Edmund Phelps

natural rate of unemployment; expectations-augmented Phillips curve.

Edmund Phelps is McVickar Professor of Political Economy at Columbia University. He was awarded the Nobel Memorial Prize in Economic Sciences in 2006 for his analysis of intertemporal trade-offs in macroeconomic policy. His 1968 work showed that attempts to exploit the Phillips curve trade-off would be undone by shifting inflation expectations, anchoring the modern understanding of monetary policy limits.