Introduction to the New Keynesian Phillips curve

In most industrialized economies inflation tends to be pro-cyclical; that is, inflation is high during times of high economic activity. When economic activity is measured by the unemployment rate this statistical relationship is known as the Phillips curve.Inflation (Finance) ; Phillips curve

Complexity Theory, Adaptation, and Administrative Law

Recently, commentators have applied insights from complexity theory to legal analysis generally and to administrative law in particular. This Article focuses on one of the central problems that complexity. theory addresses, the importance and mechanisms of adaptation within complex systems. In Part I, the Article uses three features of complex adaptive systems-emergence from self-assembly, nonlinearity, and sensitivity to initial conditions-and explores the extent to which they may add value as a matter of positive analysis to the understanding of change within legal systems. In Part H, the Article focuses on three normative claims in public law scholarship that depend explicitly or implicitly on notions of adaptation: that states offer advantages over the federal government because experimentation can make them more adaptive, that federal agencies should themselves become more experimentalist using the tool of adaptive management, and that administrative agencies shou Id adopt collaborative mechanisms in policymaking. Using two analytic tools found in the complexity literature, the genetic algorithm and evolutionary game theory, the Article tests the extent to which these three normative claims are borne out

Accounting for Science: The Independence of Public Research in the New, Subterranean Administrative Law

The White House Office of Management and Budget (OMB) is putting the final touches on a system designed to account for the science used by federal agencies in their administrative missions. There are reasons for concern that OMB\u27s new programs could be used to skew the system by which regulatory science is generated in the first place

Problems for a fundamental theory of house prices

We describe a simple model of the demand for housing and show that on a balanced growth path the rate at which the relative price of housing changes over time is determined by the relative productivity growth rates of the housing sector and the rest of the economy. A calibrated version of the model has only limited success in accounting for the increased rate of house price appreciation since the mid-1990s. We then extend the model to include a collateral constrained consumer. We show that the impact of collateral constraints is limited. Collateral constraints may affect the level of the housing price path, but they do not affect the growth rate of housing prices.Housing - Prices

Inventory investment and the business cycle

Inventories ; Business cycles

Growth accounting with technological revolutions

Technology ; Productivity