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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
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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
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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
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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
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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
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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
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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
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Government spending composition, aggregate demand, growth and distribution
Tavani, Daniele; Zamparelli, Luca - 2015
We study a demand-driven growth and distribution model with a public sector, both without and with government debt. Government spending is used to finance the accumulation of public capital and to pay wages to public employees. The interaction between public capital and induced technical change...
Persistent link: https://www.econbiz.de/10011498364
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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
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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