Similar Search Results

Siebert, Horst - 2004

This paper analyzes Germany's fiscal policy position. Half of GDP passes through the hands of government, a high debt to GDP ratio limits the maneuvering, and the revenue sharing mechanism prevents a competitive federalism. Most importantly for the future, the federal finance minister has to...

Persistent link: https://www.econbiz.de/10010265427

Fear and market failure: Global imbalances and self-insurance

Miller, Marcus; Zhang, Lei - 2007

the precautionary motive for accumulating reserves. Standard models of general equilibrium would predict modest current …

Persistent link: https://www.econbiz.de/10010278218

Macroeconomic dynamics in a model of goods, labor and credit market frictions

Petrosky-Nadeau, Nicolas; Wasmer, Etienne - 2011

Building a model with three imperfect markets - goods, labor and credit - representing a product's life-cycle, we find that goods market frictions drastically change the qualitative and quantitative dynamics of labor market variables. The calibrated model leads to a significant reduction in the...

Persistent link: https://www.econbiz.de/10010278356

A steady-state model of a non-walrasian economy with three imperfect markets

Wasmer, Etienne - 2011

Unemployment may depend on equilibrium in other markets than the labor markets. This paper adresses this old idea by … stochastically in equilibrium. Financial market tightness is also a function of three parameters related to financial frictions. Job … creation and employment depend on the equilibrium in the other markets. Reciprocally, higher job destruction implies more …

Persistent link: https://www.econbiz.de/10010278660

Bounded rationality in Keynesian beauty contests: A lesson for central bankers?

Mauersberger, Felix; Nagel, Rosemarie; Bühren, Christoph - In: Economics: The Open-Access, Open-Assessment E-Journal 14 (2020) 2020-16, pp. 1-38

employment, interest, and money, 1936), theoretically and experimentally, demonstrating systematic patterns of out-of-equilibrium …

Persistent link: https://www.econbiz.de/10012233305

Comparing economic theories or: Pluralism in economics and the need for a comparative approach to scientific research programmes

Heise, Arne - 2020

Pluralism in economics appears to be a double-edged sword: we need more than one theory to grasp and explain the entire economic world, yet a plurality of possible explanations undermines the aspiration of the economic discipline to provide 'objective knowledge' in the singular of the 'one world...

Persistent link: https://www.econbiz.de/10012254839

Macroprudential policies in the EAGLE FLI model calibrated for Hungary

Fukker, Gábor; Kaszab, Lóránt - 2019

In this paper we develop the Hungarian version of the EAGLE FLI (Euro Area GLobal Economy model with Financial LInkages) model which is the EAGLE model enriched with financial frictions and country-specific banking sector. The EAGLE FLI features the intermediation of loanable funds (ILF) view in...

Persistent link: https://www.econbiz.de/10012271230

Crises and paradigms in macroeconomics

Sawyer, Malcolm - In: Intervention. European Journal of Economics and … 07 (2010) 2, pp. 283-302

Contrasts are drawn between mainstream macroeconomics (with the 'New Consensus in Macroeconomics' taken as the current manifestation) and heterodox macroeconomics and their abilities to comprehend the financial crises and world wide recession of 2007 – 09 for macroeconomic paradigms is...

Persistent link: https://www.econbiz.de/10014363099

Post-Keynesian macrodynamics and path-dependent growth

Setterfield, Mark - In: Intervention. European Journal of Economics and … 08 (2011) 2, pp. 299-316

This paper discusses the treatment of growth as a path-dependent process in post-Keynesian macrodynamics. A synthetic post-Keynesian growth model is used to demonstrate the ways in which growth can be described as path-dependent in the post-Keynesian tradition. Recent developments in...

Persistent link: https://www.econbiz.de/10014363128

Saving and Investment in the Twenty-First Century: The Great Divergence – some comments from a post-Keynesian perspective

Hein, Eckhard - In: European Journal of Economics and Economic Policies: … 18 (2021) 3, pp. 293-302

are thus compatible with different macroeconomic theories regarding long-run equilibrium and adjustments towards it. …

Persistent link: https://www.econbiz.de/10014363426