Stabilization Theory and Policy
50 Years after the Phillips Curve
Bibliographic Data
| ID | 9725967 |
|---|---|
| Authors | Stephen J Turnovsky (0000-0002-0864-2118, University of Washington, corresponding author) |
| Year | 2011 |
| Volume | 78 |
| Issue | 309 |
| Pages | 67-88 |
| Publication date | 2011-01-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Economica (JOURNAL) |
| Journal identifiers | ISSN: 0013-0427 • E-ISSN: 1468-0335 |
| Publisher | Wiley (PUBLISHER • GB) |
| DOI | 10.1111/j.1468-0335.2009.00807.x |
| OpenAlex | W2112804035 |
| Language | EN |
| Citations received | 1 |
| References cited | 52 |
This paper discusses the impact of A. W. H. Phillips' seminal contributions to stabilization policy on subsequent developments in that field. We review the policy rules introduced by Phillips and show how these relate to the optimal rules emerging from linear–quadratic optimization problems. The consequences of rational expectations for the design of optimal stabilization policy are discussed. These challenges arose from the role of ‘forward‐looking’ variables, through issues such as the ‘Lucas Critique’ and the ‘time consistency’ of policy. The paper also discusses some of the contemporary aspects of stabilization policy, thereby highlighting the durability of Phillips' contributions
Consistency (knowledge bases) · Economics · Field (mathematics) · Keynesian economics · Mathematical economics · Monetary policy · Phillips curve · Quadratic equation · Rational expectations · Stabilization policy · Computer Science · Economic theories and models · Economic Theory and Policy · Mathematics · Monetary Policy and Economic Impact
Lectures on Macroeconomics
Discretion versus policy rules in practice
The Solution of Linear Difference Models under Rational Expectations
Rules, discretion and reputation in a model of monetary policy
Myopia and Inconsistency in Dynamic Utility Maximization
Econometric policy evaluation
A New Approach to Linear Filtering and Prediction Problems
The Role of Monetary Policy
Interactions between the Multiplier Analysis and the Principle of Acceleration
Stabilization Policy in Linear Stochastic Systems
On the Theory of Economic Policy
Pitfalls in Contracyclical Policies
Money-Wage Dynamics and Labor-Market Equilibrium
Rules Rather than Discretion
Increasing Returns and Long-Run Growth
International Economic Policy Coordination
The Relation Between Unemployment and the Rate of Change of Money Wage Rates in the United Kingdom, 1861–1957 1
Macroeconomic Analysis and Stabilization Policy
International Economic Policy Co-ordination
The Theory of Economic Policy. Statics and Dynamics
Stabilisation Policy in a Closed Economy
Stabilisation Policy and the Time-Forms of Lagged Responses
| Unique citing works | 1 |
|---|---|
| Citations per year | 0,17 |
| Citation span | 2020 - 2020 (1) |
| Citation velocity | historical |
| Highly cited | No |
| Citation types | Neutral: 1 |