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Towards Keynesian DSGD (isequilibrium) Modelling: Real-Financial Market Interactions with Heterogeneous Expectations Dynamics
Charpe, Matthieu; Flaschel, Peter; Hartmann, Florian; … - 2012
We consider an alternative modelling approach to the mainstream DSGE paradigm, namely basically a Dynamic Stochastic General Disequilibrium model of continuous adjustment processes on interacting real and financial markets. We introduce heterogeneous capital gain expectations (chartists and...
Persistent link: https://www.econbiz.de/10010460516
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Aggregate Demand, Aggregate Supply, and Endogenous Growth: A Synthetic neo-Kaleckian Model
Palley, Thomas I. - 2010
whereby unemployment affects investment and growth. The model generates a growth unemployment rate trade-off. A reduced … propensity to save raises growth but it also raises the unemployment rate because of induced technological progress. This … unemployment affects income distribution; introduction of a Phillips curve and inflation effects; and introduction of demand growth …
Persistent link: https://www.econbiz.de/10010460491