Macroeconomics would not be what it is today without
Edmund Phelps. This book assembles the field's leading
figures to highlight the continuing influence of his ideas
from the past four decades. Addressing the most important
current debates in macroeconomic theory, it focuses on the
rates at which new technologies arise and information about
markets is dispersed, information imperfections, and the
heterogeneity of beliefs as determinants of an economy's
performance. The contributions, which represent a breadth
of contemporary theoretical approaches, cover topics
including the real effects of monetary disturbances,
difficulties in expectations formation, structural factors
in unemployment, and sources of technical progress. Based
on an October 2001 conference honoring Phelps, this
incomparable volume provides the most comprehensive and
authoritative account in years of the present state of
macroeconomics while also pointing to its future.
The fifteen chapters are by the editors and by Daron
Acemoglu, Jess Benhabib, Guillermo A. Calvo, Oya Celasun,
Michael D. Goldberg, Bruce Greenwald, James J. Heckman,
Bart Hobijn, Peter Howitt, Hehui Jin, Charles I. Jones,
Michael Kumhof, Mordecai Kurz, David Laibson, Lars
Ljungqvist, N. Gregory Mankiw, Dale T. Mortensen, Maurizio
Motolese, Stephen Nickell, Luca Nunziata, Wolfgang Ochel,
Christopher A. Pissarides, Glenda Quintini, Ricardo Reis,
Andrea Repetto, Thomas J. Sargent, Jeremy Tobacman, and
Gianluca Violante. Commenting are Olivier J. Blanchard,
Jean-Paul Fitoussi, Mark Gertler, Robert E. Hall, Robert E.
Lucas, Jr., David H. Papell, Robert A. Pollak, Robert M.
Solow, Nancy L. Stokey, and Lars E. O. Svensson. Also
included are reflections by Phelps, a preface by Paul A.
Samuelson, and the editors' introduction.
Contents
Contributors
- Information, Wage-Price Dynamics, and Business
Fluctuations
- Impefect Knowledge, Expectations and Rationality
- Determinants of Equilibrium Unemployment
- Education, Technical Change and Growth
Index