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Globalisation and the Slope of the Phillips Curve
Kohlscheen, Emanuel; Moessner, Richhild - 2021
We study the effects of globalisation on the slope of the New Keynesian Phillips curve for CPI inflation, based on a broad panel of 35 countries and controlling for possibly non-linear exchange rate effects. We find that the output gap generally has a significant positive effect on inflation,...
Persistent link: https://www.econbiz.de/10013322779
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Please Bring Me the New York Times - On the European Roots of Richard Abel Musgrave
Sinn, Hans-Werner - 2021
Richard Musgrave was one of the around 200 academic economists who emigrated from Germany when Fascism came to dominate the country. This memorial lecture traces the German and European roots of Richard Musgrave's oeuvre, trying to shed light on his family background as well as on the political...
Persistent link: https://www.econbiz.de/10013316948
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Liquidity Traps and Large-Scale Financial Crises
Caggiano, Giovanni; Castelnuovo, Efrem; Damette, Olivier; … - 2018
This paper estimates a nonlinear Threshold-VAR to investigate if a Keynesian liquidity trap due to a speculative motive was in place in the U.S. Great Depression and the recent Great Recession. We find clear evidence in favor of a breakdown of the liquidity effect after an unexpected increase in...
Persistent link: https://www.econbiz.de/10011872153
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The quantity theory of money: An assessment of its real linchpin prediction
Hillinger, Claude; Süssmuth, Bernd - 2010
This study approaches the Quantity Theory of Money at a conceptual level, asking how it can be most reasonably …
Persistent link: https://www.econbiz.de/10010276869
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Have Macroeconomic Models Lost Their Connection with Economic Reality?
van Veen, Tom - 2020
Macroeconomic theory has developed into increasingly sophisticated mathematical models. In the words of Mankiw … the development of macroeconomic theory over the past 40 years. The focus is on the main lines of thinking and the story … changes in macroeconomic theory and that the current debates after the GFC will be the start of a more plural approach to …
Persistent link: https://www.econbiz.de/10012214167
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Is Greece Turning the Corner? A Theory-Based Assessment of Recent Greek Macro-Policy
Arghyrou, Michael G. - 2014
We use a macro-theory framework of analysis to assess Greek macro-policy with emphasis on the period of the Greek debt …
Persistent link: https://www.econbiz.de/10010420686
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Have Macroeconomic Models Lost Their Connection with Economic Reality?
van Veen, Tom - 2020
Macroeconomic theory has developed into increasingly sophisticated mathematical models. In the words of Mankiw … the development of macroeconomic theory over the past 40 years. The focus is on the main lines of thinking and the story … changes in macroeconomic theory and that the current debates after the GFC will be the start of a more plural approach to …
Persistent link: https://www.econbiz.de/10012834879
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A Structural Topic Model of the Features and the Cultural Origins of the Baconian Program
Grajzl, Peter; Murrell, Peter - 2017
We use machine-learning methods to study the features and origins of the Baconian program, a cultural and methodological paradigm viewed as providing the intellectual roots for modern economic growth. After building a machine-readable corpus of Bacon's works, we estimate a structural topic...
Persistent link: https://www.econbiz.de/10011657164
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Jean-Michel Grandmont - A Forthcoming Mind
Linnemer, Laurent; Visser, Michael - 2018
contributions to the fields of monetary economics, temporary equilibrium, business cycle theory, and aggregation of individual …
Persistent link: https://www.econbiz.de/10011872117
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Standing on the Shoulders of Giants or Science? – Lessons from Ordoliberalism
Feld, Lars P.; Köhler, Ekkehard A. - 2023
James Buchanan would have celebrated his 100th birthday in 2019. This serves as an inspiration to look at the future of public choice and the question of how much normativity public choice can bear. In our analysis we draw parallels between public choice and German ordoliberalism (and its source...
Persistent link: https://www.econbiz.de/10014290292