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Knowledge, Information, and Expectations in Modern Macroeconomics : In Honor of Edmund S. Phelps - Philippe Aghion

Knowledge, Information, and Expectations in Modern Macroeconomics

In Honor of Edmund S. Phelps

By: Philippe Aghion (Editor), Roman Frydman (Editor), Joseph E. Stiglitz (Editor), Michael Woodford (Editor)

Paperback Published: 26th January 2003
ISBN: 9780691094854
Number Of Pages: 592

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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.

"This is a terrific book, about as good as volumes of collected papers will ever get. It will attract considerable interest, because it brings together so many of our most illustrious people in macroeconomics to reconsider the concepts of one of our most influential theorists, Ned Phelps."--Robert J. Shiller, Yale University, author of Irrational Exuberance
"This is an outstanding volume full of important contributions by major figures in each of the fields in which Phelps has contributed. It would be worth publishing just for the excellent introduction! Indeed, it would also be worth publishing just for the extremely valuable comments. But the papers themselves are excellent. They will be read and reread by successive generations of economists who understand Phelps's critical role in the development of modern economics."--Laurence J. Kotlikoff, Boston University
"This volume makes it clear that Edmund 'Ned' Phelps did not simply contribute to modern macroeconomics but in many ways he defined it; and that his work is remarkable for its breadth and for its vitality as a source of new ideas. The papers included here, each of which examines and develops a theme originally raised by Phelps, are at the very frontier of current macroeconomic research. Consistent with this breadth and vitality, this book will find a wide audience."--Dominick Salvatore, Fordham University
"Many of the outstanding papers in this volume explore genuinely new ideas. The book addresses a large number of the hottest current macroeconomic policy issues and related theoretical problems."--Duncan K. Foley, Graduate Faculty, New School University

Contributors
Edmund Phelps, Insider-Economists' Insiderp. 1
Edmund S. Phelps and Modern Macroeconomicsp. 3
Imperfect Common Knowledge and the Effects of Monetary Policyp. 25
Comments on Woodfordp. 59
Sticky Information: A Model of Monetary Nonneutrality and Structural Slumpsp. 64
A Theory of Rational Inflationary Inertiap. 87
Comments on Calvo, Celasun, and Kumhofp. 118
Macroeconomic Fluctuations in an Economy of Phelps-Winter Marketsp. 123
General Comments on Part Ip. 137
Imperfect Knowledge Expectations, Uncertainty-Adjusted Uncovered Interest Rate Parity, and Exchange Rate Dynamicsp. 145
Comments on Frydman and Goldbergp. 183
Endogenous Fluctuations and the Role of Monetary Policyp. 188
A Debt Puzzlep. 228
Comments on Laibson, Repetto, and Tobacmanp. 267
Reflections on Parts I and IIp. 271
How Monopsonistic Is the (Danish) Labor Market?p. 285
Company Start-Up Costs and Employmentp. 309
European Unemployment: From a Worker's Perspectivep. 326
Comments on Ljungqvist and Sargentp. 351
Flexibility and Job Creation: Lessons for Germanyp. 357
The Beveridge Curve, Unemployment, and Wages in the OECD from the 1960s to the 1990sp. 394
Comments on Nickell, Nunziata, Ochel, and Quintinip. 432
Wage Inequality and Technological Change: A Nelson-Phelps Approachp. 443
Comments on Aghion, Howitt, and Violantep. 462
Factor Prices and Technical Change: From Induced Innovations to Recent Debatesp. 464
Comments on Acemoglup. 492
Population and Ideas: A Theory of Endogenous Growthp. 498
Another View of Investment: 40 Years Laterp. 522
General Comments on Part IVp. 546
Reflections on Parts III and IVp. 550
Indexp. 565
Table of Contents provided by Blackwell. All Rights Reserved.

ISBN: 9780691094854
ISBN-10: 0691094853
Audience: Tertiary; University or College
Format: Paperback
Language: English
Number Of Pages: 592
Published: 26th January 2003
Publisher: Princeton University Press
Country of Publication: US
Dimensions (cm): 24.28 x 16.31  x 4.12
Weight (kg): 0.85

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