We consider a multi-sector overlapping generations model with oligopolistic firms in the output markets and wage-setting trade unions in the labour markets. A coordination problem between firms creates multiple temporary equilibria which are either Walrasian or of the Keynesian unemployment...

Within a macroeconomic disequilibrium model it turns out that stationary and simple adaptive policies are not capable of stabilizing efficient steady states and lead to periodic or irregular fluctuations for large sets of policy parameters. The application of recent control methods for chaotic...

This paper reviews Chilean stabilization policy during the 1990s andargues that, while the merits of Chilean policy should be praised, there are fourpuzzles in conventional interpretations of the Chilean experience worth studying.First, the policy of targeting indexed interest rates does not...

In makroökonomischen Theorien findet häufig eine separate Betrachtung von Wachstums- und Konjunkturphänomenen statt. Untersuchungen des Konjunkturverlaufs richten den Blick zumeist auf kurzfristige Anpassungsprozesse, wohingegen sich wachstumstheoretische Fragestellungen auf die langfristige...

The purpose of this thesis is twofold: First, it aims at detecting empirical regularities of the business cycle in Denmark, Germany and the U.S. Second, it tries to give a theoretical explanation for these stylized facts. The thesis is fully in line with the modern analysis of business cycles in...