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Elsevier publications by Edmund S. Phelps
The Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel 2006

External link  "for his analysis of intertemporal tradeoffs in macroeconomic policy"

Economic stabilization policies in the 50s and 60s were based on a trade-off between unemployment and inflation. This trade-off, represented by the ÒPhillips curveÓ, was assumed to be stable. It was thought that current unemployment could be reduced at the cost of current inflation, but that there would be no long-term consequences of todayÕs higher inflation rate.

Phelps argued that the Phillips curve is not stable over time. The Phillips curve depends on the expectations of businessmen and workers, which in turn depend on the past history of inflation. Inflation today can reduce current unemployment, but at the cost of a less favorable trade-off tomorrow between unemployment and inflation. 

This contribution is only part of a larger revolution that Phelps brought to macro-economics. Phelps suggested that macro models should be founded on micro-economic models in which individuals forecast the future paths of wages and prices.

Phelps was also cited for his research on economic growth. He is the inventor of the Ògolden rule of capital accumulation,Ó which he established as a distinguishing factor between efficient and inefficient growth.

Effects of China's recent development in the rest of the world: With special attention to Latin America  Journal of Policy Modeling, Volume 26, Issues 8-9, December 2004, Pages 903-910 Edmund S. Phelps
PDF (41 K)    External link  Abstract via Science Direct

Income tax cuts without spending cuts: hazards to efficiency, equity, employment and growth Journal of Policy Modeling, Volume 24, Issue 4, July 2002, Pages 391-399 Edmund S. Phelps
PDF (55 K)    External link  Abstract via Science Direct

Lessons From the Corporatist Crisis in Some Asian Nations Journal of Policy Modeling, Volume 21, Issue 3, May 1999, Pages 331-339 Edmund S. Phelps
PDF (49 K)    External link  Abstract via ScienceDirect

Growth, wealth and the natural rate: Is Europe's jobs crisis a growth crisis? European Economic Review, Volume 41, Issues 3-5, April 1997, Pages 549-557 Hian Teck Hoon and Edmund S. Phelps
PDF (541 K)    External link  Abstract via ScienceDirect

The concept of optimal taxation in the overlapping-generations model of capital and wealth Journal of Public Economics, Volume 12, Issue 1, August 1979, Pages 1-26 J. A. Ordover, E. S. Phelps
PDF (1594 K)  External link  Abstract via Science Direct

Transnational effects of fiscal shocks in a two-country model of dynamic equilibrium Carnegie-Rochester Conference Series on Public Policy, Volume 9, 1978, Pages 145-179 Edmund S. Phelps
PDF (1849 K)    External link  Abstract via Science Direct

Indexation issues: A comment on the blinder and Fischer papers Carnegie-Rochester Conference Series on Public Policy, Volume 5, 1977, Pages 149-168 Edmund S. Phelps
PDF (1128 K)    External link  Abstract via Science Direct

Money, public expenditure and labor supply Journal of Economic Theory, Volume 5, Issue 1, August 1972, Pages 69-78 Edmund S. Phelps
PDF (583 K)     External link  Abstract via Science Direct

Public debt, taxation, and capital intensiveness Journal of Economic Theory, Volume 1, Issue 3, October 1969, Pages 330-346 Edmund S. Phelps and Karl Shell
PDF (1019 K)    External link  Abstract via Science Direct

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