We set up an agent-based macromodel focusing on consumption-saving without the assumption of utility maximization, but preserving certain "rational" aspects of human choice based on the idea of ecological rationality Todd et al. (2012). In this framework we address the classical problem of the...

A basic principle of economics is that people always prefer a larger set of opportunities. Money illusion can be considered as the phenomenon that people may not perceive correctly their budget constraints, and may act in ways that run counter to this preference. In this view money illusion is a...

In this paper we analyze statistics derived from the cross-wavelet transform of inflation differentials and exchange rate changes for a group of countries with Germany as the reference country. An important tool is the wavelet coherency measure from which we can judge the strength of the...

Men's labor income is on average higher than that of women practically everywhere. This gender pay gap can be decomposed into two components: on the one hand men usually work in better paid jobs (the sorting effect), and, on the other, even in the same occupation men get higher wages (the...

A tanulmány azt vizsgálja, hogy a különböző kamatlábaknak milyen hatásai vannak az árszintre, illetve a nominális árakra egy nyitott elsősorban kis, nyitott gazdaságban szabad tőkeáramlás mellett. Míg a zárt gazdaságban csupán a nominális és reálkamatláb...

A dolgozat az infláció öt különböző megközelítésével foglalkozik. Nyilvánvalónak tűnik, hogy a megélhetési költségek változása, a pénztartás költsége, a reálkamat és a reálárfolyam számítása, illetve a (monetáris) infláció indexének koordinációs funkciója...

Savings behaviour seems to exhibit heterogeneity across nations, and within nations, too. Large changes in saving rates have been observed in the last decades that can be viewed as signs of the arbitrariness of saving. There is a long tradition in the savings literature that separates people...

The paper adresses several issues pertaining to the problem of monetary policy, inflation measurement, and relative prices. After some preliminary empirical analysis showing that the problem must be relevant we set out to conduct a mainly theoretical investigation. If the per period utility...

The traditional CPI measure has many drawbacks, when used for very different purposes, and it is not at all surprising that a great deal of work has been devoted to its improvement. Besides seasonal adjustment, various other techniques have been developed to find the “core” inflation index....

This paper studies five different aspects of inflation. Undoubtedly, there are manifold requirements made on the consumer price index. It is designed to measure changes in the cost of living and the cost of holding money, to serve as the basis for calculating real interest rate and real exchange...