Session Two (Chapters 1-3) Chapter 1 is an intentionally grandiose introduction to the king. His name is presented twice at the outset, a stylistic touch that sets the stage for the continuous procession of dyads through the description of the Persian court (cf. Levenson, Esther 10-11). Honor and royalty are linked repeatedly throughout the chapter; names, titles, and positions seem to be of pr...

Phillips curves are generally estimated under the assumption of linearity and parameter constancy. Linear models of inflation, however, have recently been criticized for their poor forecasting performance. The author investigates the linearity and constancy assumptions of a standard reduced-form Phillips curve for Canada using two different techniques: (i) the methodology proposed by Bai and Pe...

The relationship between in‡ation and the output gap can be modeled simply and e¤ectively by including an unobserved random walk component in the model. The dynamic properties match the stylized facts and the random walk component satis…es the properties normally required for core in‡ation. The model may be generalized to as to include a term for the expectation of next period’s output, but it ...

We compute the response of output to a monetary shock in a general equilibrium model in which firms set prices subject to a menu cost as well a costly observation of the state. We consider economies that are observationally equivalent with respect to the average frequency and size of price adjustments, and show that these economies respond differently to monetary shocks, depending on the size o...

The debate over the Phillips Curve as the relation between level of unemployment rate and inflation rate in historical economics is shortly reviewed. By using the analysis in the Extreme Value Theory, i.e.: the rank order statistics the unemployment and inflation data over countries from various regions are observed. The calculations brought us to conjecture that there exists the general patter...

Ceramics marked with the Phillips name are frequently found in estate auctions, antiques shops, and historical societies in New England. While transfer printed wares predominate, the firm produced a range of earthenwares, including flow blue, creamware, edged ware, painted pearlware, plain white ironstone, and luster. Printed pieces were often marked with a transfer containing the name of the p...