Browsing by Author "Scobie, Grant M"
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Item Open Access If Bill Phillips were Governor ...? Some implications of his work for contemporary macroeconomic policy(Te Herenga Waka—Victoria University of Wellington, 2020) Scobie, Grant MThe purpose of this essay is to address the question: “Are there elements of Phillip's work that are still relevant today for macroeconomic policymaking today?” In undertaking this task, I will draw on the summary of his work from the second part of Allan Bollard's book "A Few Hares to Chase: The Economic Life and Times of Bill Phillips". But I will also cast the net a little wider to draw on the writings of others who have reviewed and built on the work of Phillips; and naturally, I will call on a number of the original papers by Phillips. However, any suggestion that I will fully capture all that has been written about Phillips, his life and work, must be summarily dismissed. Put “AWH Phillips economist” into Google search and one gets 201,100 links; for “Phillips curve” a mere 717,000. The essay proceeds as follows. Phillips’ work is grouped into four broad areas: - Inflation and Unemployment - Dynamic Stabilisation and Optimal Control - Economic growth - Econometrics This is followed by a brief discussion of forecasting and policy models with a sketch of their use in selected countries. A concluding section follows.