Liquidity economics October 16, 2013 at 7:21 am


I had heard of this but never seen it until recently: this is a part of the Phillips Hydraulic Computer or Monetary National Income Analogue Computer. Personally I agree with Simon Wren-Lewis: more data-based empirical models which give some insight into a key issue or two, like Phillips’, and fewer theoretically sound models ignorant of reality would improve macro hugely.

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