33,224 research outputs found
Letter from S. J. Phillips, President of the Booker T. Washington Birthplace Memorial, to Charley Daniels
No full textLetter from S. J. Phillips, President of the Booker T. Washington Birthplace Memorial, to Charley Daniels, concerning planned field trip to the site by the New Farmers of America and the New Homemakers of America
Service-oriented models for audiovisual content storage
No full textWhat are the important topics to understand if involved with storage services to hold digital audiovisual content? This report takes a look at how content is created and moves into and out of storage; the storage service value networks and architectures found now and expected in the future; what sort of data transfer is expected to and from an audiovisual archive; what transfer protocols to use; and a summary of security and interface issues
What do New-Keynesian Phillips Curves imply for price-level targeting?
No full textThis paper extends the analysis of price-level targeting to a model including the New-Keynesian Phillips Curve. We examine the inflation-output variability tradeoffs implied by optimal inflation and price-level rules. In previous work with the Neoclassical Phillips Curve, we found that the choice between inflation targeting and price-level targeting depended on the amount of persistence in the output gap. That is, if the output gap was not too persistent, or if lagged output did not enter the aggregate supply function, then inflation targets were preferred to price-level targets. When we start with a New-Keynesian Phillips Curve, the amount of persistence in the output gap still affects the relative placement of the inflation-output variability tradeoff. But, contrary to the Neoclassical case, even where the persistence of the output gap in the aggregate supply function is small or nonexistent, the price-level- targeting regime still results in a more favorable tradeoff between output and inflation variability than does an inflation-targeting regime.Phillips curve ; Monetary policy ; Inflation (Finance)
[Letter from Milt Phillips to T. N. Carswell - May 22, 1942]
No full textA letter written to Mr. T. N. Carswell, Abilene, Texas, from Milt Phillips, Department Adjutant, The American Legion, Department of Oklahoma, Oklahoma City, dated May 22, 1942. Phillips advises that he was given an assurance from Fred Young that Carswell would provide information on the standing of J. W. Reid as a lawyer, that he accepted a fee to secure a divorce for a soldier, the son of a splendid legionnaire, but an allottment made to the girl and was later cancelled has not yet been stopped
Evaluating the German (New Keynesian) Phillips Curve
No full textThis paper evaluates the New Keynesian Phillips Curve (NKPC) and its hybrid variant within a limited information framework for Germany. The main interest rests on the average frequency of price re-optimization of firms. We use the labor income share as the driving variable and consider a source of real rigidity by allowing for a fixed firm-specific capital stock. A GMM estimation strategy is employed as well as an identification robust method that is based upon the Anderson-Rubin statistic. We find out that the German Phillips Curve is purely forward looking. Moreover, our point estimates are consistent with the view that firms re-optimize prices every two to three quarters. While these estimates seem plausible from an economic point of view, the uncertainties around these estimates are very large and also consistent with perfect nominal price rigidity where firms never re-optimize prices. This analysis also offers some explanations why previous results for the German NKPC based on GMM differ considerably. First, standard GMM results are very sensitive to the way how orthogonality conditions are formulated. Additionally, model misspecifications may be left undetected by conventional J tests. Taken together, this analysis points out the need for identification robust methods to get reliable estimates for the NKPC.inflation dynamics, phillips curve, weak instruments, optimal instruments
Letter from C. H. Daniels to S. J. Phillips
No full textLetter from C. H. Daniels to S. J. Phillips, thanking him for hosting a field trip to the Booker T. Washington Memorial Birthplace
The South African Phillips Curve: How Applicable is the Gordon Model?
No full textIs there a Phillips curve relationship present in South Africa and if so, what form does it take? Traditionally the way to estimate the Phillips curve is merely to regress the change in the price level on a measure of the output gap (or the deviation of actual unemployment from the NAIRU). However, Gordon (1990:481-5) has argued that estimating the Phillips curve in this manner biases the estimated results. Instead, Gordon (1997; 1989) puts forward his so-called triangular model that controls for inertia effects, output level effects and rates-of-change (in output) effects. He applies the model to several European countries, the US and Japan and finds meaningful results. The question this paper poses is whether or not the triangular model also applies to South Africa. In estimating the Phillips curve for South Africa the paper also experiments with four versions of the output gap, based on four different methods to estimate long run output, including the standard Hodrick-Prescott (HP) filter and the production function approach. There are several variants of the Phillips curve. The first, as estimated by Phillips (1958) himself, measures the relationship between wage inflation and unemployment. However, other versions consider the relationship between price inflation and unemployment or price inflation and output. This paper focuses on the latter, given the absence of quarterly unemployment data in South Africa, as well as the lack of a reliable and sufficiently long unemployment time series. The paper first presents an overview of literature on the Phillips curve and its estimation for South Africa and other countries. This is followed by the second section that considers the model to be estimated, the data as well as the discussion of the alternative measures of the output gap. The third section presents the estimated results followed by section four that contains the conclusion and a discussion of the policy implications.
Evolving Phillips trade-off
No full textWe characterise the evolution of the U.S. unemployment-inflation trade-off since the late XIX century era via a Bayesian time-varying parameters structural VAR. The Great Inflation episode appears as historically unique along several dimensions. In particular, the shape of the ‘Phillips loop’–which is defined in terms of the impulse-response functions of inflation and unemployment’s deviations from equilibrium–was, during those years, clearly out of line with respect to the rest of the sample period for all structural innovations except money demand shocks. During the Great Depression, on the other hand, the Phillips trade-off did not exhibit any peculiar qualitative feature, so that, when seen through these lenses, the 1930s only stand out because of the sheer size of the macroeconomic fluctuation. The historical evolution of the Phillips trade-off exhibits virtually no connection with the evolution of the extent of trade openness of the U.S. economy. Although, by itself, this does not rule out a possible impact of globalisation on the slope of the trade-off in recent years, it clearly suggests that, historically, the evolution of the trade-off has been dominated by factors other than trade openness. JEL Classification: E30, E32Bayesian VARs, Globalisation, Great Depression, Great Inflation, identified VARs, Lucas Critique, Phillips trade-off, stochastic volatility, time-varying parameters
- …
