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Financial system fragility models
Iancu, Aurel - 2011
characteristic of the three generations of models; 2. Models based on financial instability hypothesis, taking into account both the … dynamics of financial market as well as the role of uncertainty, interdependency and dynamic complexity. We present here Minsky …'s concept of financial instability and then analyse the content of some simplified models. …
Persistent link: https://www.econbiz.de/10010527416
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Minsky moments, Russell chickens, and Gray swans: The methodological puzzles of the financial instability analysis
Vercelli, Alessandro - 2009
and scope of the 'financial instability hypothesis' (FIH). We argue that we need a broader approach than that … transition from stability to instability. In this paper we aim to contribute to this challenging task by restating the strictly …
Persistent link: https://www.econbiz.de/10010281698
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A perspective on Minsky moments: The core of the financial instability hypothesis in light of the subprime crisis
Vercelli, Alessandro - 2009
the 'financial instability hypothesis' (FIH). We limit the analysis to the core of FIH-that is, to its strictly financial … alternative approach to account for the cyclical fluctuations of financial conditions that endogenously generate instability and …
Persistent link: https://www.econbiz.de/10010281751
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Pro-shareholder income distribution, debt accumulation, and cyclical fluctuations in a post-Keynesian model with labor supply constraints
Sasaki, Hiroaki; Fujita, Shinya - In: European Journal of Economics and Economic Policies: … 11 (2014) 1, pp. 10-30
In modern capitalist economies, income distribution has a tendency to be in favor of shareholders. This paper interprets pro-shareholder distribution as a decrease in the retention ratio of firms and an increase in the profit share. We introduce labor supply constraints into a post-Keynesian...
Persistent link: https://www.econbiz.de/10014363193
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An empirical evaluation of three post Keynesian models
Skott, Peter - 2010
Structuralist and post Keynesian models differ in their assumptions about firms' investment behavior and pricing/output decisions. This paper compares three benchmark models: Kaleckian, Robinsonian and Kaldorian. We analyze the implications of these models for the steady growth path and the...
Persistent link: https://www.econbiz.de/10010287839
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Cyclical patterns of employment, utilization and profitability
Zipperer, Ben; Skott, Peter - 2010
The interaction between income distribution, accumulation, employment and the utilization of capital is central to macroeconomic models in the 'heterodox' tradition. This paper examines the stylized pattern of these variables using US data for the period after 1948. We look at the trends and...
Persistent link: https://www.econbiz.de/10010287851
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Business cycles in small, open economies: Evidence from panel data between 1900 and 2013
Miyamoto, Wataru; Nguyen, Thuy Lan - 2016
Using a novel data set for 17 countries dating from 1900 to 2013, we characterize business cycles in both small developed and developing countries in a model with financial frictions and a common shock structure. We estimate the model jointly for these 17 countries using Bayesian methods. We...
Persistent link: https://www.econbiz.de/10011756431
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A finite set of equilibria for the indeterminacy of linear rational expectations models
Chatelain, Jean-Bernard; Ralf, Kirsten - 2014
This paper demonstrates the existence of a finite set of equilibria in the case of the indeterminacy of linear rational expectations models. The number of equilibria corresponds to the number of ways to select n eigenvectors among a larger set of eigenvectors related to stable eigenvalues. A...
Persistent link: https://www.econbiz.de/10010378075
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Intra-Industry Trade, Involuntary Unemployment and Macroeconomic Stability
Le Riche, Antoine; Lloyd-Braga, Teresa; Modesto, Leonor - 2021
We study the impact of intra-industry trade and capital mobility on steady state welfare and on the stability properties of two countries with identical technologies and preferences. We consider a two-factor overlapping generations model, featuring one-sector of differentiated goods with taste...
Persistent link: https://www.econbiz.de/10012497948
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The monetary economy and the economic crisis
Laidler, David - 2010
The monetary economy has properties that cannot be analyzed using the tools of today's dynamic general equilibrium analysis. Keynes's economics, far from being an aberration in the otherwise orderly evolution of modern macroeconomics from Adam Smith's ideas about the invisible hand, was a major...
Persistent link: https://www.econbiz.de/10010291902