Using median-unbiased estimation based on Augmented Dickey--Fuller (ADF) regressions, recent research has questioned the validity of Rogoff's ‘remarkable consensus’ of 3--5 year half-lives of deviations from Purchasing Power Parity (PPP). The confidence intervals of these half-life...

Macroeconomics would not be what it is today without Edmund Phelps. This book assembles the field's leading figures to highlight the continuing influence of his ideas from the past four decades. Addressing the most important current debates in macroeconomic theory, it focuses on the rates at...