Download or read book The Influence of A W H Phillips on Econometrics written by David F. Hendry and published by . This book was released on 1996 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book A W H Phillips Collected Works in Contemporary Perspective written by Alban William Housego Phillips and published by Cambridge University Press. This book was released on 2000-08-03 with total page 535 pages. Available in PDF, EPUB and Kindle. Book excerpt: Virtually all of contemporary macroeconomics is underpinned by a Phillips curve of one variety or another; yet most of this literature displays a curious neglect of the theoretical dynamic stabilisation perspective provided by A. W. H. Phillips. This 2000 volume collected for the first time the major work of one of the great economists, integrating Phillips's empirical work with his theoretical contribution. In addition to twelve substantive chapters, twenty-nine economists including Lawrence Klein, James Meade, Thomas Sargent, Peter Phillips, David Hendry, William Baumol, Richard Lipsey and Geoffrey Harcourt highlight and interpret Phillips's ongoing influence. This volume also contains six of Phillips's previously unpublished essays, four of which were thought to have been lost. The fifth such essay (Phillips's second empirical Phillips curve) was previously an informal working paper of which few copies circulated, and the sixth essay is a forerunner of the Lucas Critique written by Phillips shortly before his death.
Download or read book Stability and Inflation written by Alban William Housego Phillips and published by Chichester ; Toronto : Wiley. This book was released on 1978 with total page 350 pages. Available in PDF, EPUB and Kindle. Book excerpt: The phillips curvs; Models of inflation and stabilization policies; Econometric methods for dynamic models.
Download or read book Macroeconomics and the Phillips Curve Myth written by James Forder and published by Oxford University Press, USA. This book was released on 2014 with total page 321 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book reconsiders the role of the Phillips curve in macroeconomic analysis in the first twenty years following the famous work by A. W. H. Phillips, after whom it is named. It argues that the story conventionally told is entirely misleading. In that story, Phillips made a great breakthrough but his work led to a view that inflationary policy could be used systematically to maintain low unemployment, and that it was only after the work of Milton Friedman and Edmund Phelps about a decade after Phillips' that this view was rejected. On the contrary, a detailed analysis of the literature of the times shows that the idea of a negative relation between wage change and unemployment - supposedly Phillips' discovery - was commonplace in the 1950s, as were the arguments attributed to Friedman and Phelps by the conventional story. And, perhaps most importantly, there is scarcely any sign of the idea of the inflation-unemployment tradeoff promoting inflationary policy, either in the theoretical literature or in actual policymaking. The book demonstrates and identifies a number of main strands of the actual thinking of the 1950s, 1960s, and 1970s on the question of the determination of inflation and its relation to other variables. The result is not only a rejection of the Phillips curve story as it has been told, and a reassessment of the understanding of the economists of those years of macroeconomics, but also the construction of an alternative, and historically more authentic account, of the economic theory of those times. A notable outcome is that the economic theory of the time was not nearly so naive as it has been portrayed.
Download or read book A Few Hares to Chase written by Alan Bollard and published by Oxford University Press. This book was released on 2016-02-11 with total page 275 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Phillips Curve is world famous amongst economists. The man who invented it was an inventor, an engineer, a genius, who led an exciting life and contributed to economics in many different ways. Born and brought up on a remote farm in rural New Zealand, his early life was a search for adventure. He invented toys and rebuilt machinery as a child. He experienced the rigours of the Great Depression on construction sites, and while still a young man he roamed the outback of Australia picking up casual work, sometimes working in gold mines, sometimes crocodile hunting. In 1937 he set off to discover militarising Japan, a guerrilla war in Manchuria, Stalin's Soviet Union, and the tensions in Europe. On the outbreak of war, he joined the RAF and was sent to Singapore where he rearmed planes but was eventually incarcerated in a POW camp by the Japanese. In camp he learned languages, invented gadgets for the troops and built a clandestine radio. If his first 30 years had been a search for adventure, his later life was a search for economic stability. Back in Britain after the war, he scraped through a sociology degree at the LSE, before convincing a sceptical faculty to let him build a hydraulic model of the economy. This beautiful complex machine was a great success and put Bill Phillips on the track of serious economics. In the next few decades he developed new ideas for stabilising economies, was one of the first to use electronic computers, developed the Phillips Curve, showed ways to help an economy to grow, and developed new techniques to model economies. Always innovative, he took another heading in his later years, working out how to stabilise the Chinese economy which was being wracked by the Cultural Revolution. Bill Phillips pioneered a dozen new directions in economics, making him one of the most innovative and influential of our economic pioneers.
Download or read book The Post war U S Phillips Curve written by Robert Graham King and published by . This book was released on 1994 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays in Honor of Peter C B Phillips written by Thomas B. Fomby and published by Emerald Group Publishing. This book was released on 2014-11-21 with total page 772 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume honors Professor Peter C.B. Phillips' many contributions to the field of econometrics. The topics include non-stationary time series, panel models, financial econometrics, predictive tests, IV estimation and inference, difference-in-difference regressions, stochastic dominance techniques, and information matrix testing.
