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Edmund Phelps



In the 1980s Phelps increased collaboration with European universities and institutions, including Banca d'Italia (where he spent most of his 1985-86 sabbatical) and Observatoire Français des Conjonctures Économiques (OFCE). He became interested in the puzzle of the persistent high unemployment in Europe and published some papers on this subject with Jean-Paul Fitoussi (the director of OFCE).[10] Further study of the subject lead Phelps to believe that it is not a transitory phenomenon, but rather the effect of changes in equilibrium unemployment. During the next years, Phelps tried to build a theory to determine endogenously the natural rate of unemployment. He published partial research results in a 1994 book.[11] Phelps also collaborated closely with Luigi Paganetto at the University of Rome Tor Vergata and, between 1988-98, as co-organizers of the Villa Mondragone International Seminar.

In 1990 Phelps took part in a mission from the then-forming EBRD to Moscow, where he and Kenneth Arrow designed a proposal for the reformal of the USSR.[12] After the EBRD was established, he became a member of its Economic Advisory Board, where he stayed until 1993. From work at EBRD and collaboration with his former student Roman Frydman, Phelps developed a strong interest in the Eastern European transition economies.

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Nobel Prize

In its announcement, the Royal Swedish Academy of Sciences said Phelps' work had "deepened our understanding of the relation between short-run and long-run effects of economic policy."

George Mason University's Professor Tyler Cowen noted in the Marginal Revolution blog that "his main contribution is a better understanding of the Phillips curve and the dynamics of short-run unemployment and the concept of the natural rate of unemployment." Cowen also noted that "his 1960s macro work was true, important, and extremely influential. The capital theory work endures and provides a foundation for subsequent theory. The overall scope is impressive, and Phelps's concerns never strayed far from the real world." Cowen concluded by suggesting the award to Phelps meant that: "The big questions still matter. Unemployment, economic growth, labor markets, capital accumulation, fairness, discrimination, and justice across the generations are indeed worthy of economic attention."

Professor Cowen and Berkeley's Professor Brad DeLong both described the choice of Phelps as a good selection, while Harvard's Professor Gregory Mankiw called it "a wonderful choice".

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Selected publications

  • Phelps, Edmund S. (1961). "The Golden Rule of Capital Accumulation". American Economic Review 51: 638-643. 
  • Phelps, Edmund S. (1966). Golden Rules of Economic Growth: Studies of Efficient and Optimal Investment. W. W. Norton, New York. ISBN 0-393-09708-0. 
  • Phelps, Edmund S. (1966). "Models of Technical Progress and the Golden Rule of Research". Review of Economic Studies 33: 133-146. doi:10.2307/2974437. 
  • Phelps, Edmund S. (1968). "Money-Wage Dynamics and Labor Market Equilibrium". Journal of Political Economy 76: 678-711. doi:10.1086/259438. 
  • Phelps, Edmund S. et al. (1970). Microeconomic Foundations of Employment and Inflation Theory. W. W. Norton, New York. ISBN 0-393-09326-3. 
  • Phelps, Edmund S. (1972). Inflation Policy and Unemployment Theory. W. W. Norton, New York. ISBN 0-393-09395-6. 
  • Phelps, Edmund S. (1972). "The Statistical Theory of Racism and Sexism". American Economic Review 62: 659-661. 
  • Phelps, Edmund S. and John B. Taylor (1977). "Stabilizing Powers of Monetary Policy under Rational Expectations". Journal of Political Economy 85: 163-190. doi:10.1086/260550. 
  • Phelps, Edmund S., Roman Frydman et al. (1983). Individual Forecasting and Aggregate Outcomes: 'Rational Expectations' Examined. Cambridge University Press. ISBN 0-521-25744-1. 
  • Phelps, Edmund S. (1994). Structural Slumps: The Modern Equilibrium Theory of Employment, Interest and Assets. Harvard University Press. ISBN 0-674-84373-8. 
  • Phelps, Edmund S. (2003). Designing Inclusion. Cambridge University Press. ISBN 0-521-81695-5. 

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Footnotes

  1. ^ a b c d Phelps' autobiography "A Life in Economics" (see References)
  2. ^ "The Golden Rule of Capital Accumulation" (see Selected Publications)
  3. ^ Microeconomic Foundations of Employment and Inflation Theory by Phelps et al. (see Selected Publications)
  4. ^ The Royal Swedish Academy of Sciences (2006), "Edmund Phelps’s Contributions to Macroeconomics" (see References)
  5. ^ "The Statistical Theory of Racism and Sexism" (see Selected Publications)
  6. ^ "Inflation Policy and Unemployment Theory" (see Selected Publications)
  7. ^ "Stabilizing Powers of Monetary Policy under Rational Expectations" (see Selected Publications)
  8. ^ Calvo, Guillermo (1983), "Staggered Prices in a Utility-Maximizing Framework". Journal of Monetary Economics, Vol. 12, 383-398.
  9. ^ "Individual Forecasting and Aggregate Outcomes" (see Selected Publications)
  10. ^ Fitoussi, Jean-Paul and Edmund S. Phelps (1988). The Slump in Europe: Open Economy Theory Reconstructed. Basil Blackwell. ISBN 0-631-15557-0
  11. ^ "Structural Slumps: The Modern Equilibrium Theory of Employment, Interest and Assets" (see Selected Publications)
  12. ^ Phelps, Edmund S. and Kenneth J. Arrow (1991). "Proposed Reforms of the Economic System of Information and Decision in the USSR: Commentary and Advice". Rivista di Politica Economica 81

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References

  • Phelps, Edmund S., "A Life in Economics", autobiography published in "The Makers of Modern Economics", Volume II (1995), edited by Arnold Heertje, Edward Elgar Publishing Co., Aldershot, UK, Brookfield, US [1]
  • The Royal Swedish Academy of Sciences (2006), "Edmund Phelps’s Contributions to Macroeconomics", Advanced information on Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel [2]

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External links

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Nobel Laureates in Economics
Complete roster · 1969–1975 · 1976–2000 · 2001–present
Persondata
NAME Phelps, Edmund Strother
ALTERNATIVE NAMES
SHORT DESCRIPTION American economist
DATE OF BIRTH July 26, 1933
PLACE OF BIRTH Evanston, Illinois
DATE OF DEATH living
PLACE OF DEATH



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