Showing 1 - 10 of 11
Some economists (Mirowski, 2002) have asserted that the neoclassical economic model was motivated by Newtonian mechanics. This viewpoint encourages confusion. Theoretical mechanics is firmly grounded in reproducible empirical observations and experiments, and provides a very accurate description...
Persistent link: https://www.econbiz.de/10005835811
In their path-finding 1973 paper Black and Scholes presented two separate derivations of their famous option pricing partial differential equation (pde). The second derivation was from the standpoint that was Black’s original motivation, namely, the capital asset pricing model (CAPM). We show...
Persistent link: https://www.econbiz.de/10005837022
This paper studies the cyclical fluctuations of the Middle East and North Africa countries in interaction with world …
Persistent link: https://www.econbiz.de/10009226814
is to re-evaluate this object of analysis in the light of the evolution of the theory of fluctuations to which it belongs … (Keynes, Hayek, Hicks) dealt with expectations and their disappointment in their theory of fluctuations. Part II provides … relevance of the theory of fluctuations as one moves from the years of high theory to the more recent years of rational …
Persistent link: https://www.econbiz.de/10008595630
In this article, we develop a standard short-run Kaleckian macromodel. First, we study the stability of equilibrium and make some comparative static exercises. Then, we take into account different specifications for an endogenous propensity to invest and systematically analyze the short-run...
Persistent link: https://www.econbiz.de/10008541507
It is well known that a one-dimensional discrete-time model may yield endogenous fluctuations while this is impossible … aggregation issue. They have proposed a "random-lags approach" as a way of preserving fluctuations while relaxing the discrete … result that economies at an intermediate level of financial development may be prone to economic fluctuations continues to …
Persistent link: https://www.econbiz.de/10005619978
The role of expectations and of their disappointment in determining economic fluctuations was first studied by the … fluctuations and the changes in the time structure of production. Our introduction endeavours to highlight the strengths and …
Persistent link: https://www.econbiz.de/10005621411
The aim of this paper is to answer a simple question: Are fluctuations, and especially temporary decline, in …
Persistent link: https://www.econbiz.de/10008869277
This paper assesses the applicability of new Keynesian DSGE models to a typical low income economy like those in Sub Saharan Africa. To this effect, we first review the development, criticisms and recent advances in DSGE modeling. Then we assess the implications of the assumptions of the...
Persistent link: https://www.econbiz.de/10009021960
explanations for the size of fluctuations of prices; our failure to explain the causes of growth and of the spread of innovation …
Persistent link: https://www.econbiz.de/10005789422