Inflation and Unemployment: the Evolution of the Phillips Curve (The International Library of Critical Writings in Economics Series 252)

Inflation and Unemployment: the Evolution of the Phillips Curve (The International Library of Critical Writings in Economics Series 252)

By: Richard G. Lipsey (editor), William M. Scarth (editor)Hardback

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This authoritative three-volume collection provides a comprehensive anthology of many of the most important and influential articles written since the publication of Phillips' 1958 study - the most-cited macroeconomic paper published in the 20th century. Along with an original introduction by the editors, the papers evaluate the original contribution and place it in its historical context. The works also discuss the strengths and weaknesses of the New Classical critique and the expectations augmented Phillips Curve that resulted from it, and critique the part played by the `New Keynesian Phillips Curve' in the New neo-Classical Synthesis that has emerged in macroeconomics. This indispensable volume will be of immense value to students, scholars and practitioners interested in the field of economics, and the Phillips Curve in particular.

About Author

Edited by Richard G. Lipsey, Emeritus Professor of Economics, Simon Fraser University, Canada and William Scarth, formerly Professor of Economics, McMaster University, Canada


Contents: Volume I Acknowledgements Introduction Essay: The History, Significance and Policy Context of the Phillips Curve Richard G. Lipsey and William Scarth PART I PRECURSORS 1. Thomas M. Humphrey (1985), `The Early History of the Phillips Curve' 2. Irving Fisher (1926), `A Statistical Relation between Unemployment and Price Changes' PART II THE ORIGINAL PHILLIPS CURVE AND ITS CRITICS 3. A.W. Phillips (1958), `The Relation Between Unemployment and the Rate of Change of Money Wage Rates in the United Kingdom, 1861-1957' 4. Richard G. Lipsey (2010), `The Phillips Curve' 5. K.G.J.C. Knowles and C.B. Winsten (1959), `Can The Level of Unemployment Explain Changes in Wages?' 6. Guy Routh (1959), `The Relation Between Unemployment and the Rate of Change of Money Wage Rates: A Comment' 7. Richard G. Lipsey (1960), `The Relation between Unemployment and the Rate of Change of Money Wage Rates in the United Kingdom, 1862-1957: A Further Analysis' 8. James M. Holmes and David J. Smyth (1970), `The Relation between Unemployment and Excess Demand for Labour: An Examination of the Theory of the Phillips Curve' 9. Richard G. Lipsey (1974), `The Micro Theory of the Phillips Curve Reconsidered: A Reply to Holmes and Smyth' 10. Nancy J. Wulwick (1996), `Two Econometric Replications: The Historic Phillips and Lipsey-Phillips Curves' PART III FURTHER U.K. STUDIES 11. L.A. Dicks-Mireaux and J.C.R. Dow (1959), `The Determinants of Wage Inflation: United Kingdom, 1946-56' and `Discussion on Paper' 12. L.R. Klein and R.J. Ball (1959), `Some Econometrics of the Determination of Absolute Prices and Wages' 13. John H. Pencavel (1971), `A Note on the Comparative Predictive Performance of Wage Inflation Models of the British Economy' 14. S.G.B. Henry, M.C. Sawyer and P. Smith (1976), `Models of Inflation in the United Kingdom: An Evaluation' 15. D.I. MacKay and R.A. Hart (1974), `Wage Inflation and the Phillips Relationship' PART IV FITS TO U.S. DATA 16. Paul A. Samuelson and Robert M. Solow (1960), `Analytical Aspects of Anti-Inflation Policy' 17. G.L. Perry (1964), `The Determinants of Wage Rate Changes and the Inflation-Unemployment Trade-off for the United States' 18. William G. Bowen and R. Albert Berry (1963), `Unemployment Conditions and Movements of the Money Wage Level' 19. Otto Eckstein and Thomas A. Wilson (1962), `The Determination of Money Wages in American Industry' 20. Jim Taylor (1970), `Hidden Unemployment, Hoarded Labor, and