Edmund Phelps

Edmund Phelps, the 2006 Nobel Laureate in Economics, is Director of the Center on Capitalism and Society at Columbia University and the author of Mass Flourishing.

By this expert

Nothing Natural About the Natural Rate of Unemployment

Article | Nov 24, 2017

With unemployment reaching very low levels in major economies, despite low – and slowly rising – inflation, it’s time for central banks to rethink their reliance on the so-called natural rate. No numerical target for this rate can serve as an anchor for monetary policy.