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Knowledge, Information, and Expectations in Modern Macroeconomics

In Honor of Edmund S. Phelps

Michael Woodford (Hrsg.), Joseph E. Stiglitz (Hrsg.), Philippe Aghion (Hrsg.), Roman Frydman (Hrsg.)

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Princeton University Press img Link Publisher

Sozialwissenschaften, Recht, Wirtschaft / Wirtschaft

Beschreibung

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.

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Schlagwörter

Real versus nominal value (economics), Credit card, Exchange rate, Human capital, Interest rate parity, Real business-cycle theory, Capital accumulation, Economic equilibrium, New neoclassical synthesis, Market economy, Money market account, Supply (economics), Monetary policy reaction function, Productivity, Economy, New Keynesian economics, Employment, Macroeconomic model, Price adjustment (retail), Modern Monetary Theory, Wage, Technical progress (economics), Macroeconomics, Price Change, Behavioral economics, Econometric model, Wage curve, Economic growth, Interest rate, Market power, World economy, Economic Life, Equity premium puzzle, Monetary policy, Economist, Market liquidity, Applied economics, Production–possibility frontier, Price level, Market capitalization, Neoclassical economics, Monetary Theory, Real interest rate, Factor price, Keynesian economics, Economics, New classical macroeconomics, Terminal value (finance), Household, Price elasticity of demand, Consumption (economics), Economic data, Endogeneity (econometrics), Unemployment, Central bank, Forecasting, Income, Financial accelerator, Price elasticity of supply, Production function, Technology, General equilibrium theory, Investment, Aggregate demand, Economic policy, Capital market imperfections, Endogenous growth theory, Credit (finance), Journal of Economic Theory, Purchasing power parity