Milton Friedman, Robert E. Lucas, Jr. and Edmund S. Phelps
Howard R. Vane, Chris Mulhearn
Edward Elgar, 2009 - Business & Economics - 477 pages
This groundbreaking series brings together a critical selection of key papers by the Nobel Memorial Laureates in Economics that have helped shape the development and present state of economics. The editors have organised this comprehensive series by theme and each volume focuses on those Laureates working in the same broad area of study. The careful selection of papers within each volume is set in context by an insightful introduction to the Laureates' careers and main published works. This landmark series will be an essential reference for scholars throughout the world.
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adjustment aggregate aggregate demand American Economic Review analysis assets assumptions average balances bank behavior BUSINESS CYCLES constant consumption countries currency cyclical decline demand for money econometric effect equation equilibrium Essays in Positive estimate evidence example expected rate firms flexible exchange rates fluctuations function hence human capital hyperinflations hypothesis implies important increase inflation inflation and unemployment interest rates internal prices investment JOURNAL OF POLITICAL labor Lucas macroeconomic Milton Friedman monetary authority monetary policy money income money stock movements natural rate NEUTRALITY OF MONEY nominal optimal output path period Phelps Phillips curve Positive Economics predictions price level problem production quantity of money Quantity Theory rate of change rate of growth rate of inflation ratio rational expectations real wage relative result rise role speculation stability standard deviation sterling area stock of money supply tion trade transmission mechanism unemployment unemployment rate United utility variables zero