A. W. H. Phillips: Collected Works in Contemporary Perspective

This 2000 volume collected for the first time the major works of one of the great economists.

Robert Leeson (Edited by)

9780521168458, Cambridge University Press

Paperback, published 27 October 2011

534 pages
22.9 x 15.2 x 3 cm, 0.78 kg

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 This volume also contains six of Phillips's previously unpublished essays, four of which were thought to have been lost.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.

Foreword A. Brown
Part I. Bill Phillips: Some Memories and Reflections: 1. A. W. H. Phillips: an extraordinary life R. Leeson
2. The versatile genius J. Meade
3. To be his colleague was to be his friend H. Phelps-Brown
4. Phillips' adaptive expectations formula P. Cagan
5. Economist-washing machine fixer E. Johnson
6. Playing around with some data A. S. Schwier
7. The Festchrift B. Silvestone
Part II. The Phillips Machine: 8. The origins of the machine in a personal context W. Newlyn
9. The Phillips machine as a 'progressive' model D. Vines
10. Mechanical models in economic dynamics A. W. Phillips
11. The History of the Phillips Machine N. Barr
12. Early reactions to Mark I and II G. Dorrance
13. A superb explanatory device R. M. Goodwin
14. The place of the Phillips machine in the history of computing D. Swade
Part III. Dynamic Stabilisation Optimal Control: 15. The optimal control articles A. Pagan
16. Stabilisation policy in a closed economy A. W. Phillips
17. Stabilisation policy and the time-forms of lagged responses A. W. Phillips
18. Arnold Tustin's The Mechanism of Economic Systems: a review A. W. Phillips
19. The growth articles A. R. Bergstrom
20. A simple model of employment, money and prices in a growing economy A. W. Phillips
21. Employment, inflation and growth A. W. Phillips
22. Economic policy and development A. W. Phillips
23. The famous Phillips curve article R. G. Lipsey
24. The relation between unemployment and the rate of change of money wage rates in the United Kingdom, 1861–1957 A. W. Phillips
25. The Melbourne paper J. Pitchford
26. Wage changes and unemployment in Australia, 1947–58 A. W. Phillips
27. Phillips and stabilisation policy as a threat to stability W. J. Baumol
28. The Phillips curve in macroeconomics and econometrics L. R. Klein
29. Bill Phillips' contribution to dynamic stabilisation policy S. J. Turnovsky
30. A left Keynesian view of the Phillips curve G. C. Harcourt
31. Interactions with a fellow research engineer-economist C. C. Holt
32. Does modern econometrics replicate the Phillips curve? F. Shadman-Mehta
33. The famous Phillips curve article: a note on its publications B. S. Yamey
Part IV. Econometrics Published Papers: 34. The Bill Phillips legacy of continuous time modelling and econometric model design P. Phillips
35. The published papers P. Phillips
36. The influence of A. W. Phillips on econometrics D. F. Hendry and G. E. Mizon
37. An appreciation of A. W. Phillips L. P. Hansen and T. J. Sargent
38. Some notes on the estimation of time-forms of reactions in interdependent dynamic systems A. W. Phillips
39. Cybernetics and the regulation of economic systems A. W. Phillips
40. The estimation of parameters in systems of stochastic differential equation A. W. Phillips
41. Estimation, regulation, and prediction in interdependent dynamic systems A. W. Phillips and M. H. Quenouille
42. The Walras-Bowley paper A. Pagan
43. Estimation of systems of difference equations with moving average disturbances A. W. Phillips
Part V. Unpublished Papers: 44. The estimation of continuous time models A. R. Bergstrom
45. Estimation in continuous time series models with autocorrelated disturbances A. W. Phillips
46. Efficient fitting of rational spectral density functions A. W. Phillips
Part VI. Phillips' Foreshadowing of the Lucas Critique: 47. The Lucas critique: did Phillips make a comparable contribution R. Court
48. Models for the control of economic fluctuations A. W. Phillips
49. Statistical estimation for the purpose of economic regulation A. W. Phillips
50. The last paper: a foreshadowing of the Lucas critique? A. W. Phillips.

Subject Areas: Macroeconomics [KCB]