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Studies in Macroeconomic Theory


  • Shell, Karl


  • Phelps, Edmund S.


Studies in Macroeconomic Theory, Volume 1: Employment and Inflation is a collection of scholarly papers that accounts the development of a microeconomic theory of wage and price decisions and commitments. The book presents some features of the modern inflationary process and makes sense of some still accepted elements in the postclassical macroeconomics of Keynes and Phillips. The papers in this volume are grouped into seven sections. Part I describes disequilibrium models of employment. Part II gives closer scrutiny to the idea of the "natural" rate of unemployment. Part III studies the welfare economics of inflation in an equilibrium context. The fourth part deals with inflation planning. The papers in Part V discuss hypotheses about the causes of the rise in the rate of inflation in two historical episodes: the American inflation between 1955 - 1957 and 1972 - 1974. Part VI addresses some questions in the theory of economic stabilization by monetary and fiscal policy. The final section of this volume attempts to apply to matters of stochastic social choice, stabilization policy being one instance of such a choice, the conception of justice advanced by Rawls. The compendium will be of value to economists and economic policy makers.

Suggested Citation

  • Phelps, Edmund S., 1979. "Studies in Macroeconomic Theory," Elsevier Monographs, Elsevier, edition 1, number 9780125540018 edited by Shell, Karl, August.
  • Handle: RePEc:eee:monogr:9780125540018

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    Cited by:

    1. Velupillai, K. Vela, 2006. "A disequilibrium macrodynamic model of fluctuations," Journal of Macroeconomics, Elsevier, vol. 28(4), pages 752-767, December.
    2. Edmund S. Phelps, 2008. "Macroeconomics for a Modern Economy," The American Economist, Sage Publications, vol. 52(1), pages 3-22, March.
    3. Tsai, Diana H. & Norsworthy, J. R., 1996. "Measuring the effects of macroeconomic policy in industry economic models: Toward assessment of industrial policy," Journal of Policy Modeling, Elsevier, vol. 18(3), pages 289-333, June.
    4. Robert Dimand, 2008. "Edmund Phelps and Modern Macroeconomics," Review of Political Economy, Taylor & Francis Journals, vol. 20(1), pages 23-39.
    5. Guillermo A. Calvo, 1983. "Staggered Contracts and Exchange Rate Policy," NBER Chapters,in: Exchange Rates and International Macroeconomics, pages 235-258 National Bureau of Economic Research, Inc.
    6. K. Vela Velupillai, 2007. "Variations on the Theme of Conning in Mathematical Economics," Department of Economics Working Papers 0703, Department of Economics, University of Trento, Italia.


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