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Modeling Maximum Entropy and Mean-Field Interaction in Macroeconomics

Di Guilmi, Corrado; Gallegati, Mauro; Landini, Simone - Institut für Weltwirtschaft (IfW) - 2008

The representation of the economic system, from a complexity perspective, focuses on interactions among heterogeneous agents in conditions of uncertainty. Heterogeneity entails asymmetric reactions to shocks and, through interaction mechanisms and feedback loops at micro, macro and meso level,...

Persistent link: https://www.econbiz.de/10005097468

Business Cycles and FDI: Evidence from German Sectoral Data

Buch, Claudia M.; Lipponer, Alexander - Institut für Weltwirtschaft (IfW) - 2005

Globalization has effected business cycle developments in OECD countries and has increased activities of firms across national borders. This paper analyzes whether these two developments are linked. We use a new firm-level dataset on the foreign activities of German firms to test whether foreign...

Persistent link: https://www.econbiz.de/10010887024

A reappraisal of the inflation-unemployment tradeoff

Karanassou, Marika; Sala, Héctor; Snower, Dennis J. - Institut für Weltwirtschaft (IfW) - 2005

interplay between nominal frictions and money growth. When the money supply grows in the presence of price inertia (due to … staggered wage contracts with time discounting), the price adjustments to each successive change in the money supply are never … effects. Although our theory contains no money illusion, no permanent nominal rigidities, and no departure from rational …

Persistent link: https://www.econbiz.de/10010955553

The New Economy ; What Is Really New?

Siebert, Horst - Institut für Weltwirtschaft (IfW) - 2000

This paper analyzes some of the elements of the new economy. What is really new is first of all the technological innovation. In economic terms what is new is a new product. The new IT product brought about by the new technology means two different things: a new device to handle data and to...

Persistent link: https://www.econbiz.de/10005818826

The Price-Price Phillips Curve in Small Open Economies and Monetary Unions: Theory and Empirics

Vaona, Andrea - Institut für Weltwirtschaft (IfW) - 2014

This paper extends the efficiency wages/partially adaptive expectations Phillips curve, otherwise known as the price-price Phillips curve, from a closed economy context to an open economy one with both commodity trade and capital mobility. We also consider the case of a monetary union (a...

Persistent link: https://www.econbiz.de/10010886968

Social networks and macroeconomic stability

Chen, Shu-Heng; Chang, Chia-Ling; Wen, Ming-Chang - Institut für Weltwirtschaft (IfW) - 2013

We construct an agent-based New Keynesian DSGE model with different social network structures to investigate the significance of network topologies to macroeconomic stability. According to our simulation results, we find that the more liquid the information flow, the higher the stability of the...

Persistent link: https://www.econbiz.de/10010956024

Financial stress, regime switching and macrodynamics: Theory and empirics for the US, EU and non-EU countries

Chen, Pu; Semmler, Willi - Institut für Weltwirtschaft (IfW) - 2013

Over-borrowing and financial stress has recently become an important issue in macroeconomic and policy discussions in the US as well as in the EU. In this paper we study two regimes of financial stress. In a regime of high financial stress, stress shocks can have large and persistent impacts on...

Persistent link: https://www.econbiz.de/10010956058

Banking concentration and financial stability: Evidence from developed and developing countries

Ali, Ben; Sami, Mohamed; Intissar, Timoumi; Zeitun, Rami - Institut für Weltwirtschaft (IfW) - 2015

In this paper, the authors analyze the relationship between banking concentration and financial stability for a sample of 173 developed and developing countries over the period 1980-2011. First, they empirically examined the direct effect of banking concentration on financial stability by using...

Persistent link: https://www.econbiz.de/10011262999

Debt deleveraging and business cycles: An agent-based perspective

Raberto, Marco; Teglio, Andrea; Cincotti, Silvano - Institut für Weltwirtschaft (IfW) - 2011

clearly confirm that the amount of credit money in the economy is a very important variable, that can affect economic …

Persistent link: https://www.econbiz.de/10009246869

Individual Expectations and Aggregate Behavior in Learning to Forecast Experiments

Hommes, Cars; Lux, Thomas - Institut für Weltwirtschaft (IfW) - 2008

Models with heterogeneous interacting agents explain macro phenomena through interactions at the micro level. We propose genetic algorithms as a model for individual expectations to explain aggregate market phenomena. The model explains all stylized facts observed in aggregate price fluctuations...

Persistent link: https://www.econbiz.de/10005755154