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International capital allocations and the Lucas Paradox redux
Chirinko, Robert S.; Mallick, Debdulal - 2019
This paper studies the marginal product of private capital (MPK) with new data and a new framework to obtain a better understanding of international capital allocations and the Lucas Paradox (LP). Our point of departure is three influential studies of MPK's and, based on the most recently...
Persistent link: https://www.econbiz.de/10012057304
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Behavioral economics and macroeconomic models
Driscoll, John C.; Holden, Steinar - 2014 - This version: 7 April 2014
Over the past 20 years, macroeconomists have incorporated more and more results from behavioral economics into their models. We argue that doing so has helped fixed deficiencies with standard approaches to modeling the economy-for example, the counterfactual absence of inertia in the standard...
Persistent link: https://www.econbiz.de/10010350486
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Searching for Keynes : an essay on the political economy of fiscal policy, with application to Canada, 1870-2000 - revised version
Winer, Stanley L.; Ferris, John Stephen - 2003
Keynes' General Theory (1936) is arguably one of the most important books of the twentieth century. His ideas for … stabilizing the aggregate economy have profoundly influenced economic theory as well as popular opinion about what governments can … and should do with respect to the business cycle. On the other hand, whether Keynesian theory has substantially altered …
Persistent link: https://www.econbiz.de/10011509394
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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/10011863616
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Have macroeconomic models lost their connection with economic reality?
Veen, Tom van - 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/10012211109
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Reasons for the demise of interest : savings glut and secular stagnation or central bank policy?
Mayer, Thomas; Schnabl, Gunther - 2019
, from the perspective of Austrian business cycle theory, interest rates were step by step decreased by central banks to … nihilo and the need of time to produce capital invalidates the IS identity assumed in the Keynesian theory to hold …
Persistent link: https://www.econbiz.de/10012124862
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Economic incentives and social preferences : a preference-based Lucas critique of public policy
Bowles, Samuel; Polanía Reyes, Sandra - 2009
Policies and explicit private incentives designed for self-regarding individuals sometimes are less effective or even counterproductive when they diminish altruism, ethical norms and other social preferences. Evidence from 51 experimental studies indicates that this crowding out effect is...
Persistent link: https://www.econbiz.de/10003872219
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Linear identification of linear rational-expectations models by exogenous variables reconciles Lucas and Sims
Zadrozny, Peter A. - 2022
Linear rational-expectations models (LREMs) are usually "forwardly" estimated. Structural coefficients are restricted in terms of deep parameters. For given deep parameters, structural equations are solved for rational-expectations solution (RES) eqs. that determine endogenous variables. For...
Persistent link: https://www.econbiz.de/10014322086
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Back to Keynes?
Ploeg, Frederick van der (contributor) - 2005
After a brief review of classical, Keynesian, New Classical and New Keynesian theories of macroeconomic policy, we assess whether New Keynesian Economics captures the quintessential features stressed by J.M. Keynes. Particular attention is paid to Keynesian features omitted in New Keynesian...
Persistent link: https://www.econbiz.de/10002746101
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Using chebyshev polynomials to approximate partial differential equations
Caporale, Guglielmo Maria (contributor);  … - 2008
Persistent link: https://www.econbiz.de/10003712503