the Phillips Curve' 21. J.C.R. Rowley and D.A. Wilton (1973), `The Empirical Sensitivity of the Phillips Curve' PART V THE LOOPS 22. Edward A. Kuska (1966), `The Simple Analytics of the Phillips Curve' 23. G.C. Archibald, Robyn Kemmis and J.W. Perkins (1974), `Excess Demand for Labour, Unemployment and the Phillips Curve: A Theoretical and Empirical Study' 24. A.P. Thirlwall (1969), `Demand Disequilibrium in the Labour Market and Wage Rate Inflation in the United Kingdom (1)' 25. David J. Smyth (1979), `Unemployment Dispersion and the Phillips Loops: A Direct Test of the Lipsey Hypothesis' PART VI PHILLIPS CURVE AS AN EXPLICIT MENU OF CHOICE 26. G.L. Reuber (1964), `The Objectives of Canadian Monetary Policy, 1949-61: Empirical "Trade-Offs" and the Reaction Function of the Authorities' 27. David Laidler (1997), `The Emergence of the Phillips Curve as a Policy Menu' 28. Robert Leeson (1997), `The Trade-Off Interpretation of Phillips's Dynamic Stabilization Exercise' PART VII ALTERNATIVE INTERPRETATIONS 29. Richard G. Lipsey and M.D. Steuer (1961), `The Relation between Profits and Wage Rates' 30. E. Kuh (1967), `A Productivity Theory of Wage Levels - An Alternative to the Phillips Curve' 31. Meghnad Desai (1975), `The Phillips Curve: A Revisionist Interpretation' 32. C.L. Gilbert (1976), `The Original Phillips Curve Estimates' Volume II Acknowledgements An introduction to all three volumes by the editors appears in Volume I PART I EXPECTATIONS OF INFLATION - THE FRIEDMAN-PHELPS CRITIQUE 1. Milton Friedman (1968), `The Role of Monetary Policy' 2. Edmund S. Phelps (1967), `Phillips Curves, Expectations of Inflation and Optimal Unemployment Over Time' 3. Edmund S. Phelps (1968), `Money-Wage Dynamics and Labor-Market Equilibrium' 4. Milton Friedman (1977), `Nobel Lecture: Inflation and Unemployment' PART II REACTIONS TO THE CRITIQUE 5. Robert E. Lucas, Jr. and Leonard A. Rapping (1969), `Price Expectations and the Phillips Curve' 6. James Tobin (1972), `Inflation and Unemployment' 7. Gordon Tullock (1972), `Can You Fool All of the People All of the Time? A Comment' 8. James Tobin and Leonard Ross (1972), `A Reply to Gordon Tullock' 9. Robert E. Lucas, Jr. (1972), `Econometric Testing of the Natural Rate Hypothesis' 10. Robert E. Lucas and Thomas J. Sargent (1978), `After Keynesian Macroeconomics (including discussion by Benjamin M. Friedman and response and rebuttal by Robert E. Lucas and Thomas J. Sargent)' 11. Robert M. Solow (1978), `Summary and Evaluation' 12. Arthur M. Okun (1978), `Efficient Disinflationary Policies' 13. Edmund Phelps (1995), `The Origins and Further Development of the Natural Rate of Unemployment' 14. James Tobin (1995), `The Nature Rate as New Classical Macroeconomics' 15. Robert E. Lucas, Jr. (1996), `Nobel Lecture: Monetary Neutrality' PART III EMPIRICAL EVALUATION OF FOUR EMERGING CONCEPTS: THE ACCELERATIONIST PROPOSITION, THE LUCAS CRITIQUE, THE SACRIFICE RATIO AND THE NAIRU 16. Thomas J. Sargent (1971), `A Note on the "Accelerationist" Controversy' 17. John B. Taylor (1979), `Estimation and Control of a Macroeconomic Model with Rational Expectations' 18. George S. Alogoskoufis and Ron Smith (1991), `The Phillips Curve, the Persistence of Inflation, and the Lucas Critique: Evidence from Exchange- Rate Regimes' 19. Laurence Ball (1994), `What Determines the Sacrifice Ratio?' 20. Jeffrey C. Fuhrer (1995), `The Phillips Curve is Alive and Well' 21. Laurence Ball and N. Gregory Mankiw (2002), `The NAIRU in Theory and Practice' PART IV GENERAL ASSESSMENT AFTER THE EXPECTATIONS CRITIQUE 22. Anthony M. Santomero and John J. Seater (1978), `The Inflation-Unemployment Trade-off: A Critique of the Literature' 23. Robert J. Gordon (1990), `What is New-Keynesian Economics?' 