After the 2008 crisis, despite economic recovery that started in 2009, the world economy has experienced a downward shift of its growth path and a consequent decline. As shown at the beginning of this paper, this shift and growth rate stagnation are totally attributable to the economic dynamics...

The house price-to-income ratio (PIR) is widely used as an affordability indicator. This paper complements the cross-sectionally focused literature by proposing a tractable model for the PIR dynamics. Our model predicts that the PIR is very persistent and is correlated to the lagged aggregate...

This paper explores the determinants of stagflation. Three measures are proposed that gauge both the occurrence and the strength of stagflation. We investigate the empirical determinants of these measures, accounting for a range of theoretical hypotheses that have been discussed since the...

Der Beitrag diskutiert die Ursachen von Stagflation. Hierfür werden zunächst drei Kennzahlen abgeleitet, welche das Auftreten und die Stärke der Stagflation in der Weltwirtschaft und auf Länderebene abbilden. Im Anschluss wird anhand einer Reihe empirischer Schätzungen überprüft, welche...

Labour productivity distribution (dispersion) is studied within the framework of statistical physics and the result is compared with the outcome of the empirical analysis. Superstatistics is presented as a natural theoretical framework for the productivity distribution. The demand index K is...

Several contributions have recently reconsidered the role of the time to build assumption in explaining some relevant stylized facts. In this paper, the similarities and differences which may emerge when the time to build structure of capital is introduced in a continuous or discrete time...

Labour productivity distribution (dispersion) is studied within the framework of statistical physics and the result is compared with the outcome of the empirical analysis. Superstatistics is presented as a natural theoretical framework for the productivity distribution. The demand index ê is...

Labour productivity distribution (dispersion) is studied both theoretically and empirically. Superstatistics is presented as a natural theoretical framework for productivity. The demand indexª is proposed within this framework as a new business index. Japanese productivity data covering...

This article is an addition to a series of online publications on the natural science foundations of the global economy. In Parts I-XI, we presented the concepts of physical macroeconomics published earlier in interdisciplinary journals and books. These logically interconnected concepts are...

The aim of this paper is to investigate the effects of technological change on stock market dynamics. We develop an intertemporal optimising model, the central innovation of which is the distinction between the non-perishables and perishables sectors. We discuss the conditions likely to lead to...