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We construct an agent-based New Keynesian DSGE model with different social network structures to investigate the significance of network topologies to macroeconomic stability. According to our simulation results, we find that the more liquid the information flow, the higher the stability of the...
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This study develops a stylised DSGE model, that departs in one aspect: it replaces the general equilibrium approach by disequilibrium economics. In this way, richer macroeconomic adjustment dynamics result, as it is not necessary to assume that goods and labour markets continuously clear. The...
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When taken to examine disinflation monetary policies, the current workhorse DSGE model of business cycle fluctuations successfully accounts for the main stylized facts in terms of recessionary effects and sacrifice ratio. We complement the transitional analysis of the short-run costs with a...
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Entwicklung kausaler Erklärungsansätze mittelfristiger gesamtwirtschaftlicher Fluktuationen. Aufbauend auf der "Theorie realer … gleichzeitig mit einer Entfremdung von Theorie und Praxis einher; die Hilfsfunktion der Theorie für die Wirtschaftspolitik weicht …
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