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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.

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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.