24. Robert G. King and Mark W. Watson (1994), `The Post-War U.S. Phillips Curve: A Revisionist Econometric History' 25. Charles L. Evans (1994), `The Post-War U.S. Phillips Curve: A Comment' 26. Bennett T. McCallum (1994), `Identification of Inflation-Unemployment Tradeoffs in the 1970s: A Comment' 27. Robert G. King and Mark W. Watson (1994), `Rejoinder to Evans and McCallum' 28. Paul Beaudry and Matthew Doyle (2000), `What Happened to the Phillips Curve in the 1990s in Canada?', Steven James and Jeffrey Fuhrer `Discussion' and `General Discussion' Volume III Acknowledgements An introduction to all three volumes by the editors appears in Volume I PART I THE PHILLIPS CURVE AS AN ANSWER TO FRIEDMAN'S MISSING EQUATION IN A COMPLETE MACRO MODEL 1. A.W. Phillips (1954), `Stabilisation Policy in a Closed Economy' 2. Richard G. Lipsey (1978), `The Place of the Phillips Curve in Macroeconomic Models' 3. Bennett T. McCallum (1987), `The Development of Keynesian Macroeconomics' 4. Alan S. Blinder (1987), `Keynes, Lucas, and Scientific Progress' 5. Richard G. Lipsey (2000), `IS-LM, Keynesianism, and the New Classicism' PART II SOME STABILIZATION POLICY IMPLICATIONS OF THE EXPECTATIONS-AUGMENTED PHILLIPS CURVE: MONETARY POLICY RELEVANCE, DYNAMIC CONSISTENCY AND THE VOLITILITY TRADE-OFF 6. Stanley Fischer (1977), `Long-Term Contracts, Rational Expectations and the Optimal Money Supply Rule' 7. Edmund S. Phelps and John B. Taylor (1977), `Stabilizing Powers of Monetary Policy under Rational Expectations' 8. Stephen J. Turnovsky (1984), `Rational Expectations and the Theory of Macroeconomic Policy: An Exposition of Some of the Issues' 9. Alex Cukierman (1986), `Central Bank Behavior and Credibility: Some Recent Theoretical Developments' 10. John B. Taylor (1994), `The Inflation/Output Variability Trade-off Revisited (including `Discussion' by Lawrence M. Ball)' 11. Michael Parkin (2000), `What Have We Learned About Price Stability?', Peter Howitt, `Discussion', W. Craig Riddell, `Discussion', and Kim McPhail, `General Discussion' 12. Marvin Goodfriend (2004), `Monetary Policy in the New Neoclassical Synthesis: A Primer' 13. Jeffrey M. Lacker and John A. Weinberg (2007), `Inflation and Unemployment: A Layperson's Guide to the Phillips Curve' PART III THE NEW NEO-CLASSICAL SYNTHESIS: MORE MICRO-FOUNDATIONS FOR THE PHILLIPS CURVE 14. Guillermo A. Calvo (1983), `Staggered Prices in a Utility-Maximizing Framework' 15. N. Gregory Mankiw (2001), `The Inexorable and Mysterious Tradeoff Between Inflation and Unemployment' 16. Jordi Gali (2000), `The Return of the Phillips Curve and Other Recent Developments in Business Cycle Theory' 17. Michael T. Kiley (2002), `Partial Adjustment and Staggered Price Setting' 18. N. Gregory Mankiw and Ricardo Reis (2003), `Sticky Information: A Model of Monetary Nonneutrality and Structural Slumps' 19. Richard Dennis (2007), `Fixing the New Keynesian Phillips Curve' 20. Michael Woodford (2007), `Interpreting Inflation Persistence: Comments on the Conference on "Quantitative Evidence on Price Determination"' 21. Mark Gertler and John Leahy (2008), `A Phillips Curve with an Ss Foundation' PART IV THE NEW NEO-CLASSICAL SYNTHESIS: THE ONGOING EMPIRICAL TESTING OF THE PHILLIPS CURVE 22. John M. Roberts (1995), `New Keynesian Economics and the Phillips Curve' 23. Jeff Fuhrer and George Moore (1995), `Inflation Persistence' 24. Jeremy Rudd and Karl Whelan (2007), `Modeling Inflation Dynamics: A Critical Review of Recent Research' 25. Luca Benati (2008), `Investigating Inflation Persistence Across Monetary Regimes' 26. Jean-Marie Dufour, Lynda Khalaf and Maral Kichian (2006), `Inflation Dynamics and the New Keynesian Phillips Curve: An Identification Robust Econometric Analysis' 27. Andreas Hornstein (2007), `Evolving Inflation Dynamics and the New Keynesian Phillips Curve'

Product Details

  • ISBN13: 9781843769408
  • Format: Hardback
  • Number Of Pages: 1920
  • ID: 9781843769408
  • ISBN10: 1843769409

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