STABILISATION POLICY - PHILLIPS BEFORE THE ` PHILLIPS CURVE'

The remarkable two contributions to what we call the classical theory of stabilization policy, within the framework of a Multiplier-Accelerator model of Keynesian Macrodynamics were those of Phillips (1954b, 1957). In this brief 60th anniversary homage to the former of the two pioneering contributions, we outline three possible extensions, entirely in the tradition broached by Phillips in his two classics. The underlying theme is to revive the tradition of structured simulations to explore alternative policy regimes, in a traditional framework of nonlinear macrodynamics of coupled economies.