Knowledge, Information, and Expectations in Modern Macroeconomics : : In Honor of Edmund S. Phelps / / ed. by Philippe Aghion, Michael Woodford, Joseph E. Stiglitz, Roman Frydman.

• Superior document: Title is part of eBook package: De Gruyter Princeton University Press eBook-Package Backlist 2000-2013
• MitwirkendeR: Acemoglu, Daron,; Aghion, Philippe,; Benhabib, Jess,; Blanchard, Olivier J.,; Calvo, Guillermo A.,; Celasun, Oya,; Fitoussi, Jean-Paul,; Frydman, Roman,; Gertler, Mark,; Goldberg, Michael D.,; Greenwald, Bruce,; Hall, Robert E.,; Heckman, James J.,; Hobijn, Bart,; Howitt, Peter,; Jin, Hehui,; Jones, Charles I.,; Kumhof, Michael,; Kurz, Mordecai,; Laibson, David,; Ljungqvist, Lars,; Lucas, Robert E.,; Mankiw, N. Gregory,; Mortensen, Dale T.,; Motolese, Maurizio,; Nickell, Stephen,; Nunziata, Luca,; Ochel, Wolfgang,; Papell, David H.,; Phelps, Edmund S.,; Pissarides, Christopher A.,; Pollak, Robert A.,; Quintini, Glenda,; Reis, Ricardo,; Repetto, Andrea,; Samuelson, Paul A.,; Sargent, Thomas J.,; Solow, Robert M.,; Stiglitz, Joseph,; Stokey, Nancy L.,; Svensson, Lars E. O.,; Tobacman, Jeremy,; Violante, Gianluca,; Woodford, Michael,
• HerausgeberIn: Aghion, Philippe,; Frydman, Roman,; Stiglitz, Joseph E.,; Woodford, Michael,
• Place / Publishing House: Princeton, NJ : : Princeton University Press, , [2022]; ©2003
• Year of Publication: 2022
• Language: English
• Physical Description: 1 online resource (592 p.) :; 227 line illus. 21 tables.

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.

Table of 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