This fifth volume in the International Papers in Political Economy (IPPE) series focuses on the theme of path dependency and macroeconomics in terms of both theory and applications. The volume examines how path dependency is linked with notions of fundamental uncertainty, non-ergodicity and...

Macroeconomics is the application of economic theory to the study of the economy’s growth, cycle and price-level determination. Macroeconomics takes account of stylized facts observed in the real world and builds theoretical frameworks to explain such facts. Economic growth is a stylized fact...

Part I Introduction to Agent Based Economics (Editors) -- A brief historical and theoretical overview of the methodology -- From the micro to the macro -- Part II Getting started: The logical structure of an AB model -- Thinking agents and their behaviors -- Thinking market structures --...

The recent economic events driven by the big financial crisis of 2007-08 has cogently put to the fore the limits and drawbacks of the ruling research paradigm in macroeconomics. This volume goes to the root of the problem by offering a workable alternative to the renowned issue of the...

This volume features contributions to agent-based computational modeling from the social sciences and computer sciences. It presents applications of methodologies and tools, focusing on the uses, requirements, and constraints of agent-based models used by social scientists. Topics include...

Having the high unemployment in Germany in mind, this book discusses how macroeconomic theory has evolved over the past forty years. It shows that in recent years a convergence has taken place, with modern models embodying a Keynesian transmission mechanism, monetarist policy implication, and...

Einleitendes -- Einleitendes -- Grundlagen der Makroökonomik -- Präkeynesianische Makroökonomik. Darstellung und Kritik -- Keynesianische Beschäftigungstheorie: Die kurze Sicht -- Konventionelle Analysen von Inflation und Wachstumsprozessen -- Makroökonomik für Fortgeschrittene --...

The book introduces the New Keynesian framework, historically through a literature overview and through a step-by-step derivation of a New Keynesian Phillips curve, an intertemporal IS curve, and a targeting rule for the central bank. This basic version is then expanded by introducing cost and...

This book looks at the PPP persistence puzzle, and econometric aspects of exchange rate dynamics and their implications. It also explores the importance of exchange rate dynamics in the pass-through effects (PTE) and the econometric aspects of the exchange rates dynamics linked to structural...

Text 4. In diesem Buch wird die aktuelle Problematik der weltweit niedrigen Leitzinsen aufgegriffen und das auf John M. Keynes zurückgehende Konzept der Liquiditätsfalle in die moderne Makroökonomik übertragen. In drei einfachen dynamischen Modellen wird untersucht, ob die Liquiditätsfalle...