This book originated from a 2010 conference marking the fortieth anniversary of the publication of the landmark "Phelps volume," Microeconomic Foundations of Employment and Inflation Theory, a book that is often credited with pioneering the currently dominant approach to macroeconomic analysis....

This book originated from a 2010 conference marking the fortieth anniversary of the publication of the landmark "Phelps volume," Microeconomic Foundations of Employment and Inflation Theory, a book that is often credited with pioneering the currently dominant approach to macroeconomic analysis....

This paper analyzes the consequences of lifting from labor some of the burden of taxation in a life-cycle two-sector setup where a consumption good is produced alongside a capital good. The analysis focuses on the implications of alternative ways of financing payroll tax cuts in closed and...

A new model of the small open economy is constructed in which home producers operate in an international "customer market". Increased public expenditure on home output causes the home real interest rate to rise, boosting the velocity of money. It may also cause home firms to shave their...

For decades, my research was driven by outstanding problems in macroeconomics: mainly growth theory and employment theory. Then, around 1990, my research turned to the study of economic systems and my development as an economist took on added dimensions. This biography will start with my student...

We study the effects of future tax and budgetary shocks in a non-monetary and possibly non-Ricardian economy. An (unanticipated) temporary labor tax cut to be effective on a given future date--a delayed "debt bomb"--causes at once a drop in the (unit) value placed on the firms' business asset,...