2006 Nobel Prize of Economics

Columbia professor Edmund S. Phelps Wins 2006 Nobel Prize in Economics. He has studied the intertemporal tradeoffs between inflation and unemployment. He is so famous that we can see his name anywhere in many undergraduate macroeconomics textbooks. However I don't know much about his research but his name very well. I have never read his articles. I have known that he is a prominent American economist.

Here's the excerpt of the Columbia News:

Professor Edmund S. Phelps Wins 2006 Nobel Prize in Economics

Edmund S. Phelps, McVickar Professor of Political Economy at Columbia University and director, Center on Capitalism and Society at the Earth Institute, was awarded the Nobel Prize in Economics on Monday, October 9 by the Royal Swedish Academy of Sciences.
Phelps won the award – officially named the Sviriges Riksbank Prize in Economic Sciences – for his analysis of intertemporal tradeoffs in macroeconomic policy.

.....Low unemployment and low inflation are central goals of stabilization policy. During the 1950s and 1960s the view of a stable tradeoff between inflation and unemployment was established, the so-called Phillips curve. According to this, the price for reduced unemployment was a one-time increase of the inflation rate. Phelps challenged this view through a more fundamental analysis of the determination of wages and prices, taking into account problems of information in the economy. Individual agents have incomplete knowledge about the actions of others and must base their decisions on expectations. Phelps formulated the hypothesis of the expectations-augmented Phillips curve, according to which inflation depends on both unemployment and inflation expectations.

As a consequence, the long-run rate of unemployment is not affected by inflation but only determined by the functioning of the labor market. It follows that stabilization policy can only dampen short-term fluctuations in unemployment.

Hearing the news, I want to know more about Phelps' research and the relevant studies on the intertemporal tradeoffs. Recently I have read one article about the tradeoffs. I think it a good reference.