8,665 research outputs found
Letter from Hubert Phillips to American Civil Liberties Union of Northern California, August 4, 1942
No full textLetter from Hubert Phillips to American Civil Liberties Union of Northern California, enclosing checks for $57 from F. C. Kellogg, Arthur E. Geschke, Claus Bertelsen, and Hubert Phillips. The letter states that the checks represent "the contributions of about twenty-five people made at a dinner held here recently to consider the phases of the status of citizens of Japanese ancestry and is to be applied specifically to helping prosecute the case of Miss Mitsuye Endo. Mr. F. C. Kellogg of the Fowler High School faculty was the author of the idea and deserves the credit for raising the enclosed contribution."The ACLU-Northern California case file records contain legal documents and correspondence pertaining to the case Ex parte Mitsuye Endo (1944), in which the United States Supreme court unanimously ruled that the federal government could not indefinitely detain United States citizens who were loyal to the government. Files include documents related to the Gordon Hirabayashi Supreme Court case Hirabayashi v. United States
The Phillips Curve in Australia
No full textIn this paper we discuss the development of Phillips curves in Australia over the forty years since Phillips first estimated one using Australian data. We examine the central issues faced by researchers estimating Australian Phillips curves. These include the distinction between the short and long-run trade-offs between inflation and unemployment, and the changing level of the non-accelerating inflation rate of unemployment (NAIRU), particularly in the 1970s. We estimate Phillips curves for prices and unit labour costs in Australia over the past three decades. These Phillips curves allow the NAIRU to change through time, and include a role for import prices and ‘speed-limit’ effects. The paper concludes by presenting an extended discussion of the changing role of the Phillips curve in the intellectual framework used to analyse inflation within the Reserve Bank of Australia over the past three decades.Phillips curve; inflation; unemployment; monetary policy
The early history of the Phillips curve
No full textThe Phillips Curve depicts a relationship between inflation and unemployment in graphical or equation form. In a previous article (see the March /April issue of this Review), Thomas Humphrey catalogued the various formulations of the relationship that have appeared since the publication in 1958 of A. W. Phillips’ famous article on the subject. In the present article, Humphrey turns to the history of monetary doctrines seeking precursors of the modern formulations in the writings of Phillips’ forerunners. Humphrey finds an early representation of a Phillips Curve relationship in the writings of David Hume. Other pioneers in the curve’s pre-history include Irving Fisher, who first attempted to verify the relationship statistically, Jan Tinbergen, who estimated the first econometric Phillips Curve equation, and Paul Sultan, who first represented the relationship as a graph. Also considered are the contributions of Henry Thornton, John Stuart Mill, Lawrence Klein, A. J. Brown and others. Despite the work of these men, the Phillips Curve did not gain wide acceptance until the 1960s. Humphrey suggests several reasons for its belated popularity.Phillips curve
Identifying the New Keynesian Phillips Curve
No full textPhillips curves are central to discussions of inflation dynamics and monetary policy. New Keynesian Phillips curves describe how past inflation, expected future inflation, and a measure of real marginal cost or an output gap drive the current inflation rate. This paper studies the (potential) weak identification of these curves under GMM and traces this syndrome to a lack of persistence in either exogenous variables or shocks. We employ analytic methods to understand the identification problem in several statistical environments: under strict exogeneity, in a vector autoregression, and in the canonical three-equation, New Keynesian model. Given U.S., U.K., and Canadian data, we revisit the empirical evidence and construct tests and confidence intervals based on exact and pivotal Anderson-Rubin statistics that are robust to weak identification. These tests find little evidence of forward-looking inflation dynamics.Phillips curve, Keynesian, identification, inflation
Identifying the New Keynesian Phillips curve
No full textPhillips curves are central to discussions of inflation dynamics and monetary policy. New Keynesian Phillips curves describe how past inflation, expected future inflation, and a measure of real marginal cost or an output gap drive the current inflation rate. This paper studies the (potential) weak identification of these curves under generalized methods of moments (GMM) and traces this syndrome to a lack of persistence in either exogenous variables or shocks. The authors employ analytic methods to understand the identification problem in several statistical environments: under strict exogeneity, in a vector autoregression, and in the canonical three-equation, New Keynesian model. Given U.S., U.K., and Canadian data, they revisit the empirical evidence and construct tests and confidence intervals based on exact and pivotal Anderson-Rubin statistics that are robust to weak identification. These tests find little evidence of forward-looking inflation dynamics.
