25:
361:. He generalized it in the name of "Self-fulfilling prophecies" which consist of a belief system consistent with the rational expectations equilibrium. By doing that, he could demonstrate fluctuations can emerge endogenously in a neoclassical model of equilibrium in which prices are flexible and expectations are rational.
321:. Later Azariadis demonstrated that there are ways in which uncertainty is structured that imply that wages cannot perform their risk insurance role and simultaneously produce full employment. This result aided the Keynesian theory by providing a coherent microeconomic explanation of
337:. He showed that there would be multiple equilibria arising from threshold externalities in the overlapping generations model, and some of the equilibria are associated with long-lasting poverty. This novel idea envisioned the possibility of
316:
Azariadis originated implicit contract theory. He proved that wage rigidities may represent a mechanism by which firms insure workers against risk, thus showing that wage rigidity was not necessarily evidence in favor of the
513:
508:
538:
523:
54:
394:
Azariadis, C. and B. Smith. 1998. Financial
Intermediation and Regime Switching in Business Cycles, American Economic Review, (June): 516-536.
400:
Azariadis, C., J. Bullard, and L. Ohanian. 2004. Trend-Reverting
Fluctuations in the Life-Cycle Model, Journal of Economic Theory: 334-356.
503:
287:
in 1992. On July 1, 2006, he was made Edward
Mallinckrodt Distinguished Professor in Arts & Sciences at the Economics Department of
388:
Azariadis, C. and A. Drazen, 1990. Threshold
Externalities in Economic Development, Quarterly Journal of Economics (May 1990): 501-526.
528:
217:
391:
Azariadis, C. 1996. The
Economics of Poverty Traps, Part One: Complete Markets, Journal of Economic Growth, (December): 449-486.
533:
498:
397:
Azariadis, C. and L. Lambertini. 2003. Endogenous Debt
Constraints in Lifecycle Economies, Review of Economic Studies: 461-488.
288:
543:
413:
296:
245:
76:
47:
370:
Azariadis, C. 1975. Implicit contracts and underemployment equilibria. Journal of
Political Economy, 83: 1183-1202
382:
Azariadis, C. 1983. Employment With
Asymmetric Information, Quarterly Journal of Economics (Supplement): 157-172.
493:
376:
Azariadis, C. 1981. A Re-examination of
Natural Rate Theory, American Economic Review (December): 946-960.
385:
Azariadis, C. and R. Guesnerie, 1986. Sunspots and Cycles, Review of
Economic Studies (October): 725-738.
280:
373:
Azariadis, C. 1976. On the Incidence of Unemployment, Review of Economic Studies (February): 115-125.
241:
37:
518:
205:
41:
33:
379:
Azariadis, C. 1981. Self-Fulfilling Prophecies, Journal of Economic Theory, (December): 380-396.
488:
428:
58:
483:
201:
8:
350:
300:
445:
292:
233:
137:
463:
449:
409:
338:
276:
252:
248:
153:
437:
318:
272:
237:
141:
468:
260:
229:
197:
193:
177:
169:
441:
232:
during 1969–1973. His doctoral dissertation at Carnegie Mellon was advised by
477:
189:
408:
Intertemporal Macroeconomics. Oxford: Blackwell Publishers, February 1993.
334:
322:
256:
358:
354:
426:
Durlauf, Steven N. (2007). "An Interview with Costas Azariadis".
185:
181:
115:
284:
225:
221:
295:. The same year, he became a research fellow at the
349:Azariadis contributed to clarifying the concept of
244:for excellence in economics, an award also won by
475:
46:but its sources remain unclear because it lacks
333:Azariadis formalized and developed the idea of
283:during 1977–92. He was appointed professor at
514:National Technical University of Athens alumni
344:
306:
188:. He has worked on numerous topics, such as
311:
509:Washington University in St. Louis faculty
275:during 1973–76, a visiting researcher at
469:Azariadis' webpage at the Federal Reserve
77:Learn how and when to remove this message
299:. Azariadis was elected a Fellow of the
291:while retaining a position at UCLA as a
425:
218:National Technical University of Athens
166:Constantine Christos "Costas" Azariadis
539:Greek expatriates in the United States
476:
266:
524:Greek emigrants to the United Kingdom
364:
216:Azariadis studied engineering in the
204:. Azariadis originated and developed
18:
13:
504:Fellows of the Econometric Society
289:Washington University in St. Louis
14:
555:
457:
297:Federal Reserve Bank of St. Louis
271:He was an assistant professor at
529:Tepper School of Business alumni
23:
328:
240:. His dissertation won him the
176:; born February 17, 1943) is a
1:
534:21st-century Greek economists
499:20th-century Greek economists
211:
7:
10:
560:
419:
345:Self-fulfilling prophecies
307:Contributions to economics
281:University of Pennsylvania
464:Prof. Azariadis' homepage
442:10.1017/S1365100507050390
242:Alexander Henderson Award
173:
159:
147:
131:
126:
122:
98:
91:
544:Brown University faculty
312:Implicit contract theory
206:implicit contract theory
32:This article includes a
61:more precise citations.
