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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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Philosophers and economists can agree on the intergenerational discount rate and climate policy paths
Nesje, Frikk; Drupp, Moritz A.; Freeman, Mark C.; … - 2022
The estimated values to society from long-term public projects, including climate change mitigation and infrastructure construction, are highly sensitive to the social discount rate (SDR) employed. Governmental guidance on social discounting has predominantly been based on input from expert...
Persistent link: https://www.econbiz.de/10013365181
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How "Chicagoan" are Gary Becker's economic models of marriage?
Grossbard-Shechtman, Shoshana - 2009
models. At the market level, Becker offers two major types of models: partial equilibrium models based on Price Theory as … possible intellectual influences on Becker's theory of marriage, compares Becker's research on marriage with that of some …
Persistent link: https://www.econbiz.de/10003850161
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A ranking method based on handicaps
Demange, Gabrielle - 2014
Ranking methods are fundamental tools in many areas. Popular methods aggregate the statements of 'experts' in different ways. As such, there are various reasonable ranking methods, each one of them more or less adapted to the environment under consideration. This paper introduces a new method,...
Persistent link: https://www.econbiz.de/10010246005
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Non-standard errors
Menkveld, Albert J. - 2021
In statistics, samples are drawn from a population in a data-generating process (DGP). Standard errors measure the uncertainty in sample estimates of population parameters. In science, evidence is generated to test hypotheses in an evidence-generating process (EGP). We claim that EGP variation...
Persistent link: https://www.econbiz.de/10012696895
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On credibility and causality in economics : a critical appraisal
Bergh, Andreas; Wichardt, Philipp C. - 2024 - This version: July 9, 2024
Establishing causal relationships is a core aspect of empirical economics. Borrowing ideas from the medical sciences, we propose tentative guidelines for reliable causal inferences that cover aspects related to both the study itself and its fit with the existing background knowledge. Moreover,...
Persistent link: https://www.econbiz.de/10014632289
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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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The epistemic vices of democracies in the age of populism
Bonatti, Luigi - 2023
rationally (in the sense of rational choice theory) pursuing them. This leads to a certain skepticism towards the idealization of …
Persistent link: https://www.econbiz.de/10014315089
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Did we overestimate the role of social preferences? : the case of self-selected student samples
Falk, Armin; Meier, Stephan; Zehnder, Christian - 2010
Social preference research has fundamentally changed the way economists think about many important economic and social phenomena. However, the empirical foundation of social preferences is largely based on laboratory experiments with self-selected students as participants. This is potentially...
Persistent link: https://www.econbiz.de/10008697134