Portland Prowler piece on a performance by jazz musicians David Phillips and F
No full textPortland Prowler piece on a performance by jazz musicians David Phillips and Freedance, which was recently presented in the Cumberland Room at the Eastland Hotel
Reduced foetal growth and growth hormone secretion in adult life
No full textObjectivesRecent studies suggest that growth restriction or other adverse influences acting in utero or during early infancy lead to permanent alterations in growth hormone (GH) secretion. As GH secretion is known to predict cardiovascular risk, alterations in GH may contribute to the association between reduced foetal growth and cardiovascular disease. We have therefore assessed the relationship between birth size and GH secretion in a prospective study of young adults whose birth size was recorded and who have had their current blood pressure and glucose tolerance measured.DesignProspective cohort studyPatients153 healthy men and women, aged 20-21 years.MeasurementsSubjects carried out a timed overnight urinary collection for analysis of GH excretion. Insulin sensitivity and insulin secretion were measured using the intravenous glucose tolerance test with minimal model analysis. Blood pressure, height, weight, usual level of exercise, smoking habits, alcohol consumption, and socio-economic status were also recorded.ResultsGH excretion ranged from 0.01 to 41.8 microU per subject. It did not differ according to gender but was markedly reduced in obese subjects (P ConclusionsBody size at birth predicts GH excretion in adult life. Low GH excretion in people who were small at birth may be one mechanism explaining their increased risk of cardiovascular disease.Flanagan, Daniel E; Moore, Vivienne M; Godsland, Ian F; Cockington, Richard A; Robinson, Jeffrey S; Phillips, David I
The Small Open-Economy New Keynesian Phillips Curve: Empirical Evidence and Implied Inflation Dynamics
No full textThis paper applies GMMestimation to assess empirically the small open-economy New Keynesian Phillips Curve derived in Galí and Monacelli (2005). We obtain a testable specification where fluctuations in the terms of trade enter explicitly, thus allowing a comparison of the relevance of domestic versus external determinants of CPI inflation dynamics. For most countries in our sample the expected relative change in the terms of trade emerges as a more relevant inflation driver than the contemporaneous domestic output gap. Overall, our results indicate some, albeit moderate, support for the tested relationship based on data from ten OECD countries typically classified as open economies.New Keynesian Phillips Curve, small open economies, terms of trade fluctuations, inflation dynamics, GMM estimation
The Small Open-Economy New Keynesian Phillips Curve: Empirical Evidence and Implied Inflation Dynamics
No full textThis paper applies GMM estimation to assess empirically the small open-economy New Keynesian Phillips Curve derived in Galí and Monacelli (2005). We obtain a testable specification where fluctuations in the terms of trade enter explicitly, thus allowing a comparison of the relevance of domestic versus external determinants of CPI inflation dynamics. For most countries in our sample the expected relative change in the terms of trade emerges as a more relevant inflation driver than the contemporaneous domestic output gap. Overall, our results indicate some, albeit moderate, support for the tested relationship based on data from ten OECD countries typically classified as open economies.New Keynesian Phillips Curve, small open economies, terms of trade fluctuations, inflation dynamics, GMM estimation
Ruby Hart Phillips
No full textOn October 9, 1963, there was an author's party, honoring Ruby Hart Phillips, author of the recent publication "The Cuban Dilemma," presented by the Casa Iberia Club, the Historical Institute of Florida, and the Rollins Latin American Program. The party was held at Casa Iberia. From left to right are William Hackney, Nikki Clayton, Ruby Hart Phillips, and Lewis F. Haines
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