United Kingdom known as the Oxford model.
With this second wife Sonia Adelson, he leaves for Norway in October 1947, to spend an academic year with Ragnar Frisch and Trygve Haavelmo. During 1948, he has the opportunity of visiting economists in different European countries.
He completes his undergraduate training at the University of California (Berkeley) in 1942.
In 1958, he joins the Department of Economics of the University of Pennsylvania. During his years at Pennsylvania, he travels widely, working on modeling projects for many countries. In the '60s, Klein constructs the Wharton Econometric Forecasting Model. This is used to forecast fluctuations including national product, exports, investments, and consumption, and to study the effect on them of changes in taxation, public expenditure, oil price, etc.. He gets retired in 1991 and until his death he´s Emeritus at Pennsylvania.'
He attends public schools in Omaha. The experience of growing up during the Great Depression has a profound impact on his future career.
Lawrence Klein receives the 1980 Nobel Prize in Economics for his analysis of the effects of macroeconomic policy by econometric model building, as well as for his work in creating computer models to forecast economic trends in the field of econometrics.
Lawrence Klein is born in Omaha, NE, USA.
He joins the staff of the Survey Research Center, University of Michigan (jointly with the National Bureau of Economic Research for another year) to exploit the data that were being produced by George Katona's surveys of consumer finances. At the University of Michigan, Klein develops enhanced macroeconomic models.