Bruun and Heyn-Johnsen (2009) state the paradox that economics has failed to provide a satisfactory explanation of how monetary profits are generated, even though the generation of a physical surplus is an established aspect of non-neoclassical economics. They emphasise that our ability to...

When the current financial crisis has widened to a global economic crisis an urgent call for implementing financial markets and financial institutions in business cycle models emerged. By modelling commercial banks as a third type of economic agent, we are able to implement the feature of early...

In the last months, the world's economies were confronted with the largest economic recession since the Great Depression. The occurrence of a worldwide financial market meltdown as a consequence originally stemming from of the crisis in the US subprime housing sector was only prevented by...

Zur makroökonomischen Interaktion von Zentralbank und Gewerkschaften hat es in den letzten Jahren vermehrt spieltheoretische Beiträge gegeben. Der Vorzug der spieltheoretischen Methode ist dabei, dass sie den Blick auf die Handlungslogiken der makroökonomischen Akteure erweitert....

It is now a few years since the introduction of the common currency, and Europe is still experiencing high unemployment. The conventional logic attributes this problem to strong trade unions and other flaws in the labour market. This article takes a different approach. Using a game theoretic...

Wenige Jahre nach der Etablierung der EWU zeigt sich ein gespaltenes Bild. Trotz unbestreitbarer Erfolge bei der Sicherung von Preisstabilität scheint die Beschäftigungs-Performance des Euroraums getrübt. Im vorliegenden Beitrag wird die These vertreten, dass dies auch an einer mangelhaften...

Bruun and Heyn-Johnsen (2009) state the paradox that economics has failed to provide a satisfactory explanation of how monetary profits are generated, even though the generation of a physical surplus is an established aspect of non-neoclassical economics. They emphasise that our ability to...

While DSGE models have been widely used by central banks for policy analysis, they seem to have been ineffective in calibrating the models for anticipating financial crises. To bring DSGE models closer to real situations, some of researchers have revised the traditional DSGE models. One of the...

This paper presents a new mechanism through which monetary policy rules affect inflation persistence. When assuming that price reset hazard functions are not constant, backward-looking dynamics emerge in the NKPC. This new mechanism makes the traditional demand channel of monetary transmission...

Dem neu-keynesianischen langfristigen Gleichgewichtskonzept einer durch Strukturfaktoren des Arbeitsmarktes, der Lohnverhandlungen und der sozialen Sicherungssysteme bestimmten inflationsstabilen Arbeitslosenquote (NAIRU) wird in diesem Beitrag eine post-keynesianische Interpretation der NAIRU...