Edmund Phelps: Macroeconomist and Social Scientist∗

OECD Economic Studies No. 31, 2000/II

Introduction ................................................................................................................................. 86 How was the decline of inclusion caused? .............................................................................. 88 Why is the decline of inclusion a problem for social action? ................................................ 90 Graduated (and ...

Which Way Forward for Macroeconomics and Policy Analysis?

There was a palpable sense of excitement among the economists who met in Philadelphia in 1969 at the conference organized by Edmund Phelps. Their research over the preceding years had coalesced into a new approach to macroeconomic analysis, one that based macrorelationships on explicit microfoundations. These foundations’ distinctive feature was to accord market participants’ expectations an au...

Phillips Curves , Expectations of Inflation and Optimal Unemployment over Time

Phillips Curves, Expectations of Inflation and Optimal Unemployment over Time Author(s): Edmund S. Phelps Source: Economica, New Series, Vol. 34, No. 135, (Aug., 1967), pp. 254-281 Published by: Blackwell Publishing on behalf of The London School of Economics and Political Science and The Suntory and Toyota International Centres for Economics and Related Disciplines Stable URL: http://www.jstor...

Tax Cuts, Employment and Asset Prices: A Real Intertemporal Model

We determine the effects of a delayed or immediate tax cut with or without a “sunset” feature in a real customer-market, nonRicardian economy. Our model incorporates both the supply-sider channel as well as the Feldstein-Rubin-Summers channel. We show that a tax cut may depress both the real asset price and employment. The presence of the paradoxical result of employment contraction does not wo...

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