The output gap measured as the percentage deviation of actual output from its potential level is an indicator of an economy's achievement. Output gap has been an important concept used for forming of policies. In this study, we estimated the potential output and output gap, established some of...

The emergence of COVID-19 has drastically transformed the way people are working along with that the productivity of firms is also affected due to this catastrophic event that happened at the end of the year 2019. The teleworking aspect has gained momentum during COVID-19 and it has been used...

We analyse Italy's growth pattern from 2001 to 2019 using the demand and growth regime categories proposed in the post-Keynesian tradition and recently adopted in the comparative political economy (CPE) literature. We argue that after the Global Financial and Economic Crisis (GFEC), Italy...

This paper asks why modern finance theory and the efficient market hypothesis have failed to explain long-term carry trades; persistent asset bubbles or zero lower bounds; and financial crises. It extends Godley and Lavoie (Monetary Economics: An Integrated Approach to Credit, Money, Income,...

Traditionally, observed fluctuations in aggregate economic time series have been mainly modeled as being the result of exogenous disturbances. A better understanding of macroeconomic phenomena, however, surely requires looking directly at the relations between variables that may trigger...

This paper examines a stochastic model to determine optimal pricing, waiting time, output, and sizing decisions for service firms which compete on time in an uncertain environment. Sizing decisions concern optimal service capacity and maximum physical waiting room (with a given probability)....

Labour market theory underlies much of economic analysis with implications for theory and policy. I argue that conventional approaches to the labour market as well as more modern approaches represented by aspects of behavioural labour economics and Keynesian economics are often decontextualized...

In der Makroökonomik werden Liquiditätsfallen ohne Mikrofundierung als existent angenommen, und die Japan-Krise hat Liquiditätsfallen wieder zum Diskussionsthema gemacht. Deshalb wird die Frage der Existenz von Liquiditätsfallen hier portfoliotheoretisch untersucht im Rahmen eines...

We construct a Blanchard-style overlapping generations model consisting of long-lived individuals who have uninsurable idiosyncratic risk resulting from uncertain retirement periods and medical costs in retirement. Without social insurance, such individuals must save for these eventualities. We...