Download or read book Econometrics Alchemy or Science written by David F. Hendry and published by OUP Oxford. This book was released on 2000-10-26 with total page 560 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Econometrics: Alchemy or Science?" analyses the effectiveness and validity of applying econometric methods to economic time series. The methodological dispute is long-standing, and no claim can be made for a single valid method, but recent results on the theory and practice of model selection bid fair to resolve many of the contentious issues. The book presents criticisms and evaluations of competing approaches, based on theoretical economic and econometric analyses, empirical applications, and Monte Carlo simulations, which interact to determine best practice. It explains the evolution of an approach to econometric modelling founded in careful statistical analyses of the available data, using economic theory to guide the general model specification. From a strong foundation in the theory of reduction, via a range of applied and simulation studies, it demonstrates that general-to-specific procedures have excellent properties. The book is divided into four Parts: Routes and Route Maps; Empirical Modelling Strategies; Formalization; and Retrospect and Prospect. A short preamble to each chapter sketches the salient themes, links to earlier and later developments, and the lessons learnt or missed at the time. A sequence of detailed empirical studies of consumers' expenditure and money demand illustrate most facets of the approach. Material new to this revised edition describes recent major advances in computer-automated model selection, embodied in the powerful new software program PcGets, which establish the operational success of the modelling strategy.
Download or read book A Few Hares to Chase written by Alan Bollard and published by Oxford University Press. This book was released on 2016 with total page 275 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a biography of Bill Phillips, famous economist and inventor. His early life was a search for adventure across the world in the 1930s and 1940s. His later economic focus was about how to make struggling economies work better. He was very practical, yet unconventional and a genius. He built a famous water machine of the economy, showed economists how to model by computer, and became world famous for the Phillips Curve, a basis for monetary policy today.
Download or read book Did Policy Makers Really Believe in the Phillips Curve written by Heetaik Chung and published by . This book was released on 1990 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Palgrave Handbook of Econometrics written by Terence C. Mills and published by Springer. This book was released on 2009-06-25 with total page 1406 pages. Available in PDF, EPUB and Kindle. Book excerpt: Following theseminal Palgrave Handbook of Econometrics: Volume I , this second volume brings together the finestacademicsworking in econometrics today andexploresapplied econometrics, containing contributions onsubjects includinggrowth/development econometrics and applied econometrics and computing.
Download or read book Some Misunderstandings Concerning the Contributions Made by R G Lipsey and A W H Phillips to the Inflation unemployment Literature written by Robert Leeson and published by . This book was released on 1993 with total page 4 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Organizational Structure and Performance written by Bauke Visser and published by . This book was released on 1997 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Computational Econometrics written by Charles G. Renfro and published by IOS Press. This book was released on 2004 with total page 420 pages. Available in PDF, EPUB and Kindle. Book excerpt: This publication contains a substantial amount of detail about the broad history of the development of econometric software based on the personal recollections of many people. For economists, the computer has increasingly become the primary applied research tool, and it is software that makes the computer work.
Download or read book A Historical Approach to American Skill Differentials written by Susana Garcia Cervero and published by . This book was released on 1997 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Reappraisal of the Phillips Curve and Direct Effects of Money Supply on Inflation written by Albert Ando and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This chapter attempts to provide some evidence on two closely related issues. The first is the question of how well or how badly a typical nonmonetarist econometric structure can account for the dynamic pattern of wages and prices in the United States from the 1960s to the 1980s. The second is whether an econometric structure such as this can be successful in fully capturing the effects of the quantity of money on movements of the price level. The second issue is in turn closely related to the question of whether a significant increase in the money supply, regardless of other conditions such as the level of the unemployment rate, is inflationary. In discussions of macroeconomic theory and policy since the mid-1970s, it is often taken for granted that conventional macroeconometric models have failed in some fundamental way to account for the actual development of the U.S. economy and that the prime culprit in this failure is the Phillips curve (Lucas and Sargent, 1978, 1981). For those who have followed the performance of the modified Phillips curve and associated equations through the 1970s and most of the 1980s, the widespread perception of the complete failure of these equations to "explain" movements of prices and wages during this period has been a complete puzzle, since these equations have been more stable and more reliable over time than most other empirical macroeconomic relationships during the period in question, at least in the United States. In this chapter we first attempt to exhibit the stability of these empirical relationships and their ability to predict movements of prices and wages during the period in question. For this purpose we will utilize the set of equations embedded in the current structure of the MPS econometric model of the United States, and we also refer to its early predecessors (Brayton and Mauskopf, 1985; deMenil and Enzler, 1971). However, most of our results do not depend on the performance of the rest of the MPS model. We also present evidence that this set of equations can account for most of the effects of money supply movements on the general price level. The most judicious interpretation of the evidence is that there remains a small direct effect of the money supply on the price level not captured by the MPS equations. The pattern of evidence, however, is rather mixed, and we have not been able to come up with any indication suggesting a specific mechanism generating this direct effect of the money supply. This issue appears to be very important in affecting our understanding of the dynamic characteristics of the whole economy, as discussed briefly at the end of this chapter.
Download or read book In Plato s Cave written by Giampiero M. Gallo and published by . This book was released on 1996 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
