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On the economic crisis and the crisis of economics

Beker, Victor A. - Institut für Weltwirtschaft (IfW) - 2010

The outburst of the 2008 global economic crisis sparked a myriad of criticism on mainstream neoclassical economic theory, held responsible for not even have considered the possibility of the kind of collapse that the subprime mortgage meltdown unleashed. In this paper, it is argued that what...

Persistent link: https://www.econbiz.de/10008597180

Endogenous Indexing and Monetary Policy Models

Mash, Richard - Institut für Weltwirtschaft (IfW) - 2007

Models in which firms use a rule of thumb or partial indexing in price setting are prominent in the recent monetary policy literature. The extent to which these firms adjust their prices to lagged inflation has been taken as fixed. We consider the implications of firms choosing the optimal...

Persistent link: https://www.econbiz.de/10005083332

Does Macroeconomics Need Microeconomic Foundations?

Da Silva, Sergio - Institut für Weltwirtschaft (IfW) - 2009

The author argues that it is microeconomics that needs foundations, not macroeconomics. Preferences need to be built on biology, and, in particular, on neuroscience. In contrast, macroeconomics could benefit from rationalizations of aggregate economic phenomena by non-equilibrium statistical...

Persistent link: https://www.econbiz.de/10005083350

Endogenous Indexing and Monetary Policy Models

Mash, Richard - Institut für Weltwirtschaft (IfW) - 2007

Models in which firms use rules of thumb or partial indexing in their price setting have become prominent in the recent monetary policy literature. The extent to which these firms adjust their prices to lagged inflation has been taken as fixed. We consider the implications of firms choosing the...

Persistent link: https://www.econbiz.de/10005818884

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

Coordination in the El Farol Bar problem: The role of social preferences and social networks

Chen, Shu-Heng; Gostoli, Umberto - Institut für Weltwirtschaft (IfW) - 2013

In this paper, the authors continue the pursuit of the self-coordination mechanism as studied in the El Farol Bar problem. However, in addition to efficiency (the optimal use of the public facility), they are also interested in the distribution of the public resources among all agents. Hence,...

Persistent link: https://www.econbiz.de/10010956095

The Effect of Labor Migration on the Diffusion of Democracy: Evidence from a Former Soviet Republic

Mahmoud, Toman Omar; Rapoport, Hillel; Steinmayr, Andreas; … - Institut für Weltwirtschaft (IfW) - 2013

Migration contributes to the circulation of goods, knowledge, and ideas. Using community and individual-level data from Moldova, we show that the Emigration episode that started in the late 1990s strongly affected political preferences and electoral outcomes in Moldova during the following...

Persistent link: https://www.econbiz.de/10010886978

Science and ideology in economic, political and social thought

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

the natural sciences. I found that my effort at using natural science methods in economics was met with little … political science have given me additional insights into the destructive role of ideology beyond the history of thought …

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

Diversity of science linkages and innovation performance: some empirical evidence from Flemish firms

Cassiman, Bruno; Veugelers, Reinhilde; Zuniga, Pluvia - Institut für Weltwirtschaft (IfW) - 2009

This paper examines the diversity of the types of links of firms to science and their effect on innovation performance … for a sample of Belgian firms. While at the industry level links to science are highly related to the R&D intensity of the … sector, we show that there exists considerable heterogeneity in the type of links to science at the firm level. Overall …

Persistent link: https://www.econbiz.de/10005083361

Focused power: Experiments, the Shapley-Shubik power index, and focal points

Geller, Chris R.; Mustard, Jamie; Shahwan, Ranya - Institut für Weltwirtschaft (IfW) - 2013

Experiments evaluate the fit of human behaviour to the Shapley-Shubik power index (SSPI), a formula of voter power. Groups of six subjects with differing votes divide a fixed purse by majority rule in online chat rooms. Earnings proxy for measured power. Chat rooms and processes for selecting...

Persistent link: https://www.econbiz.de/10010956071