We assume that people have beliefs about their abilities that generate self-esteem, and that self-esteem is valued intrinsically. Individuals face two choices; one of which strictly dominates the other in a pecuniary sense, but necessarily involves gathering information concerning their ability....

Two policies that are intended a s built-in stabilizers are examine d: countercyclical tax adjustments and schemes that increase wage and price flexibility. The analysis involves rational expectations, policy expectations effects, and a short-run Phillips curve whose slope varies with changes in...

Blinder has suggested that wages be partially tied to a firm's own price change, so that the key feature behind Weitzman's profit-sharing proposal might be created without the same need for fundamental institutional change. We examine whether this proposal for labor's remuneration yields the...

While acknowledging that the AD-AS model is sometimes applied carelessly, this note defends this analytical framework against charges that it is internally inconsistent, empirically unrealistic, and unable to clarify major controversies in macroeconomic theory and policy.

This important textbook offers a comprehensive look into the two main traditions in contemporary macroeconomics – New Classical and Keynesian – and examines the work of economists who have drawn on principles from both traditions to form a new, integrated approach known as New Neoclassical...

'... the volume constitutes an important collection, which portrays the evolution of the Phillips Curve and the potency of policy debates in a single canvas in an elegant and comprehensive manner. The gaps that seem to have remained may be remedied by the editors in the form of a companion...