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Central banking and crisis management from the perspective of Austrian business cycle theory
Schnabl, Gunther - 2016
The paper analyses the evolvement and effects of central bank crisis management since the mid 1980s based on a Hayek-Mises-Wicksell overinvestment framework. It is shown that, given that the traditional transmission mechanism between monetary policy and consumer price inflation has collapsed,...
Persistent link: https://www.econbiz.de/10011561161
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Financial returns to collecting rare political economy books
Ursprung, Heinrich W. - 2021
Rare books of political economy are eminently collectable. Using historical prices, I employ hedonic regressions to estimate financial returns to collecting the works of ten eminent political economists and develop a price index for this corpus of collectables. For the observation period...
Persistent link: https://www.econbiz.de/10012437910
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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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Capital-skill complementarity and the emergence of labor emancipation
Ashraf, Quamrul H.; Cinnirella, Francesco; Galor, Oded; … - 2017
This paper advances a novel hypothesis regarding the historical roots of labor emancipation. It argues that the decline of coercive labor institutions in the industrial phase of development has been an inevitable by-product of the intensification of capital-skill complementarity in the...
Persistent link: https://www.econbiz.de/10011638304
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Value function iteration as a solution method for the Ramsey model
Heer, Burkhard (contributor); Maußner, Alfred (contributor) - 2008
Persistent link: https://www.econbiz.de/10003688879
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Forecasting random walks under drift instability
Pesaran, M. Hashem (contributor); Pick, Andreas (contributor) - 2008
Persistent link: https://www.econbiz.de/10003711763
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Courts in a transition economy : case disposition and the quantity-quality tradeoff in Bulgaria
Dimitrova-Grajzl, Valentina; Grajzl, Peter; Slavov, Atanas - 2015
. We draw on a new court-level panel dataset from Bulgaria to study the determinants of court case disposition and to …
Persistent link: https://www.econbiz.de/10010498609
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External monetary shocks and monetary integration : evidence from the Bulgarian currency board
Minea, Alexandru; Rault, Christophe - 2011
Starting July the 1st 1997, Bulgaria adopted a Currency Board (CB) monetary system. This paper aims at investigating if … better (with respect to other CEEC) monetary integration of Bulgaria with the European Monetary Union (EMU). Since Bulgarian … terms of integration of Bulgaria into the EMU. -- Currency Board ; Bulgaria ; monetary shocks ; ECB interest rate ; FED …
Persistent link: https://www.econbiz.de/10009012188
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Academic exclusion : some experiences
Hillman, Arye L.; Ursprung, Heinrich W. - 2016
We describe and compare the experiences of academic exclusion of Alexander Del Mar, J.A. Hobson, and Gordon Tullock. While aspects of the circumstances differed, a common element was academic exclusion because of challenges to mainstream views. Alexander Del Mar, J.A. Hobson, and Gordon Tullock...
Persistent link: https://www.econbiz.de/10011481205
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Another road to serfdom
Komlos, John - 2016
Friedrich Hayek's The Road to Serfdom is an influential book more than seventy years after its publication. This paper examines his arguments and finds that they come up short in many ways and suggests that we have taken "another road to serfdom". Hayek's mind was completely closed to the...
Persistent link: https://www.econbiz.de/10011497774