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.
General
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