429:Macroeconomic Dynamics
16:Greek microeconomist
494:Writers from Athens
351:sunspot equilibrium
301:Econometric Society
267:Academic trajectory
220:before earning his
365:Major publications
293:professor emeritus
234:Edward C. Prescott
138:Edward C. Prescott
34:list of references
339:convergence clubs
279:in 1977, then at
277:Hebrew University
253:Dale T. Mortensen
249:Oliver Williamson
163:
162:
154:Russell W. Cooper
87:
86:
79:
551:
453:
319:Keynesian theory
228:in economics at
175:
174:Κώστας Αζαριάδης
112:
109:17 February 1943
108:
106:
93:Costas Azariadis
89:
88:
82:
75:
71:
68:
62:
57:this article by
48:inline citations
27:
26:
19:
559:
558:
554:
553:
552:
550:
549:
548:
519:Greek academics
474:
473:
460:
422:
367:
347:
331:
314:
309:
269:
261:Edward Prescott
246:Nobel Laureates
230:Carnegie Mellon
214:
198:economic growth
194:business cycles
149:
140:
133:
127:Academic career
118:
113:
110:
104:
102:
94:
83:
72:
66:
63:
52:
38:related reading
28:
24:
17:
12:
11:
5:
557:
547:
546:
541:
536:
531:
526:
521:
516:
511:
506:
501:
496:
491:
486:
472:
471:
466:
459:
458:External links
456:
455:
454:
436:(2): 249–271.
421:
418:
417:
416:
402:
401:
398:
395:
392:
389:
386:
383:
380:
377:
374:
371:
366:
363:
346:
343:
330:
327:
313:
310:
308:
305:
268:
265:
213:
210:
178:macroeconomist
161:
160:
157:
156:
151:
145:
144:
135:
129:
128:
124:
123:
120:
119:
114:
100:
96:
95:
92:
85:
84:
42:external links
31:
29:
22:
15:
9:
6:
4:
3:
2:
556:
545:
542:
540:
537:
535:
532:
530:
527:
525:
522:
520:
517:
515:
512:
510:
507:
505:
502:
500:
497:
495:
492:
490:
489:Living people
487:
485:
482:
481:
479:
470:
467:
465:
462:
461:
451:
447:
443:
439:
435:
431:
430:
424:
423:
415:
414:1-55786-366-0
411:
407:
406:
405:
399:
396:
393:
390:
387:
384:
381:
378:
375:
372:
369:
368:
362:
360:
356:
353:developed by
352:
342:
340:
336:
326:
324:
320:
304:
302:
298:
294:
290:
286:
282:
278:
274:
264:
262:
258:
254:
250:
247:
243:
239:
235:
231:
227:
223:
219:
209:
207:
203:
199:
195:
191:
190:labor markets
187:
183:
179:
171:
167:
158:
155:
152:
146:
143:
139:
136:
130:
125:
121:
117:
111:(age 81)
101:
97:
90:
81:
78:
70:
60:
56:
50:
49:
43:
39:
35:
30:
21:
20:
433:
427:
403:
348:
335:poverty trap
332:
329:Poverty trap
323:unemployment
315:
270:
257:Finn Kydland
238:Robert Lucas
215:
165:
164:
142:Robert Lucas
73:
64:
53:Please help
45:
484:1943 births
404:Author of:
202:development
59:introducing
478:Categories
359:Karl Shell
355:David Cass
105:1943-02-17
450:153592986
303:in 1989.
212:Education
180:born in
150:students
148:Doctoral
132:Doctoral
67:May 2017
420:Sources
134:advisor
55:improve
448:
412:
196:, and
186:Greece
182:Athens
116:Athens
446:S2CID
273:Brown
170:Greek
40:, or
410:ISBN
357:and
285:UCLA
259:and
236:and
224:and
200:and
99:Born
438:doi
226:PhD
222:MBA
480::
444:.
434:11
432:.
341:.
325:.
263:.
255:,
251:,
208:.
192:,
184:,
172::
107:)
44:,
36:,
452:.
440::
168:(
103:(
80:)
74:(
69:)
65:(
51:.
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.