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Contemporary Macroeconomic Outcomes : A Tragedy in Three Acts

Flaschel, Peter; Luchtenberg, Sigrid; Krämer, Hagen; … - 2021

The thesis developed in this paper is that contrary to the claims of its proponents, the main supply-side consequence of neoliberalism was to zap labour, institutionalize worker insecurity, and install an `incomes policy based on fear' in the US economy. Like any successful incomes policy, this...

Persistent link: https://www.econbiz.de/10013241337

The Macroeconomics of Financial Speculation

Simsek, Alp - 2021

I review the literature on financial speculation driven by belief disagreements from a macroeconomics perspective. To highlight unifying themes, I develop a stylized macroeconomic model that embeds several mechanisms. With short-selling constraints, speculation can generate overvaluation and...

Persistent link: https://www.econbiz.de/10013238441

Lack of identification of parameters in a simple behavioral macroeconomic model

Lux, Thomas - 2024

Identifiability of the parameters is an important precondition for consistent estimation of models designed to describe empirical phenomena. Nevertheless, many estimation exercises proceed without a preliminary investigation into the identifiability of its models. As a consequence, the estimates...

Persistent link: https://www.econbiz.de/10014581341

Agent-Based Macroeconomics

Dawid, Herbert - 2018

This chapter surveys work dedicated to macroeconomic analysis using an agent-based modeling approach. After a short review of the origins and general characteristics of this approach a systemic comparison of the structure and modeling assumptions of a set of important (families of) agent-based...

Persistent link: https://www.econbiz.de/10012928988

Capital and Macroeconomic Instabilty in a Discrete-Time Model with Forward-Looking Interest Rate Rules

Huang, Kevin X. D.; Meng, Qinglai - 2019

The authors establish the necessary and sufficient conditions for local real determinacy in a discrete-time production economy with monopolistic competition and a quadratic price adjustment cost under forward-looking policy rules, for the case where capital is in exogenously fixed supply and the...

Persistent link: https://www.econbiz.de/10014053031

Learning as a Rational Foundation for Macroeconomics and Finance

Evans, George W.; Honkapohja, Seppo - 2011

, implementation of price-level targeting to achieve learning stability of the optimal RE equilibrium and whether, under learning …

Persistent link: https://www.econbiz.de/10014183715

Increasing Returns and Unsynchronized Wage Adjustment in Sunspot Models of the Business Cycle

Huang, Kevin X.D.; Meng, Qinglai - Vanderbilt University Department of Economics - 2010

A challenge facing the literature of equilibrium indeterminacy and sunspot-driven business cycle fluctuations based on … level and make it invariant to the relative risk aversion in labor. As a result, indeterminacy and sunspot-driven business … the business cycle, and sunspot shocks become more important due to the presence of labor market frictions. …

Persistent link: https://www.econbiz.de/10008692907

Increasing returns and unsynchronized wage adjustment in sunspot models of the business cycle

Huang, Kevin X.D.; Meng, Qinglai - In: Journal of Economic Theory 147 (2012) 1, pp. 284-309

A challenge to models of equilibrium indeterminacy based on increasing returns is that required increasing returns for … sunspot-driven fluctuations can emerge for plausible increasing returns regardless of the relative risk aversion in labor. Our … model generates reasonable dynamics in terms of matching the business cycle, and sunspot shocks become more important with …

Persistent link: https://www.econbiz.de/10010582581

Sunspots, unemployment, and recessions, or Can the solar activity cycle shape the business cycle?

Gorbanev, Mikhail - Volkswirtschaftliche Fakultät, … - 2012

for all G7 countries, nearly 3/5 of the recessions started in the 3 years around and after the sunspot maximums. Was it a …

Persistent link: https://www.econbiz.de/10011259636

Consumer expectation and output growth: The case of China

Li, Cheng - In: Economics Letters 113 (2011) 3, pp. 298-300

This study shows that China’s Consumer Expectation Index contains useful information about pure expectation shocks, which are unrelated to economic fundamentals. It turns out that such shocks are likely to be an important independent driver of industrial output growth.

Persistent link: https://www.econbiz.de/10010576407