The bulk of Phelps’s current work consists of a new reworking of structuralist theory, in an effort to show how changes in interest rates and asset prices affect the equilibrium unemployment rate over the medium term. Phelps’s new theory provides a logical backdrop against which we can assess the consequences of fluctuations in share prices, exchange rates, and, more generally, the value of physical assets and human capital under the powerful influence of new technologies and innovation.
菲尔普斯大量的工作还包括结构学理论的重新修订，以显示利率和资产价格的变化怎样在一定的时间内影响了失业率的平衡。菲尔普斯的新理论提供了一个逻辑背景，凭借这一背景我们可以评估在新技术和创新的强有力的影响下股票价格、汇率以及更常见的有形资产和人力资本的价值波动所带来的后果。