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This paper examines Robert E. Lucas's views on the relationship of macroeconomics to real world economic phenomena, and on Keynes's place in its history, suggesting that these stem from a particular and debatable understanding of how the subdiscipline has evolved. It considers some implications...
Persistent link: https://www.econbiz.de/10009447272
still cannot explain the the holding and valuation of money. Using the concept of team-production of Alchian and Demsetz and … money but it is the organising feature of modern economies, giving rise to both episodes of stability and crises. In … constructing this argument I consider both orthodox and heterodox points of view. We analyse equilibrium models of money, and find …
Persistent link: https://www.econbiz.de/10009465939
Rising wage inequality in the U.S. and Britain and rising continental European unemployment have led to a popular view …
Persistent link: https://www.econbiz.de/10009476767
minimum wage may increase unemployment (although the estimates arenot robust). There are no discernable effects of minimum …Taking advantage of a complex minimum wage structure in Honduras, this paper examines how changes in minimum wages over … the 1990-2004 period affect unemployment as well as the employment and average wages of workers in different sectors of …
Persistent link: https://www.econbiz.de/10009477114
Farmers’ problems and co-ordination of agricultural activities cannot be solved simply by EU and/or government support, or by private market co-ordination institutions. Emerging producer groups and co-operatives seem vital in achieving bargaining power. Theoretically, and according to Western...
Persistent link: https://www.econbiz.de/10009445194
contains a variety of rationing methods to be ap- plied to micro-economic disequilibrium models of the lagom model family. This …
Persistent link: https://www.econbiz.de/10009449065
This paper formalizes the price and asset allocation mechanism of multi-unit double auctions in Xetra, the electronic equity trading system operated by the German stock exchange. The trading principles are embedded into the classical theory of quantity rationing. The properties of Xetra auctions...
Persistent link: https://www.econbiz.de/10009452510
The theoretical relation between exchange rate and prices has been a difficult proposition to find supporting evidence despite many studies of developed economies using standard research methods. The exchange rate to price relation appears to hold in the long run only, a result consistent with...
Persistent link: https://www.econbiz.de/10009441759
time-to-collision (TTC), distance, and rate of image expansion ( ROE), all of which have received empirical support. We …
Persistent link: https://www.econbiz.de/10009447903
random effects. In this paper, the long-term survivor mixture model is extended for the analysis of multivariate failure time …
Persistent link: https://www.econbiz.de/10009448034