Knowledge, information, and expectations in modern macroeconomics : in honor of Edmund S. Phelps / edited by Philippe Aghion [and three others].

Format:

Book

Contributor:

Aghion, Philippe, editor.

Language:

English

Subjects (All):

Phelps, Edmund S.

Physical Description:

1 online resource (xi, 578 pages) : illustrations

Place of Publication:

Princeton, New Jersey ; Oxford, England : Princeton University Press, [2003]

Summary:

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:

Frontmatter

Contents

Contributors

Edmund Phelps, Insider-Economists’ Insider

Edmund S. Phelps and Modern Macroeconomics

Part I. Information, Wage-Price Dynamics, and Business Fluctuations

1. Imperfect Common Knowledge and the Effects of Monetary Policy

2. Comments onWoodford

3. Sticky Information: A Model of Monetary Nonneutrality and Structural Slumps

4. A Theory of Rational Inflationary Inertia

5. Comments on Calvo, Celasun, and Kumhof

6. Macroeconomic Fluctuations in an Economy of Phelps-Winter Markets

7. General Comments on Part I

Part II. Imperfect Knowledge, Expectations, and Rationality

8. Imperfect Knowledge Expectations, Uncertainty-Adjusted Uncovered Interest Rate Parity, and Exchange Rate Dynamics

9. Comments on Frydman and Goldberg

10. Endogenous Fluctuations and the Role of Monetary Policy

11. A Debt Puzzle

12. Comments on Laibson, Repetto, and Tobacman

13. Reflections on Parts I and II

Part III. Determinants of Equilibrium Unemployment

14. How Monopsonistic Is the (Danish) Labor Market?

15. Company Start-Up Costs and Employment

16. European Unemployment: From a Worker’s Perspective

17. Comments on Ljungqvist and Sargent

18. Flexibility and Job Creation: Lessons for Germany

19. The Beveridge Curve, Unemployment, andWages in the OECD from the 1960s to the 1990s

20. Comments on Nickell, Nunziata, Ochel, and Quintini PART IV Education, Technical Change, and Growth

Part IV. Education, Technical Change, and Growth

21. Wage Inequality and Technological Change: A Nelson-Phelps Approach

22. Comments on Aghion, Howitt, and Violante

23. Factor Prices and Technical Change: From Induced Innovations to Recent Debates

24. Comments on Acemoglu

25. Population and Ideas: A Theory of Endogenous Growth

26. Another View of Investment: 40 Years Later

27. General Comments on Part IV

28. Reflections on Parts III and IV

Index

Notes:

Description based on print version record.

ISBN:

9780691094847

0691094845

OCLC:

1273306301