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Intertwined real and monetary stochastic business cycles
Kakarot-Handtke, Egmont - Volkswirtschaftliche Fakultät, … - 2012
There is no such thing as a real economy. The task, therefore, is to consistently reconstruct the fluctuations of employment and output from the interactions of real and nominal variables. The present paper does exactly this. No nonempirical concepts like utility, equilibrium, rationality,...
Persistent link: https://www.econbiz.de/10011259544
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The Truly General Theory of Employment: How Keynes Could Have Succeeded
Kakarot-Handtke, Egmont - Volkswirtschaftliche Fakultät, … - 2014
There is not much use to attack standard economics because deep in his heart the representative economist long knows that he is tied to a degenerating research program. The problem is, rather, that it seems to be exceedingly difficult to build up a convincing alternative. Keynes, for one, tried...
Persistent link: https://www.econbiz.de/10011259647
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Taxes, profits, and employment: a structural axiomatic analysis
Kakarot-Handtke, Egmont - Volkswirtschaftliche Fakultät, … - 2012
Standard economics is regarded as the theory of the market system. Profit is the pivotal phenomenon of this system. Contrary to expectations, though, profit is neither well defined not fully understood. The frailty of the theoretical core is passed on to the subfields. This paper provides a...
Persistent link: https://www.econbiz.de/10011260990
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Keynes’s missing axioms
Kakarot-Handtke, Egmont - Volkswirtschaftliche Fakultät, … - 2011
Between Keynes’s verbalized theory and its formal basis persists a lacuna. The conceptual groundwork is too small and not general. The quest for a comprehensive formal basis is guided by the question: what is the minimum set of foundational propositions for a consistent reconstruction of the...
Persistent link: https://www.econbiz.de/10009220654
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Unemployment out of nowhere
Kakarot-Handtke, Egmont - Volkswirtschaftliche Fakultät, … - 2011
Unemployment is usually explained with reference to the equilibrium of supply and demand in the labour market. This …
Persistent link: https://www.econbiz.de/10009223360
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Structural unemployment
Herz, Benedikt; Rens, Thijs van - Department of Economics and Business, Universitat … - 2011
Structural unemployment is due to mismatch between available jobs and workers. We formalize this concept in a simple … costs across segments generate structural unemployment. We estimate the contribution of these costs to fluctuations in US … unemployment, operationalizing segments as states or industries. Most structural unemployment is due to wage bargaining costs …
Persistent link: https://www.econbiz.de/10009228781
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Selective hiring and welfare analysis in labor market models
Merkl, Christian; Rens, Thijs van - Department of Economics and Business, Universitat … - 2011
predictions of the model change very little, but the welfare costs of unemployment are much larger because unemployment risk is … distributed unequally across workers. As a result, optimal unemployment insurance may be higher and welfare is lower if hiring is …
Persistent link: https://www.econbiz.de/10009293465
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How important is the intensive margin of labor adjustment?
Rens, Thijs van - Department of Economics and Business, Universitat … - 2011
Using new quarterly data for hours worked in OECD countries, Ohanian and Raffo (2011) argue that in many OECD countries, particularly in Europe, hours per worker are quantitatively important as an intensive margin of labor adjustment, possibly because labor market frictions are higher than in...
Persistent link: https://www.econbiz.de/10009321252
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Increasing returns and stability
Kakarot-Handtke, Egmont - Volkswirtschaftliche Fakultät, … - 2011
Increasing returns are an incontrovertible fact since Adam Smith hailed them as the very originators of wealth, yet they play havoc with general equilibrium. They fit, in marked contrast, nicely into the structural axiomatic framework. This indicates that it is worthwhile to replace the...
Persistent link: https://www.econbiz.de/10009278289
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Unemployment out of nowhere – a structural axiomatic analysis of objective determinants
Kakarot-Handtke, Egmont - Volkswirtschaftliche Fakultät, … - 2011
Unemployment is usually explained with reference to the equilibrium of supply and demand in the labour market. This …
Persistent link: https://www.econbiz.de/10009207081