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-economy are presented. First, my theory endogenizes completely the three-equation Klein model of consumption function, savings …In this paper, I present a theory of dynamic economic growth, business cycles, and asset pricing that integrates (1 … intertemporal consumption and portfolio decisions by risk-averse capitalists facing a contractual labor cost.The aggregate labor …
Persistent link: https://www.econbiz.de/10012743189
macrodynamic modeling. We start from a simple prototype small scale model of private debt and income with fixed prices. This system … is similar to the Lotka-Volterra predator-prey system, in which private debt plays the role of predator and income plays …
Persistent link: https://www.econbiz.de/10010854863
The object of this paper is to analyse the links between income distribution and growth in a finance-led economy, with … macroeconomic and income distribution dynamic. We will use the steady-state case and simulations experiments to analyse model …
Persistent link: https://www.econbiz.de/10005510651
foreign banks. We investigate the effects and interactions that these features have on trade and financial flows, income …
Persistent link: https://www.econbiz.de/10011159177
financialisation to the macroeconomy: first, the effect on income distribution, second, the effects on investment in capital stock … income at the expense of the labour income share and depressed investment in capital stock, each a major feature of …
Persistent link: https://www.econbiz.de/10010955082
financialisation to the macroeconomy: first, the effect on income distribution, second, the effects on investment in capital stock … income at the expense of the labour income share and depressed investment in capital stock, each a major feature of …
Persistent link: https://www.econbiz.de/10010925524
The basic asset pricing equation is adapted to include the effects of unemployment, consumers’ expectations, the price level and money supply on money market rates and government bond yields. Expected consumption growth is modelled using European unemployment figures and Eurostat Consumer...
Persistent link: https://www.econbiz.de/10009418500
In this paper, we study the fundamental relation between the numerous macroeconomic releases and the term structure of interest rates via a dynamic factor model. We use two dynamic factors to extract the systematic information from a wide array of noisy and sparsely observed macroeconomic...
Persistent link: https://www.econbiz.de/10012735187
-day conditions, the paper builds on Keynes's insights in his General Theory on the stock exchange by going back to his Treatise …
Persistent link: https://www.econbiz.de/10012736330
This work is rather an empirical study about the ECB policy reaction function (PRF) as well as the effects that macroeconomic data releases have on the term structure of interest rates. The study shows that even though forecasts on the policy rate and the term structure of interest rates improve...
Persistent link: https://www.econbiz.de/10012718317