Knowledge, information, and expectations in modern macroeconomics : in honor of Edmund S. Phelps


Knowledge, information, and expectations in modern macroeconomics : in honor of Edmund S. Phelps

edited by Philippe Aghion ... [et al.]

(Princeton paperbacks)

Princeton University Press, c2003

  • : pbk

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Includes bibliographical references and index



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.


Contributors ix Edmund Phelps, Insider-Economists' Insider, Paul A. Samuelson 1 Edmund S. Phelps and Modern Macroeconomics, Philippe Aghion, Roman Frydman, Joseph Stiglitz, and Michael Woodford 3 PART I Information, Wage-Price Dynamics, and Business Fluctuations 1 Imperfect Common Knowledge and the Effects of Monetary Policy, Michael Woodford 25 2 Comments on Woodford, Lars E. O. Svensson 59 3 Sticky Information: A Model of Monetary Nonneutrality and Structural Slumps, N. Gregory Mankiw and Ricardo Reis 64 4 A Theory of Rational Inflationary Inertia, Guillermo A. Calvo, Oya Celasun, and Michael Kumhof 87 5 Comments on Calvo, Celasun, and Kumhof, Mark Gertler 118 6 Macroeconomic Fluctuations in an Economy of Phelps-Winter Markets, Bruce Greenwald and Joseph Stiglitz 123 7 General Comments on Part I, Robert E. Lucas, Jr. 137 PART II Imperfect Knowledge, Expectations, and Rationality 8 Imperfect Knowledge Expectations, Uncertainty-Adjusted Uncovered Interest Rate Parity, and Exchange Rate Dynamics, Roman Frydman and Michael D. Goldberg 145 9 Comments on Frydman and Goldberg, David H. Papell 183 10 Endogenous Fluctuations and the Role of Monetary Policy, Mordecai Kurz with Hehui Jin and Maurizio Motolese 188 11 A Debt Puzzle, David Laibson, Andrea Repetto, and Jeremy Tobacman 228 12 Comments on Laibson, Repetto, and Tobacman, Robert A. Pollak 267 13 Reflections on Parts I and II, Edmund S. Phelps 271 PART III Determinants of Equilibrium Unemployment 14 How Monopsonistic Is the (Danish) Labor Market? Dale T. Mortensen 285 15 Company Start-Up Costs and Employment, Christopher A. Pissarides 309 16 European Unemployment: From a Worker's Perspective, Lars Ljungqvist and Thomas J. Sargent 326 17 Comments on Ljungqvist and Sargent, Olivier J. Blanchard 351 18 Flexibility and Job Creation: Lessons for Germany, James J. Heckman 357 19 The Beveridge Curve, Unemployment, and Wages in the OECD from the 1960s to the 1990s, Stephen Nickell, Luca Nunziata, Wolfgang Ochel, and Glenda Quintini 394 20 Comments on Nickell, Nunziata, Ochel, and Quintini, Jean-Paul Fitoussi 432 PART IV Education, Technical Change, and Growth 21 Wage Inequality and Technological Change: A Nelson-Phelps Approach, Philippe Aghion, Peter Howitt, and Gianluca Violante 443 22 Comments on Aghion, Howitt, and Violante, Robert E. Hall 462 23 Factor Prices and Technical Change: From Induced Innovations to Recent Debates, Daron Acemoglu 464 24 Comments on Acemoglu, Nancy L. Stokey 492 25 Population and Ideas: A Theory of Endogenous Growth, Charles I. Jones 498 26 Another View of Investment: 40 Years Later, Jess Benhabib and Bart Hobijn 522 27 General Comments on Part IV, Robert M. Solow 546 28 Reflections on Parts III and IV, Edmund S. Phelps 550 Index 565

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