Narrow search
Showing 1 - 10 of 111
Cover Image
Macroeconomic and stock market interactions with endogenous aggregate sentiment dynamics
Flaschel, Peter; Charpe, Matthieu; Galanis, Giorgos; … - 2017
This paper studies the implications of heterogeneous capital gain expectations on output andasset prices. We consider a disequilibrium macroeconomic model where agents' expectations on future capital gains affect aggregate demand. Agents' beliefs take two forms - fundamentalist and chartist -...
Persistent link: https://www.econbiz.de/10011984254
Cover Image
Heterogenous Behavioral Expectations, FX Fluctuations and Dynamic Stability in a Stylized Two-Country Macroeconomic Model
Proaño, Christian R. - 2009
In this paper the role of behavioral forecasting rules of chartist and fun-damentalist type for the dynamic macroeconomic stability of a two-country system is investigated both analytically and numerically. The main result of the paper is that for large trend-chasing parameters in the chartist...
Persistent link: https://www.econbiz.de/10010460481
Cover Image
Instability, stationary utilization and effective demand: A synthesis of Harrodian and Kaleckian growth theory
Schoder, Christian - 2012
Within a Kaleckian framework, Harrodian instability and a constant long-run utilization rate are reconciled with the principle of effective demand by endogenizing the capacity output-capital ratio. Its change over time is argued to be a positive function of the utilization rate. As stabilizing...
Persistent link: https://www.econbiz.de/10010460533
Cover Image
Estimating Keynesian models of business fluctuations using Bayesian Maximum Likelihood
Schoder, Christian - 2016
. Further, a baseline Dynamic Stochastic General Equilibrium model is superior in terms of the marginal likelihood. Comparative …
Persistent link: https://www.econbiz.de/10011522242
Cover Image
Heterogenous Behavioral Expectations, FX Fluctuations and Dynamic Stability in a Stylized Two-Country Macroeconomic Model
Proano, Christian R. - Institut für Makroökonomie und Konjunkturforschung … - 2009
In this paper the role of behavioral forecasting rules of chartist and fun-damentalist type for the dynamic macroeconomic stability of a two-country system is investigated both analytically and numerically. The main result of the paper is that for large trend-chasing parameters in the chartist...
Persistent link: https://www.econbiz.de/10005026917
Cover Image
Instability, stationary utilization and effective demand: A synthesis of Harrodian and Kaleckian growth theory
Schoder, Christian - Institut für Makroökonomie und Konjunkturforschung … - 2012
Within a Kaleckian framework, Harrodian instability and a constant long-run utilization rate are reconciled with the principle of effective demand by endogenizing the capacity output-capital ratio. Its change over time is argued to be a positive function of the utilization rate. As stabilizing...
Persistent link: https://www.econbiz.de/10010625644
Cover Image
The return of black box economics: A critique of Keen on effective demand and changes in debt
Reissl, Severin - 2015
In a paper for the Review of Keynesian Economics, Steve Keen recently provided a restatement of his claim that "effective demand equals income plus the change in debt". The aim of the present article is to provide a detailed critique of Keen's argument using an analytical framework pioneered by...
Persistent link: https://www.econbiz.de/10010520611
Cover Image
A Keynesian Dynamic Stochastic Labor-Market Disequilibrium model for business cycle analysis
Schoder, Christian - 2015
shares the type of micro-foundation known from neoclassical Dynamic Stochastic General Equilibrium (DSGE) models but …
Persistent link: https://www.econbiz.de/10011372380
Cover Image
Interest, debt and capital accumulation - a Kaleckian approach
Hein, Eckhard - 2005
-run equilibrium values of capacity utilisation, capital accumulation and the rate of profit are derived, and the long run effects on … the equilibrium debt-capital-ratio are also analysed. It is shown, that the effects of interest variations on the … endogenously determined equilibrium values of the model do not only depend on the parameter values in the saving and investment …
Persistent link: https://www.econbiz.de/10010460432
Cover Image
Wage bargaining and monetary policy in a Kaleckian monetary distribution and growth model: trying to make sense of the NAIRU
Hein, Eckhard - 2005
In a Kaleckian monetary distribution and growth model with conflict inflation we assess the role of a Non Accelerating Inflation Rate of Unemployment (NAIRU). The short run stability of a NAIRU is examined taking into account real debt effects of accelerating and decelerating inflation, and the...
Persistent link: https://www.econbiz.de/10010460435