| An Appreciation of A. W. Phillips (2007) | |||||||||||||
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| A way to honor A. W. Phillips is to describe the continuing influence of one of his enduring contributions to economic dynamics, his remarkable 1959 Biometrika paper about how discrete time observations can be used to restrict a continuous time linear model. That paper precisely described what later came to be known as the problem of `aggregation over time,' set forth a framework for studying it, and achieved useful characterizations of it. Phillips's 1959 paper partly shared the destiny of John F. Muth's two 1960 and 1961 papers about rational expectations. It took years for other economists to recognize how much more could be done with their ideas. In 1960, both Phillips and Muth were far ahead of most other economists in their understanding of the technicalities of time series analysis, and their appreciation for its potential applications to economic dynamics.Economists were not to take up the inquiry from the point left off by Phillips until t | |||||||||||||
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