CdB Nobel Prize in Economics, 2006

This year’s Nobel, announced yesterday, has been awarded to Edmund Phelps (Columbia University), the citation being for ‘his analysis of intertemporal tradeoffs in macroeconomic policy’. This sounds dry indeed, but Phelps expectations-augmented Phillips curve (that concerning the inflation-unemployment trade-off) goes right to the heart of the Keynesian-monetarist debate of the late 1960s and 1970s, and […]

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Written by Roger Middleton on October 10th, 2006 with comments disabled.
Read more articles on Could do Better (LRU2, TB I).

This year’s Nobel, announced yesterday, has been awarded to Edmund Phelps (Columbia University), the citation being for ‘his analysis of intertemporal tradeoffs in macroeconomic policy’. This sounds dry indeed, but Phelps expectations-augmented Phillips curve (that concerning the inflation-unemployment trade-off) goes right to the heart of the Keynesian-monetarist debate of the late 1960s and 1970s, and in terms of policy design resonates today in what is expectated of monetary and fiscal policy as stabilisation devices. Phelps has also made important contributions to our thinking about the intertemporal distribution of welfare in terms of savings-consumption trade-offs – see press release; and further details of his contribution to macroeconomics.

Written by Roger Middleton on October 10th, 2006 with comments disabled.
Read more articles on Could do Better (LRU2, TB I).

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