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Credit-driven investment, heterogeneous labour markets and macroeconomic dynamics
Charpe, Matthieu; Flaschel, Peter; Krolzig, Hans-Martin; … - 2013
dynamics, heterogeneous labor markets, dual and cross-dual wage-price adjustment processes, as well as counter …
Persistent link: https://www.econbiz.de/10009746983
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Prosperity and stagnation in capitalist economies
Asada, Tōichirō; Flaschel, Peter; Skott, Peter - 2005
The KMG growth dynamics in Chiarella and Flaschel (2000) assume that wages, prices and quantities adjust sluggishly to disequilibria in labor and goods markets. This paper modifies the KMG model by introducing Steindlian features of capital accumulation and income distribution. The resulting...
Persistent link: https://www.econbiz.de/10011527466
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Contemporary Macroeconomic Outcomes : A Tragedy in Three Acts
Flaschel, Peter; Luchtenberg, Sigrid; Krämer, Hagen; … - 2021
inflationary pressures - but at the cost of decoupling real wage growth from productivity growth. This last outcome fueled rising … income inequality and hollowed out the wage-funded, consumption-led core of the demand-generating process. The demand …
Persistent link: https://www.econbiz.de/10013241337
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Macroeconomic and stock market interactions with endogenous aggregate sentiment dynamics
Flaschel, Peter; Charpe, Mattieu; Galanis, Giorgos; … - 2017
This paper studies the implications of heterogeneous capital gain expectations on output and asset prices. We consider a disequilibrium macroeconomic model where agents' expectations on future capital gains affect aggregate demand. Agents' beliefs take two forms - fundamentalist and chartist -...
Persistent link: https://www.econbiz.de/10011671937
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Macroeconomic and stock market interactions with endogenous aggregate sentiment dynamics
Flaschel, Peter; Charpe, Matthieu; Galanis, Giorgos; … - 2017
This paper studies the implications of heterogeneous capital gain expectations on output andasset prices. We consider a disequilibrium macroeconomic model where agents' expectations on future capital gains affect aggregate demand. Agents' beliefs take two forms - fundamentalist and chartist -...
Persistent link: https://www.econbiz.de/10011736031
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Macroeconomic and stock market interactions with endogenous aggregate sentiment dynamics
Flaschel, Peter; Charpe, Matthieu; Galanis, Giorgos; … - 2017
This paper studies the implications of heterogeneous capital gain expectations on output and asset prices. We consider a disequilibrium macroeconomic model where agents' expectations on future capital gains affect aggregate demand. Agents' beliefs take two forms - fundamentalist and chartist -...
Persistent link: https://www.econbiz.de/10011657761
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Wage and Price Phillips Curves
Krolzig, Hans-Martin; Flaschel, Peter - Royal Economic Society - RES - 2003
. Convergence to this growth path can be generated in two ways: a Blanchard-Katz-type error-correction mechanism in the money-wage … Phillips curve or a modified Taylor rule that is augmented by a term, which transmits increases in the wage share (real unit … labor costs) to increases in the nominal rate of interest. Thus the model is characterized by local instability of the wage …
Persistent link: https://www.econbiz.de/10005022102
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Wage and Price Phillips Curves An empirical analysis of destabilizing wage-price spirals
Krolzig, Hans-Martin; Flaschel, Peter - Department of Economics, Oxford University - 2003
. Convergence to this growth path can be generated in two ways: a Blanchard-Katz-type error-correction mechanism in the money-wage … Phillips curve or a modified Taylor rule that is augmented by a term, which transmits increases in the wage share (real unit … labor costs) to increases in the nominal rate of interest. Thus the model is characterized by local instability of the wage …
Persistent link: https://www.econbiz.de/10010605118
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Wage and Price Phillips Curves An empirical analysis of destabilizing wage-price spirals
Flaschel, Peter; Krolzig, Hans-Martin - Economics Group, Nuffield College, University of Oxford - 2003
. Convergence to this growth path can be generated in two ways: a Blanchard-Katz-type error-correction mechanism in the money-wage … Phillips curve or a modified Taylor rule that is augmented by a term, which transmits increases in the wage share (real unit … labor costs) to increases in the nominal rate of interest. Thus the model is characterized by local instability of the wage …
Persistent link: https://www.econbiz.de/10005730280
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Stabilizing an unstable economy: on the choice of proper policy measures
Asada, Toichiro; Chiarella, Carl; Flaschel, Peter; … - 2009
Currently, many monetary and fiscal policy measures are aimed at preventing the financial market meltdown that started in the US subprime sector and has spread worldwide as a great recession. Although some slow recovery appears to be on the horizon, it is worthwhile exploring the fragility and...
Persistent link: https://www.econbiz.de/10010299486