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.
Edmund Phelps
By this expert
Nothing Natural About the Natural Rate of Unemployment
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.
