Recent economic crisis started from the American Housing. In 2005, the price of housing started to grow and for gaining more profit, the banks inclined to housing and provided applicants with lots of facilities. With the burst of price bubbles, intense reduction of prices occurred in the housing...

We report results on the ex ante predictability of monthly excess stock returns in Germany using real-time and revised macroeconomic data. Our real-time macroeconomic data cover the period 1994-2005. We report three results. 1) Real-time macroeconomic data did not contribute much to ex ante...

Das ifo Institut begleitet seit seiner Gründung im Jahr 1949 das aktuelle Wirtschaftsgeschehen durch seine regelmäßigen Konjunkturumfragen und Konjunkturprognosen. Daneben hat das ifo Institut aber immer auch Aufsätze zur methodischen Basis seiner Konjunkturforschung veröffentlicht. Die...

Das ifo Institut begleitet seit seiner Gründung im Jahr 1949 das aktuelle Wirtschaftsgeschehen durch seine regelmäßigen Konjunkturumfragen und Konjunkturprognosen. Im Jahr 2007 hat das ifo Institut zur methodischen Basis seiner Konjunkturforschung einen ersten Sammelband mit ausgewählten...

Milton Friedman's contributions to and influence on macroeconomics are discussed, beginning with his work on the consumption function and the demand for money, not to mention monetary history, which helped to undermine the post World War 2 Keynesian consensus in the area. His inter-related...

In this paper, we explore a dynamical version of by Aoki and Yoshikawa model (AYM) for an economy driven by demand. We show that when an appropriate Markovian dynamics is taken into account, AYM has different equilibrium distributions depending on the form of transition probabilities. In the...

A large market economy has a huge number of degrees of freedom with weak microlevel coordination. The 'implicit microfoundations' approach assumes this property of micro-level interactions more strongly conditions macro-level outcomes compared to the precise details of individual choice...

In this paper, the authors explore a dynamical version of the Aoki and Yoshikawa model (AYM) for an economy driven by demand. They show that when an appropriate Markovian dynamics is taken into account, the AYM has different equilibrium distributions depending on the form of transition...

A large market economy has a huge number of degrees of freedom with weak microlevel coordination. The 'implicit microfoundations' approach considers this property of micro-level interactions to more strongly determine macro-level outcomes compared to the precise details of individual choice...