Similar Search Results

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

Labour Market Asymmetries in a Monetary Union

Andersen, Torben M.; Seneca, Martin - Institut für Weltwirtschaft (IfW) - 2007

This paper takes a first step in analysing how a monetary union performs in the presence of labour market asymmetries. Differences in wage flexibility, market power and country sizes are allowed for in a setting with both country-specific and aggregate shocks. The implications of asymmetries for...

Persistent link: https://www.econbiz.de/10005076119

Expectations, Monetary Policy, and Labor Markets: Lessons from the Great Depression

Reicher, Christopher P. - Institut für Weltwirtschaft (IfW) - 2009

expectations; in fact, conditions were deflationary all throughout the 1930s in spite of high money growth and low interest rates …

Persistent link: https://www.econbiz.de/10005017500

Evolutionary model of the bank size distribution

Kaldasch, Joachim - Institut für Weltwirtschaft (IfW) - 2013

An evolutionary model of the bank size distribution is presented based on the exchange and expansion of deposit money … theory is to regard the creation of money as a slow process compared to exchange processes of deposit money. The exchange of …

Persistent link: https://www.econbiz.de/10010956102

Statistical theories of income and wealth distribution

Chakrabarti, Anindya S.; Chakrabarti, Bikas K. - Institut für Weltwirtschaft (IfW) - 2009

The distributions of income and wealth in countries across the world are found to possess some robust and stable features independent of the specific economic, social and political conditions of the countries. We discuss a few physics-inspired multi-agent dynamic models along with their...

Persistent link: https://www.econbiz.de/10008561124

International transmission of financial stress: evidence from a GVAR

Dovern, Jonas; Roye, Björn van - Institut für Weltwirtschaft (IfW) - 2013

We analyze the international transmission of financial stress and its effects on economic activity. We construct country specific monthly financial stress indexes (FSI) using dynamic factor models from 1970 until 2012 for 20 countries. We show that there is a strong co-movement of the FSI during...

Persistent link: https://www.econbiz.de/10010886840

Does Short-Time Work Save Jobs? A Business Cycle Analysis

Balleer, Almut; Gehrke, Britta; Lechthaler, Wolfgang; … - Institut für Weltwirtschaft (IfW) - 2013

This paper analyzes the effects of short-time work (i.e., government subsidized working time reductions) on unemployment and output fluctuations. The central question is whether the rule based component (i.e., the existence of the institution short-time work) and the discretionary component...

Persistent link: https://www.econbiz.de/10010886965

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

On the power and weakness of rational expectations: Logical fallacies, periodic bubbles and business cycles

Gracia, Eduard - Institut für Weltwirtschaft (IfW) - 2012

A popular interpretation of the Rational Expectations/Efficient Markets hypothesis states that, if the hypothesis holds, then market valuations must follow a random walk. This postulate has frequently been criticized on the basis of empirical evidence. Yet the assertion itself incurs what we...

Persistent link: https://www.econbiz.de/10010956093

Science and ideology in economic, political and social thought

Hillinger, Claude - Institut für Weltwirtschaft (IfW) - 2007

This paper has two sources: One is my own research in three broad areas: business cycles, economic measurement and social choice. In all of these fields I attempted to apply the basic precepts of the scientific method as it is understood in the natural sciences. I found that my effort at using...

Persistent link: https://www.econbiz.de/10005083341