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A multiplicity of approaches to institutional analysis : applications to the government and the arts
Frey, Bruno S. - 2009
Four types of economicsʺ relevant for institutional analysis are distinguished: Standard Neoclassical Economics; Socio-Economics or Social Economics; New Institutional Economics; and Psychological Economics (often misleadingly called Behavioural Economics). The paper argues that an extension of...
Persistent link: https://www.econbiz.de/10003872188
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The empirics of general equilibrium trade theory : what have we learned?
Bernhofen, Daniel - 2010
data. Three lessons stand out. First, competitive and new trade theory models are complementary rather than competing ways …. -- testing and estimation of neoclassical trade theory …
Persistent link: https://www.econbiz.de/10008732327
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Something out of nothing? : Neoclassical growth and the "trivial" steady state
Hakenes, Hendrik (contributor); Irmen, Andreas (contributor) - 2006
A common perception about the neoclassical growth model is that an economy devoid of capital cannot evolve to strictly positive levels of output if capital is essential. We challenge this view by positing a broad class of production functions, encompassing the neoclassical production function,...
Persistent link: https://www.econbiz.de/10003301114
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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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Catching-up and credit booms in Central and Eastern European EU member states and acceding countries : an interpretation within the new neoclassical synthesis framework
Backé, Peter (contributor); Wójcik, Cezary (contributor) - 2006
Persistent link: https://www.econbiz.de/10003395266
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Endogenous capital- and labor-augmenting technical change in the neoclassical growth model
Irmen, Andreas; Tabakovic, Amer - 2015
The determinants of the direction of technical change and their implications for economic growth and economic policy are studied in the one-sector neoclassical growth model of Ramsey, Cass, and Koopmans extended to allow for endogenous capital- and labor-augmenting technical change. We develop a...
Persistent link: https://www.econbiz.de/10011404419