A 2008-ban kitört pénzügyi válság ráirányította a figyelmet a mainstream makroökonómiára, amely a válság elõrejelzésében és magyarázatában rossz teljesítményt nyújtott. Az újklasszikus és az újkeynesi iskola közötti konszenzus eredményeként létrejött DSGE-modellek...

In the conventional textbook demand-supply model of competitive labour markets, introduction of a minimum wage above the market-clearing level must reduce employment. Empirical findings suggest, however, that this might not always be the case, which appears to be most readily explained by...

In the conventional textbook demand-supply model of competitive labour markets, introduction of a minimum wage above the market-clearing level must reduce employment. Empirical findings suggest, however, that this might not always be the case, which appears to be most readily explained by...

This paper explores French assets returns predictability within a VAR setup. Using quarterly data from 1970Q4 to 2006Q4, it turns out that bonds, equities and bills returns are actually predictable. This feature implies that the investment horizon does indeed matter in the asset allocation. The...

We start out from the hypothesis that limited government leads to low uncertainty and low transaction costs. If political institutions affect the degree of uncertainty and transaction costs, we formally show they should affect the steady state level of income per capita. The impact of...