11. A Debt Puzzle

Chapters in this book

1. Frontmatter i
2. Contents v
3. Contributors ix
4. Edmund Phelps, Insider-Economists’ Insider 1
5. Edmund S. Phelps and Modern Macroeconomics 3
6. Part I. Information, Wage-Price Dynamics, and Business Fluctuations
7. 1. Imperfect Common Knowledge and the Effects of Monetary Policy 23
8. 2. Comments onWoodford 59
9. 3. Sticky Information: A Model of Monetary Nonneutrality and Structural Slumps 64
10. 4. A Theory of Rational Inflationary Inertia 87
11. 5. Comments on Calvo, Celasun, and Kumhof 118
12. 6. Macroeconomic Fluctuations in an Economy of Phelps-Winter Markets 123
13. 7. General Comments on Part I 137
14. Part II. Imperfect Knowledge, Expectations, and Rationality
15. 8. Imperfect Knowledge Expectations, Uncertainty-Adjusted Uncovered Interest Rate Parity, and Exchange Rate Dynamics 143
16. 9. Comments on Frydman and Goldberg 183
17. 10. Endogenous Fluctuations and the Role of Monetary Policy 188
18. 11. A Debt Puzzle 228
19. 12. Comments on Laibson, Repetto, and Tobacman 267
20. 13. Reflections on Parts I and II 271
21. Part III. Determinants of Equilibrium Unemployment
22. 14. How Monopsonistic Is the (Danish) Labor Market? 283
23. 15. Company Start-Up Costs and Employment 309
24. 16. European Unemployment: From a Worker’s Perspective 326
25. 17. Comments on Ljungqvist and Sargent 351
26. 18. Flexibility and Job Creation: Lessons for Germany 357
27. 19. The Beveridge Curve, Unemployment, andWages in the OECD from the 1960s to the 1990s 394
28. 20. Comments on Nickell, Nunziata, Ochel, and Quintini PART IV Education, Technical Change, and Growth 432
29. Part IV. Education, Technical Change, and Growth
30. 21. Wage Inequality and Technological Change: A Nelson-Phelps Approach 441
31. 22. Comments on Aghion, Howitt, and Violante 462
32. 23. Factor Prices and Technical Change: From Induced Innovations to Recent Debates 464
33. 24. Comments on Acemoglu 492
34. 25. Population and Ideas: A Theory of Endogenous Growth 498
35. 26. Another View of Investment: 40 Years Later 522
36. 27. General Comments on Part IV 546
37. 28. Reflections on Parts III and IV 550
38. Index 565