Book contents
- Frontmatter
- Contents
- List of contributors
- Foreword by Arthur Brown
- Preface by Robert Leeson
- Part I Bill Phillips: Some Memories and Reflections
- Part II The Phillips Machine
- Part III Dynamic Stabilisation
- 15 The optimal control articles
- 16 Stabilisation policy in a closed economy
- 17 Stabilisation policy and the time-forms of lagged responses
- 18 Arnold Tustin's The Mechanism of Economic Systems: a review
- 19 Michel Kalecki's Theory of Economic Dynamics: An Essay on Cyclical and Long-Run Changes in the Capitalist Economy: a review
- 20 The growth articles
- 21 A simple model of employment, money and prices in a growing economy
- 22 Employment, inflation and growth
- 23 Economic policy and development
- 24 The famous Phillips Curve article
- 25 The relation between unemployment and the rate of change of money wage rates in the United Kingdom, 1861-1957
- 26 Discussion of Dicks-Mireaux and Dow's The Determinants of Wage Inflation: United Kingdom, 1946-1956
- 27 The Melbourne paper
- 28 Wage changes and unemployment in Australia, 1947-1958
- 29 Phillips and stabilisation policy as a threat to stability
- 30 The Phillips Curve in macroeconomics and econometrics
- 31 Bill Phillips' contribution to dynamic stabilisation policy
- 32 A Left Keynesian view of the Phillips Curve trade-off
- 33 Interactions with a fellow research engineer-economist
- 34 Does modern econometrics replicate the Phillips Curve?
- 35 The famous Phillips Curve article: a note on its publication
- Part IV Econometrics
- References
- Index of names
- Index of subjects
30 - The Phillips Curve in macroeconomics and econometrics
Published online by Cambridge University Press: 04 May 2010
- Frontmatter
- Contents
- List of contributors
- Foreword by Arthur Brown
- Preface by Robert Leeson
- Part I Bill Phillips: Some Memories and Reflections
- Part II The Phillips Machine
- Part III Dynamic Stabilisation
- 15 The optimal control articles
- 16 Stabilisation policy in a closed economy
- 17 Stabilisation policy and the time-forms of lagged responses
- 18 Arnold Tustin's The Mechanism of Economic Systems: a review
- 19 Michel Kalecki's Theory of Economic Dynamics: An Essay on Cyclical and Long-Run Changes in the Capitalist Economy: a review
- 20 The growth articles
- 21 A simple model of employment, money and prices in a growing economy
- 22 Employment, inflation and growth
- 23 Economic policy and development
- 24 The famous Phillips Curve article
- 25 The relation between unemployment and the rate of change of money wage rates in the United Kingdom, 1861-1957
- 26 Discussion of Dicks-Mireaux and Dow's The Determinants of Wage Inflation: United Kingdom, 1946-1956
- 27 The Melbourne paper
- 28 Wage changes and unemployment in Australia, 1947-1958
- 29 Phillips and stabilisation policy as a threat to stability
- 30 The Phillips Curve in macroeconomics and econometrics
- 31 Bill Phillips' contribution to dynamic stabilisation policy
- 32 A Left Keynesian view of the Phillips Curve trade-off
- 33 Interactions with a fellow research engineer-economist
- 34 Does modern econometrics replicate the Phillips Curve?
- 35 The famous Phillips Curve article: a note on its publication
- Part IV Econometrics
- References
- Index of names
- Index of subjects
Summary
personal remembrances
Bill Phillips was a remarkable person, and in working up to the subject of the Phillips Curve, it may be useful for me to reminisce a bit about my memories of him. Our last encounter was in 1971, after he had returned to Auckland, smitten by a stroke. I was on a visit and asked if I could see Bill, when I was not fulfilling the separate purposes of my trip.
I drove to his home at an appropriate morning hour and passed him, on foot, making measured small steps, one at a time returning from his morning stroll. I waited at his doorstep and subsequently had a strained conversation in his home with the help of Mrs Phillips who acted some- what as an interpreter. It was evident that the stroke had laid low the person that I remember from England of the mid 1950s, full of exuber- ance, fresh ideas and optimism about our subject. We had good oppor- tunities then to discuss wages, inflation, unemployment and the many promising leads for econometric research, when he visited Oxford for a seminar at the Institute of Statistics.
I was able to tell him about an interesting and amusing incident concerning the hydraulic machine. Prior to my coming to Oxford, I had been at the University of Michigan, in Ann Arbor. One day, in 1952 or 1953, Abba Lerner came by to visit Kenneth Boulding. Abba told us (a group of young economists) why he was passing through – to deliver a working model of the Phillips Machine to General Motors, where Andrew Court was a chief economist.
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- A. W. H. Phillips: Collected Works in Contemporary Perspective , pp. 288 - 295Publisher: Cambridge University PressPrint publication year: 2000
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