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Expectations and the stability of stock-flow consistent models
Meijers, Huub; Muysken, Joan; Piccillo, Giulia - 2023
Expectations are usually introduced in macroeconomic stock-flow consistent models (SFC-models from hereon) in an ad hoc way, without much motivation. Moreover, these are usually very simple forms of expectations, and certainly not some form of rational expectations. The implicit assumption is...
Persistent link: https://www.econbiz.de/10014383687
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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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A microfounded sectoral model for open economies
Plasmans, Joseph E. J. (contributor);  … - 2007
Persistent link: https://www.econbiz.de/10003499575
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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
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Dissipative advertising signals quality even without repeat purchases
Linnemer, Laurent (contributor) - 2008
Persistent link: https://www.econbiz.de/10003712507