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RECENT DEVELOPMENTS IN MACROECONOMICS

Edited by Edmund S. Phelps, McVickar Professor of Political Economy, Columbia University, US
Recent Developments in Macroeconomics will be an essential reference source for students, instructors and researchers concerned with new initiatives at the frontier of modern macroeconomic theory.
Three volume set
Extent: 1,432 pp
Hardback Price: $749.00 Web: $674.10
Publication Date: 1991
ISBN: 978 1 85278 297 9
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  • Economics and Finance
  • History of Economic Thought
  • International Economics
  • Methodology of Economics
These volumes focus on the most significant developments in macroeconomic theory since the late 1960s. Professor Phelps presents important recent articles and papers in both the Keynesian and monetarist tradition as well as work by adherents to new classical, neoclassical and supply side economics.

Recent Developments in Macroeconomics will be an essential reference source for students, instructors and researchers concerned with new initiatives at the frontier of modern macroeconomic theory.
Contributors: R.J. Barro, M. Feldstein, M. Friedman, J.M. Keynes, F.E. Kydland, R.E. Lucas, Jr., M. Parkin, C.I. Plosser, L.H. Summers
CONTENTS

VOLUME I

INTRODUCTION

PART I: Keynes Renewed

J. M. Keynes (1936), ‘The State of Long-term Expectation and Changes in Money-wages’
A. Leijonhufvud (1967), ‘Keynes and the Keynesians: A Suggested Interpretation’
E. S. Phelps (1969), ‘The New Microeconomics in Inflation and Employment Theory’
R. Frydman (1982), ‘Towards an Understanding of Market Processes: Individual Expectations Equilibrium’
J. Pemberton (1988), ‘Expectations and Adjustment: An Alternative Approach with an Application to Overlapping Wage Contracts’
D. M. Cutler, J. M. Poterba and L. H. Summers (1990), ‘Speculative Dynamics and the Role of Feedback trades’
R. Cooper and A. John (1988), ‘Coordinating Coordination Failures in Keynesian Models’

PART II: Monetarism

M. Friedman (1953), ‘The Effects of a Full-employment Policy on Economic Stability: A Formal Analysis’
D. L. Brito (1970), ‘On the Limits of Economic control’
W. Brainard (1967), ‘Uncertainty and the Effectiveness of Policy’
P. Cagan (1956), ‘The Monetary Dynamics of Hyperinflation’
R. E. Lucas, Jr. (1976), ‘Econometric Policy Evaluation: A Critique’
J. P. Cooper and S. Fischer (1972), ‘Stabilization Policy and Lags: Summary and Extension’
S. K. Chand (1984), ‘A Keynesian Fiscal Policy and the New Classical Macroeconomics’
M. Friedman (1968), ‘The Role of Monetary Policy’
M. Parkin (1975), ‘Persistent Depression and “Stagflation” as Consequences of Inconsistent Policies’
E. S. Phelps (1967), ‘Phillips Curves, Expectations of Inflation and Optimal Unemployment over Time’
F. E. Kydland and E. C. Prescott (1977), ‘Rules rather than Discretion: The Inconsistency of Optimal Plans’

VOLUME II

PART I: The New Classical School

R. E. Lucas, Jr. (1972), ‘Expectations and the Neutrality of Money’
B. T. McCallum (1984), ‘A Linearized Version of Lucas’s Neutrality Model’
R. E. Lucas, Jr. (1973), ‘Some International Evidence on Output-inflation Tradeoffs’
T. J. Sargent (1973), ‘Rational Expectations, the Real Rate of Interest and the Natural Rate of Unemployment’
R. J. Barro (1980), ‘A Capital Market in an Equilibrium Business Cycle Model’
T. J. Sargent (1976), ‘The Observational Equivalence of Natural and Unnatural Rate Theories of macroeconomics’
J. B. Taylor (1985), ‘Rational Expectations Models in Macroeconomics’
R. J. Barro and D. B. Gordon (1983), ‘Rules, Discretion and Reputation in a Model of Monetary Policy’

