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Learning as a Rational Foundation for Macroeconomics and Finance
Evans, George W.; Honkapohja, Seppo - 2011
Expectations play a central role in modern macroeconomics. The econometric learning approach, in line with the cognitive consistency principle, models agents as forming expectations by estimating and updating subjective forecasting models in real time. This approach provides a stability test for...
Persistent link: https://www.econbiz.de/10014183715
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Learning as a rational foundation for macroeconomics and finance
Evans, George W.; Honkapohja, Seppo - 2011
Persistent link: https://www.econbiz.de/10008909537
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'Relative Movements of Real Wages and Output' – How Does Keynes's 1939 Essay Relate to His Principle of Effective Demand?
Hartwig, Jochen - 2014
General Theory because, in this essay, Keynes relaxed his core assumption of decreasing marginal returns to labour. Non …-decreasing marginal returns, however, do not sit comfortably with the prime innovation of the General Theory: the Principle of Effective … General Theory thus has to be put into perspective …
Persistent link: https://www.econbiz.de/10013056413
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The struggle over the real wage in the monetary production economy
Matallana, Hernando - 2009
Persistent link: https://www.econbiz.de/10003844619
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Wage cyclicality and labour market institutions
Pereira, João Manuel; Ramos, Raúl; Martins, Pedro S. - 2024
Do labour institutions influence how wages respond to the business cycle? Such responsiveness can then shape several economic outcomes, including unemployment. In this paper, we examine the role of two key labour market institutions - collective bargaining and temporary contracts - upon wage...
Persistent link: https://www.econbiz.de/10014486321
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The role of real wages, productivity, and fiscal policy in Germany's Great Depression 1928 - 37
Fisher, Jonas D. M. (contributor);  … - 2001 - [Elektronische Ressource]
Persistent link: https://www.econbiz.de/10001621869
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Why does the cyclical behavior of real wages change over time?
Huang, Kevin X. D. (contributor); Liu, Zheng (contributor);  … - 2002 - [Elektronische Ressource]
Persistent link: https://www.econbiz.de/10001801030
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The role of real wages, productivity, and fiscal policy in Germany's Great Depression 1928 - 37
Fisher, Jonas D. M.; Hornstein, Andreas - 2001
Persistent link: https://www.econbiz.de/10001652560
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Measuring the Cyclicality of Real Wages : How Important is Composition Bias
Solon, Gary; Barsky, Robert B.; Parker, Jonathan A. - 2021
In the period since the 1960's, as in other periods, aggregate time series on real wages have displayed only modest cyclicality. Macroeconomists therefore have described weak cyclicality of real wages as a salient feature of the business cycle. Contrary to this conventional wisdom, our analysis...
Persistent link: https://www.econbiz.de/10013221934
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Real Wages Over the Business Cycle
Barsky, Robert B.; Solon, Gary - 2021
This paper is an examination of cyclical real wage behavior in the United States since World War II. Like most previous aggregate studies. ours finds little cyclicalitv in aggregate industry real wage data. On the other hand, our analysis of longitudinal microdata from the Panel Study of Income...
Persistent link: https://www.econbiz.de/10013226933