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-cultural communication theory, which starts out from the observation thatthe Chinese model was already influential during the European … woven together in a comparison between Confucianthinking and Adam Smith, especially with regard to the ‘Theory of Moral …
Persistent link: https://www.econbiz.de/10009005039
of evolutionary theory to thedevelopment of concrete middle-range theories of specific economic phenomena. The purposeof … further the development of an evolutionary theory of economicgrowth. I will demonstrate the value of generalized Darwinism in … strengths of these three theories. The result of thisexercise is a theory of the firm as a Darwin machine that better captures …
Persistent link: https://www.econbiz.de/10009138618
Das vorliegende Papier beschäftigt sich mit der Frage, wie viele ausländische Euro-Münzenpro Tag in ein Euro-Land einströmen. Dafür formulieren wir ein kleines formalmathematischesModell, das wir für den Fall Deutschlands und 1-Euro-Münzen kalibrieren.Die Einführung der Euro-Münzen 2002...
Persistent link: https://www.econbiz.de/10005866103
This paper analyzes the recently documented instability of money demand in theeuro area in the framework of a Markov switching trend model. First, we consider astandard flexible price model with stable money demand, rational expectations, andan exogenous income-money ratio which follows a Markov...
Persistent link: https://www.econbiz.de/10005867935
Traditional monetary theory has largely ignored the role ofbank equity. Bank-centered accounts of how monetarypolicy …
Persistent link: https://www.econbiz.de/10005869391
Based on an experimental analysis of a simple monetary economy we argue that a monetary system is more stable than one would expect from individual rationality. Weshow that positive reciprocity stabilizes the monetary system, provided everyparticipant considers accepting money as a reasonable...
Persistent link: https://www.econbiz.de/10005858586
[...]The first intellectual development challenging the use ofan activist monetary policy to stimulate output and reduceunemployment is the finding, most forcefully articulatedby Milton Friedman, that the effects of monetary policyhave long and variable lags.1 The uncertainty of the timingand...
Persistent link: https://www.econbiz.de/10005870226
[...]In the case studies that follow, we will see that thedesign choices for an inflation-targeting regime fall intofour basic categories: definition and measurement of thetarget, transparency, flexibility, and timing.[...]
Persistent link: https://www.econbiz.de/10005870227
Many features of the German monetary targetingregime are also key elements of inflationtargeting in the other countries examined inthis study. Indeed, as pointed out in Bernanke and Mishkin(1997), Germany might best be thought of as a “hybrid”inflation targeter, in that it has more in common...
Persistent link: https://www.econbiz.de/10005870228
[...]This paper traces the evolution of Fedwire fromtwelve separate payment operations, linked only by aninterdistrict communications arrangement, to a more unifiedand efficient system. Our account highlights both thedifficulties the Federal Reserve encountered as it soughtto standardize and...
Persistent link: https://www.econbiz.de/10005870268