The paper posits the existence of a minimum mark-up loan interest rate threshold, which is identified using a long-term bank demand curve for excess reserves. At the threshold rate, the risk adjusted marginal revenue is equal to the marginal cost of extending loans. An excess reserves-loan (RL)...

Abstract In this paper we present a model of flexicurity capitalism that exhibits a second labor market with the government as an employer of first resort, where all workers not employed by firms in the private sector find meaningful employment. We show that the model exhibits a unique interior...

Abstract In this paper the role of behavioral forecasting rules of chartist and fundamentalist type for the dynamic macroeconomic stability of a two-country system is investigated. The main result of the paper is that for large trend-chasing parameters in the chartist rule used in the FX market,...

This book extends the KMG framework (Keynes, Meltzer, Goodwin) and focuses on financial issues. It integrates Tobin's macroeconomic portfolio approach and emphasizes the issue of stock-flow consistency

Dieses Lehrbuch zur makroökonomischen Theorie betrachtet die Einkommens-, Zins- und Beschäftigungstheorie, die Analyse von Inflation und Unterbeschäftigung und die Wachstumstheorie durchgängig aus keynesianscher Sicht. Es konfrontiert die dabei erzielten Aussagen und Ergebnisse insbesondere...