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The "Schumpeterian" and the "Keynesian" Stiglitz: Learning, coordination hurdles and growth trajectories
Dosi, Giovanni; Virgillito, Maria Enrica - 2016
theme in Joe Stiglitz monumental work, namely, the analysis of economies characterised by persistent learning and …This work, which shall contribute to the Fest "A Just Society: Honouring Joseph Stiglitz", discusses a major unifying … beyond Schumpeterian concerns. In this short essay, we shall illustrate this point with reference to some of Stiglitz works …
Persistent link: https://www.econbiz.de/10011789723
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Identification of animal spirits in a bounded rationality model: An application to the euro area
Jang, Tae-Seok; Sacht, Stephen - 2012
In this paper we empirically examine a heterogeneous bounded rationality version of a hybrid New-Keynesian model. The model is estimated via the simulated method of moments using Euro Area data from 1975Q1 to 2009Q4. It is generally assumed that agents' beliefs display waves of optimism and...
Persistent link: https://www.econbiz.de/10010310636
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Optimistic, but not in control: Life-orientation and the theory of mixed control
Urbig, Diemo; Monsen, Erik - 2009
efficacy beliefs regarding others and chance. A first empirical survey-based test produces substantial support for our theory …
Persistent link: https://www.econbiz.de/10010266644
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The Dynamics of Supply and Economic Growth: How Industrial Knowledge Accumulation Drives a Path Dependent Economic Process
Eliasson, Gunnar - 1987
Persistent link: https://www.econbiz.de/10010334925
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The monetary economy and the economic crisis
Laidler, David - 2010
Adam Smith's ideas about the invisible hand, was a major contribution to an ongoing tradition in monetary theory in whose …
Persistent link: https://www.econbiz.de/10010291902
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Fairness and competition in a bilateral matching market
Bester, Helmut - 2021
This paper analyzes fairness and bargaining in a dynamic bilateral matching market. Traders from both sides of the market are pairwise matched to share the gains from trade. The bargaining outcome depends on the traders' fairness attitudes. In equilibrium fairness matters because of market...
Persistent link: https://www.econbiz.de/10012653512
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Fairness and competition in a bilateral matching market
Bester, Helmut - 2021
This paper analyzes fairness and bargaining in a dynamic bilateral matching market. Traders from both sides of the market are pairwise matched to share the gains from trade. The bargaining outcome depends on the traders' fairness attitudes. In equilibrium fairness matters because of market...
Persistent link: https://www.econbiz.de/10012589795
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Animal spirits and the business cycle: Empirical evidence from moment matching
Jang, Tae-Seok; Sacht, Stephen - 2014
In this paper we empirically examine a hybrid New-Keynesian model with heterogeneous bounded rational agents who may adopt an optimistic or pessimistic attitude - so called animal spirits - towards future movements of the output and inflation gap. The model is estimated via the simulated method...
Persistent link: https://www.econbiz.de/10010352041
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Modeling consumer confidence and its role for expectation formation: A horse race
Jang, Tae-Seok; Sacht, Stephen - 2017
The notion of bounded rationality has received a considerable attention in the midst of debate over the usefulness of various macroeconomic models. In this paper we empirically seek to analyze the baseline New-Keynesian model with heterogeneous agents who may adopt various heuristics used to...
Persistent link: https://www.econbiz.de/10011636547
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Forecast heuristics, consumer expectations, and new-Keynesian macroeconomics: A horse race
Jang, Tae-Seok; Sacht, Stephen - 2018
This study extends the hybrid version of the baseline New-Keynesian model with heterogeneous agents who may adopt various forecast heuristics. With a focus on consumer expectations, we identify the most appropriate pairs of forecast heuristics that can lead to an equivalent fit to the data...
Persistent link: https://www.econbiz.de/10011944449