Wie ließe sich die große Vielfalt an funktionalen Geldsystemen systematisch erfassen und übersichtlich darstellen? Und, weil viele monetäre Wirkungsweisen umstritten sind, konkreter: Wie müsste eine grundlegende Wissensordnung zu Geldsystemen aufgebaut sein, damit sie für die untereinander...

Die Frage nach der Kausalität fällt in die Methodologie. Methodologie ist in denWirtschaftswissenschaften ein Bereich, der sowohl bei Ökonomen als auch bei Philosophenkaum Beachtung findet. ....

The recent crisis of 2008 has revealed several challenges for the economic science, sparking a considerable amount of debate regarding the profession of economists and the role of macroeconomics and monetary policies. The first question that arose was why there was a lack of anticipation of the...

In Great Britain the seven years following WWI were marked by rigorous austerity policies. From 1918 to 1925 the main objectives were budget cuts and monetary deflation. Certainly, being the central department for financial policies, the British Treasury had decisive authority in setting such...

Financial disasters to hedge funds, bank trading departments and individual speculative traders and investors seem to always occur because of non-diversification in all possible scenarios, being overbet and being hit by a bad scenario. Black swans are the worst type of bad scenario: unexpected...

This paper uses monthly data from April 2005 to August 2013 for Taiwan to propose a novel tourism indicator, namely the Tourism Conditions Index (TCI). TCI accounts for the spillover weights based on the Granger causality test and estimates of the multivariate BEKK model for four TCI indicators...

The Great Recession seems to be a natural experiment for economic analysis, in that it has shown the inadequacy of the predominant theoretical framework - the New Neoclassical Synthesis (NNS) - grounded on the DSGE model. In this paper, we present a critical discussion of the theoretical,...

This paper explores the rise of money and class society in ancient Greece, drawing historical and theoretical parallels to the case of ancient Egypt. In doing so, the paper examines the historical applicability of the chartalist and metallist theories of money. It will be shown that the origins...

This paper documents macroeconomic forecasting during the global financial crisis by two key central banks: the European Central Bank and the Federal Reserve Bank of New York. The paper is the result of a collaborative effort between the two institutions, allowing us to study the time-stamped...

This paper revisits Keynes's liquidity preference theory as it evolved from the Treatise on Money to The General Theory and after, with a view of assessing the theory's ongoing relevance and applicability to issues of both monetary theory and policy. Contrary to the neoclassical "special case"...