We reconsider the issue of the (non-)equivalence of period and continuous time analysis in macroeconomic theory and its implications for the existence of chaotic dynamics in empirical macroeconomics. We start from the methodological precept that period and continuous time representations of the...

This paper demonstrates that demand pressure, besides hybrid cost-pressure, matters both on the labor market and on the market for goods in the determination of wage and price inflation. We discuss theoretically and estimate for the USA wage and price Phillips curves exhibiting their own demand...

This paper demonstrates that demand pressure, besides hybrid cost-pressure, matters both on the labor market and on the market for goods in the determination of wage and price inflation. We discuss theoretically and estimate for the USA wage and price Phillips curves exhibiting their own demand...

In this paper we construct a model of stock market, interest rate and output interaction which is a generalization of the well known 1981 model of Blanchard. We allow for imperfect substitutability between stocks and bonds in the asset market and for lagged portfolio adjustment. The reaction of...

We present a macroeconomic growth model in which investment in physical capital exhibits positive externalities which raise the stock of knowledge. Treating physical capital and knowledge as two separate variables, we show that the model can generate endogenous growth. It is demonstrated that...

We present a macroeconomic growth model in which investment in physical capital exhibits positive externalities which raise the stock of knowledge. Treating physical capital and knowledge as two separate variables, we show that the model can generate endogenous growth. It is demonstrated that...

In this paper we construct a model of stock market, interest rate and output interaction which is a generalization of the well known 1981 model of Blanchard. We allow for imperfect substitutability between stocks and bonds in the asset market and for lagged portfolio adjustment. The reaction of...