Preface by Robert Leeson

Summary

Virtually all of contemporary macroeconomics is underpinned by a Phillips Curve of one variety or another; yet most of this literature displays a curious neglect of the theoretical dynamic stabilization perspective provided by A.W.H. ‘Bill’ Phillips. This volume of Phillips' complete published output integrates Phillips' empirical work with his theoretical contribution. In addition to these twelve chapters, twenty-nine of the world's leading authorities in their field have contributed thirty-two chapters (thirty of which have been specially commissioned) to highlight and interpret Phillips' on-going influence. This volume also contains six of Phillips' previously unpublished essays, plus a little-known book review. Four of these essays were thought to have been lost. A fifth essay (Phillips' second empirical Phillips curve) was previously an obscure working paper of which few copies circulated. The sixth essay is a forerunner of the Lucas Critique written by Phillips, in longhand, shortly before his death. It seems likely that nobody has ever seen this remark- able essay before.

Regrettably, we have, so far, been unable to locate four of Phillips' unpublished papers. The Final Report of the London School of Economics Project on Dynamic Process Analysis (dated 1963) listed as ‘substantially completed’ three essays by Phillips: ‘Minimum Identification Conditions for the Derivation of Optimum Linear Decision Rules’, ‘Efficient Estimation of Multivariate Difference Equations with Serially Correlated Disturbances’ and ‘A General Method of Obtaining Optimal Linear Decision Rules for Multivariate Dynamic Systems’.