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New Trade Theory Takes Over Monetary Theory

Gani, M - EconWPA - 2004

Prevailing trade theory is a neglected stepchild of economics. Micro rejects the sole reason for trade’s occurrence. It … declares zero profit in equilibrium. Monetary theory and macroeconomics dismiss concerns of trade financing. They assert that … money has nothing to do with traded output, but everything to do with storing value. But now a new trade theory takes over …

Persistent link: https://www.econbiz.de/10005408069

Micro Takes Over Macro

Gani, M - EconWPA - 2004

An analytical innovation enhances microeconomics, enabling it to answer all questions of macroeconomics. It combines the production and consumption decisions of the individual in one model. For each individual, it identifies the customers of what he sells, and the suppliers of what he buys. It...

Persistent link: https://www.econbiz.de/10005412698

Capital Accumulation in an Economy with Heterogeneous Agents and Moral Hazard

Bohacek, Radim - EconWPA - 2001

This paper studies a closed economy with a continuum of agents and moral hazard. Economic agents in the economy operate a stochastic production technology with capital and labor inputs in which the latter is private information. I characterize efficient allocations of capital, labor, and...

Persistent link: https://www.econbiz.de/10005125691

Exit Lucas, Reenter Keynes

Gani, Mohammad - EconWPA - 2004

Keynes (1936) said that shortage of money caused by hoarding or failure to invest led to unemployment, but Lucas (1972) said that money does not affect unemployment. The tables have now turned. Gani (2003) produced a model of indirect trade in which money is necessary as a means of payment....

Persistent link: https://www.econbiz.de/10005561133

Economia sintetica

Vildosola, Luis - EconWPA - 1998

Theoretical study identifying one modality with conditions necesary for the financial stabilization of an inherently unstable system; and 5040 other unstable dynamic modes. It draws on knowledge made available by the academic field of Control Engineering.

Persistent link: https://www.econbiz.de/10005125628

Computing Equilibria in Finance Economies

Herings, P.J.J.; Kubler, F. - EconWPA - 2001

Persistent link: https://www.econbiz.de/10005125623

OUTPUT, EMPLOYMENT AND PRICES IN AN ECONOMY WITH ADJUSTMENT COSTS

Mehrez, Gil - EconWPA - 1996

This paper investigates the dynamics of output, employment and prices in an economy with costs of adjusting labor and prices. In an economy with non convex adjustments costs, firms do not adjust labor and prices continuously to accommodate every shift in demand. Rather, firms adjust employment...

Persistent link: https://www.econbiz.de/10005412577

RATIONAL EXPECTATIONS AND MONETARY THEORY: AN INVESTIGATIVE PAPER[1960 - 1989]

NWAOBI, DR. GODWIN CHUKWUDUM - EconWPA - 2005

SINCE 1930, EXPECTATIONS HAVE PLAYED AN IMPORTANT ROLE IN ECONOMIC THEORY AND THIS IS BECAUSE ECONOMICS IS GENERALLY … EXPECTATIONS THEORY WILL MAKE A MORE SIGNIFICANT CONTRIBUTION TO ECONOMICS(AND IN PARTICULAR, MONETARY ECONOMICS) IN THE IMPETUS IT …

Persistent link: https://www.econbiz.de/10005412739

Endogenous Growth Models in Open Economies: A Possibility of Permanent Current Account Deficits

Harashima, Taiji - EconWPA - 2005

The paper explores the impacts of heterogeneity in degree of relative risk aversion on the balance on current account in a two-country endogenous growth model. It concludes that, like the heterogeneity of demographic changes, the heterogeneity in degree of relative risk aversion generates...

Persistent link: https://www.econbiz.de/10005062580

A New Asymptotically Non-Scale Endogenous Growth Model

Harashima, Taiji - EconWPA - 2004

The paper explores an endogenous growth model in which scale effects asymptotically vanish and an economy grows without population growth. The key mechanism behind these features is substitution between investing in capital and in knowledge when firms face growing uncompensated knowledge...

Persistent link: https://www.econbiz.de/10005556039