PART II: The New Keynesian School

E. S. Phelps and J. B. Taylor (1977), ‘Stabilizing Powers of Monetary Policy under Rational Expectations’
J. B. Taylor (1979), ‘Staggered Wage Setting in a Macro Model’
S. Fischer (1977), ‘Long-term Contracts, Rational Expectations and the Optimal Money Supply Rule’
G. A. Calvo (1983), ‘Staggered Prices in a Utility-maximizing Framework’
G. A. Akerlof and J. L. Yellen (1985), ‘A Near-rational Model of the Business Cycle with Wage and Price Inertia’
A. S. Caplin and D. F. Spulber (1987), ‘Menu Costs and the Neutrality of Money’
L. Ball and S. G. Cecchetti (1988), ‘Imperfect Information and Staggered Price Setting’
O. J. Blanchard (1987), ‘Aggregate and Individual Price Adjustment’

PART III: Supply-Side Macroeconomics

R. A. Mundel (1960), ‘The Monetary Dynamics of International Adjustment under Fixed and Flexible Exchange Rates’
R. A. Mundell (1971), ‘The Dollar and the Policy Mix: 1971’
R. A. Rodriguez (1978), ‘A Simple Keynesian Model of Inflation and Unemployment under Rational Expectations’
J. D. Sachs (1985), ‘The Dollar and the Policy Mix: 1984’
H-W. Sinn (1985), ‘Accelerated Depreciation and the US Trade Deficit’
J. Tobin (1986), ‘The Monetary and Fiscal Policy Mix’
E. S. Phelps and K. Velupillai (1988), ‘Optimum Fiscal Policy when Monetary Policy is Bound by a Rule: Ramsay Redux’
A. Knoester (n.d.) ‘Supply-Side Economics and the Inverted Haavelmo Effect’
M. Feldstein and D. W. Elmendorf (1989), ‘Budget Deficits Tax Incentives and Inflation: A Surprising Lesson from the 1983-84 Recovery’

PART I: Neo-Neoclassical Real Business Cycle Theory

R. E. Hall (1980), ‘Labour Supply and Aggregate Fluctuations’
R. J. Barro and R. G. King (1984), ‘Time-separable Preferences and Intertemporal Substitution Models of Business Cycles’
F. E. Kydland and E. C. Prescott (1982), ‘Time to Build and Aggregate Fluctuations’
J. B. Long and C. I. Plosser (1983), ‘Real Business Cycles’
R. G. King, C. I. Plosser and S. T. Rebelo (1983), ‘Production, Growth and Business Cycles: I - The Basic Neoclassical Model’
C. I. Plosser (1990), ‘Money and Business Cycles: A Real Business Cycle Interpretation’
S. Ambler and L. Phanuef (1988), ‘Interest Rate Innovations and the Business Cycle’

PART II: The ‘Structuralist’ School

J. D. Sachs (1979), ‘Wages, Profits and Macroeconomic Adjustment: A Comparative Study’
E. Malinvaud (1982), ‘Wages and Unemployment’
P. J. K. Kouri (1982), ‘Profitability and Growth’
J-P. Fitoussi and E. S. Phelps (1988), ‘Elements of a Reconstructed Theory’
N. G. Mankiw and L. H. Summers (1986), ‘Money Demand and the Effect of Fiscal Policies’
B. C. Greenwald and J. E. Stiglitz (1988), ‘Examining Alternative Macroeconomic Theories’
A. Lindbeck and D. J. Snower (1988), ‘Cooperation, Harassment and Involuntary Unemployment: An Insider-Outsider Approach’
E. S. Phelps (n.d.), Testing Keynesian Unemployment Theory against Structuralist Theory: Global Evidence of the Past Two Decades’
A. Newell and J. Symons (1987), ‘Wages and Employment between the Wars’
O. J. Blanchard and L. H. Summers (1987), ‘Hysteresis in Unemployment’