Edmund Phelps and the search for a ‘new economy’
Central Banking’s interview with Edmund Phelps quickly runs into trouble. After several questions on expectations and the Phillips curve – the subject, after all, for which Phelps won the Nobel Prize in 2006 – it becomes clear this is a topic that holds less interest for the 89-year-old these days. As he points out: “When I got the Nobel Prize, I had just begun work on what seems to me to be my most important work: innovation.”
Phelps has rewritten the rules of macroeconomics on a grand scale
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com
More on Macroeconomics
Bernanke and Blanchard reassess causes of inflation surge
Economists who predicted surge misunderstood underlying causes, study finds
‘Robust’ wage growth consistent with disinflation – BIS paper
But firms need to avoid increasing their profit margins, authors find
Bank of Italy expresses concerns over flat tax
Official says policy is typical of emerging markets and could weaken income redistribution
Steeper Phillips curve cannot fully explain inflation surge – IMF paper
Structural factors have led to some steepening but it is not the full story, authors say
ECB paper suggests faster methods for estimating eurozone employment
Nowcasting tools outperform models currently used by ECB, researchers say
Advanced economies face slowdown and stubborn inflation
Jagjit Chadha analyses the shifting outlook for the world economy
NBER paper proposes ‘resurrecting’ non-linear Phillips curve
Original version of the curve is “strongly non-linear” and helps explain current inflation, authors say
What economists learned from Covid-19
A rush of work on ‘epi-macro’ yielded breakthroughs and then faded. Will there be lasting benefits?