In economic situations where action entails a fixed cost, inaction is the norm. Action is taken infrequently, and adjustments are large when they occur. Interest in economic models that exhibit ''lumpy'' behavior of this kind has exploded in recent years, spurred by growing evidence that it is...

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...

<Para ID="Par1">This paper studies the interaction between technology, a public input that flows in from abroad, and human capital, a private input that is accumulated domestically, as twin engines of growth in a developing economy. The model displays two types of long run behavior, depending on policies and...</para>