For Britain, during the long period Phillips studied, an unemployment rate of about 2.5% was associated with a rise in wages of about 2% each year. Allowing for productivity growth, that was roughly consistent with stable prices. By and large, higher rates of unemployment were observed when prices were falling; lower rates were observed when prices were rising. The lower the rate of joblessness...

BIS Working Papers are written by members of the Monetary and Economic Department of the Bank for International Settlements, and from time to time by other economists, and are published by the Bank. The views expressed in them are those of their authors and not necessarily the views of the BIS. Abstract We estimate output gaps using three methods for Mainland China on annual data spanning 1982-...

Machine for Stochastic Pi-Calculus (SPiM) ➢ Formalise how the simulator works (program specification). ➢ Prove properties about the simulator (program verification). ➢ Give greater confidence in the simulation results. ➢ Improve on existing simulators (BioSpi). Andrew Phillips BioConcur 2004 19 Machine Data Structures ➢ General Machine Term: νn1 νn2 ...νnN (Σ1 ::Σ2 :: ... ::ΣM :: []) ➢ Syntax D...