文档介绍：Edmund S. Phelps and Modern Macroeconomics
Philippe Aghion, Roman Frydman, Joseph Stiglitz, and Michael Woodford
November 2001
It is not easy to summarize Ned Phelps’s monumental contribution to
economics. A first impression is likely to be of a vast array of original concepts and
models: the “natural rate of unemployment” and the expectations-augmented Phillips
curve (1967, 1968, 1971), the “island” parable of search unemployment (1968, 1969,
1970), “incentive/efficiency wages”(1968), optimal inflation targeting over time
(1967, 1972, 1978), the consequences of staggered wage-setting for unemployment
dynamics (1977, 1979) and for disinflation (1978), the “customer market” model of
pricing (1970, 1994), the roles of education and technological diffusion in long-run
growth (1966), “golden rules” for investment in physical capital (1961) and in
research (1966), dynamic inconsistency in savings behavior (1968), statistical
discrimination (1972), and “structuralist” models of endogenous variation in the
natural rate of unemployment (1994).
Nearly all of these innovations have had a substantial impact, and some have
been developed further by others in ways that have won considerable recognition.
Thus the golden rule was further developed in the “overtaking principle” of
Weizsäcker; the Phelps-Koopmans dynamic inefficiency theorem led to results by
Cass (1972); the “island” parable was used in the celebrated rational-expectations
business-cycle model of Lucas (1972) and in the analysis of equilibrium
unemployment by Lucas and Prescott (1974); Phelps’s conception of equilibrium
unemployment was further developed by Stiglitz (1973); the model of staggered
wage-setting was developed econometrically by Taylor (1979, 1980, 1993); the
efficiency wage model was later extended to shirking by Calvo (1979) and Shapiro
and Stiglitz (1984); the “customer market” model played a central role in the analysis