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Macroeconomic expectations of households amd professional forecasters

Carroll, Christopher D. - 2002

Economists have long emphasized the importance of expectations in determining macroeconomic outcomes Yet there has been … almost no recent effort to model actual empirical expectations data; instead macroeconomists usually simply assume … expectations are rational This paper shows that while empirical household expectations are not rational in the usual sense …

Persistent link: https://www.econbiz.de/10010293441

Expectations as reference points: Field evidence from experienced subjects in a competitive, high-stakes environment

Bartling, Björn; Brandes, Leif; Schunk, Daniel - 2012

We show that professional soccer players exhibit reference-dependent behavior during matches. Controlling for the state of the match and for unobserved heterogeneity, we show on a minute-by-minute basis that a player breaches the rules of the game, measured by the referee's assignment of cards,...

Persistent link: https://www.econbiz.de/10010316909

A Deliberative Independent Central Bank

Jericha, Erwin; Schürz, Martin - 2006

The paper develops a communication game that is applied to the question of central bank policy and independence. The game is about the preferred degree of conservatism of monetary policy and the game setting consists of a principal (politics), an agent (central bank) and an observer (financial...

Persistent link: https://www.econbiz.de/10013370050

Expropriation and the location of farmland investment: A theoretical investigation into the land rush

Rosete, Alfredo R. - 2015

The sudden rise in land acquisitions in developing countries during the last decade has drawn the attention of scholars and think tanks. A set of recent papers by Deininger (2011), Deininger (2013), and Arezki et al. (2013) sought to understand the empirical determinants of the land rush. They...

Persistent link: https://www.econbiz.de/10011788884

Decentralized trade, Random utility and the evolution of social welfare

Kandori, Michihiro; Serrano, Robert; Volij, Oscar - 2004

We study decentralized trade processes in general exchange economies and house allocation problems with and without money. Such processes are subject to persistent random shocks stemming from agents’ maximization of random utility. By imposing structure on the utility noise term —logit...

Persistent link: https://www.econbiz.de/10010318996

Joint procurement by heterogeneous buyers

Helmrath, Isabel; Hunold, Matthias; Muthers, Johannes - 2022

We analyze self- and joint procurement of countries with heterogeneous demand for a good offered by a price discriminating monopolist. We find that not only countries with low but also with high demand can benefit from committing to jointly procure equal quantities at a uniform price, even if...

Persistent link: https://www.econbiz.de/10014374407

Evolutionary Choice of Markets

Gerber, Anke; Bettzüge, Marc Oliver - Institut für Schweizerisches Bankwesen <Zürich>; … - 2004

We consider an economy where a finite set of agents can trade on one of two asset markets. Due to endogenous participation the markets may differ in the liquidity they provide. Moreover, traders have idiosyncratic preferences for the markets, e.g. due to differential time preferences for...

Persistent link: https://www.econbiz.de/10005859375

Debt, Boom, Bust: A Theory of Minsky-Veblen Cycles

Kapeller, Jakob; Schütz, Bernhard - 2012

This paper reflects on the development leading to the recent crisis and interprets this development as a series of events within a Minsky-Veblen Cycle. To illustrate this claim we introduce conspicuous consumption concerns, as described by Veblen, into a stock flow consistent Post Keynesian...

Persistent link: https://www.econbiz.de/10010294885

Conspicuous consumption, inequality and debt: The nature of consumption-driven profit-led regimes

Kapeller, Jakob; Schütz, Bernhard - 2012

This paper extends the theoretical concept of wage-led and profit-led demand regimes, first introduced by Amit Bhaduri and Steven Marglin in the early 1990s, by incorporating relative consumption concerns. Specifically, it integrates the Veblenian concept of conspicuous consumption into a...

Persistent link: https://www.econbiz.de/10010294925

Financing the capital development of the economy: A Keynes-Schumpeter-Minsky synthesis

Mazzucato, Mariana; Wray, Larry Randall - 2015

This paper discusses the role that finance plays in promoting the capital development of the economy, with particular emphasis on the current situation of the United States and the United Kingdom. We define both "finance" and "capital development" very broadly. We begin with the observation that...

Persistent link: https://www.econbiz.de/10011545297

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