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Doepke, Matthias; Tertilt, Michele - 2016

Much of macroeconomics is concerned with the allocation of physical capital, human capital, and labor over time and across people. The decisions on savings, education, and labor supply that generate these variables are made within families. Yet the family (and decision-making in families) is...

Persistent link: https://www.econbiz.de/10011454407

Revisiting (and connecting) Marglin-Bhaduri and Minsky : an SFC look at financialization and profit-led growth

Santos, Claudio Hamilton Matos dos; Silva, Antonio … - 2009

Many heterodox strands of thought share both a concern with the study of different phases or growth regimes in the history of capitalism and the use of formal short-run models as an analytical tool. This text suggests that: (1) this strategy is potentially misleading; (2) that the stock-flow...

Persistent link: https://www.econbiz.de/10003859971

Evolving macroeconomic perceptions and the term structure of interest rates

Orphanides, Athanasios; Wei, Min - 2010

Persistent link: https://www.econbiz.de/10003932770

Revisiting "New Cambridge" : the three financial balances in a general stock-flow consistent applied modeling strategy

Santos, Claudio Hamilton Matos dos; Silva, Antonio … - 2010

This paper argues that modified versions of the so-called “New Cambridge” approach to macroeconomic modeling are both quite useful for modeling real capitalist economies in historical time and perfectly compatible with the “vision” underlying modern Post-Keynesian stock-flow consistent...

Persistent link: https://www.econbiz.de/10003974894

The dismal state of macroeconomics and the opportunity for a new beginning

Wray, L. Randall - 2011

) coming. Obviously, the answer is complex, but it must include reference to the evolution of macroeconomic theory over the … leave out the parallel developments in finance theory - with its efficient markets hypothesis - and in approaches to … 12 and 17 of the General Theory. It essentially reduced Keynes to sticky wages and prices, with nonneutral money only in …

Persistent link: https://www.econbiz.de/10008906589

The PPP puzzle : what the data tell when allowed to speak freely

Jusélius, Katarina (contributor) - 2007

Persistent link: https://www.econbiz.de/10003603877

Allowing the data to speak freely : the macroeconometrics of the cointegrated vector autoregression

Hoover, Kevin D. (contributor); … - 2007

Persistent link: https://www.econbiz.de/10003603883

Challenges in macro-finance modeling

Kim, Don H. - 2007

This paper discusses various challenges in the specification and implementation of "macro-finance" models in which macroeconomic variables and term structure variables are modeled together in a no-arbitrage framework. I classify macro-finance models into pure latent-factor models ("internal...

Persistent link: https://www.econbiz.de/10003675524

Calibration of normalised CES production functions in dynamic models

Klump, Rainer (contributor); Saam, Marianne (contributor) - 2006

Normalising CES production functions in the calibration of basic dynamic models allows to choose technology parameters in an economically plausible way. When variations in the elasticity of substitution are considered, normalisation is necessary in order to exclude arbitrary effects. As an...

Persistent link: https://www.econbiz.de/10003394117

The macroeconomics of TANSTAAFL

Grossmann, Volker; Steger, Thomas M.; Trimborn, Timo - 2011

This paper shows that dynamic inefficiency can occur in dynamic general equilibrium models with fully optimizing, infinitely-lived households even in a situation with underinvestment. We identify necessary conditions for such a possibility and illustrate it in a standard R&D-based growth model....

Persistent link: https://www.econbiz.de/10009380412

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