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Ail
An amazing work of fiction, crafted in the most tantalizing of forms combining historical fact with modern fiction, created by GA of representational narrative. Lacking nothing, yet containing everything, a classic in its own right.
AIL Theory and the Ailing Phillips Curve
This paper presents empirical evidence from U.S. data of a structurally stable aggregate supply relationship between real and nominal rates of interest and the rate of unemployment. The paper reviews theories of contracts that are based on the twin assumptions of asymmetric information and limited collateral and it argues that these theories (referred to as A.I.L. theories) provide a strong theoretical foundation for a contract-based theory of aggregate supply. It is suggested that the original Phillips curve estimates should be reinterpreted in the light of A.I.L. theories which represent alternatives to the Phelps-Friedman interpretation of the Phillips relationship.
