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The Economics of the Phillips Curve: Formation of Inflation Expectations versus Incorporation of Inflation Expectations

Palley, Thomas I. - 2011

This paper examines the theory of the Phillips curve, focusing on the distinction between "formation" of inflation … expectations and "incorporation" of inflation expectations. Phillips curve theory has largely focused on the former. Explaining the … Phillips curve by reference to expectation formation keeps Phillips curve theory in the policy orbit of natural rate thinking …

Persistent link: https://www.econbiz.de/10010460505

Worker debt, default ans diversity of financial fragility

Charpe, Matthieu; Flaschel, Peter - 2011

This paper presents a model addressing the conditions under which financial instability arises in the event of household debt. The model addresses two main cases. First, household debt is affected by functional income distribution. Second, household debt is affected by credit supply and depends...

Persistent link: https://www.econbiz.de/10010460506

The estimation uncertainty of permanent-transitory decompositions in cointegrated systems

Schreiber, Sven - 2011

The topic of this paper is the estimation uncertainty of the Stock-Watsonand Gonzalo-Granger permanent-transitory decompositions in the frameworkof the cointegrated vector-autoregression. Specifically, we suggest an approach to construct the confidence interval of the transitory component in...

Persistent link: https://www.econbiz.de/10010460507

Monetary Policy and Central Banking after the Crisis: The Implications of Rethinking Macroeconomic Theory

Palley, Thomas I. - 2011

reform program is rooted in a rethink of macroeconomic theory compelled by the crisis. There are some overlaps between the … similarity of form is mistaken for similarity of substance.The insider program makes no changes to macroeconomic theory and is … sins of omission. The outsider program fundamentally challenges existing macroeconomic theory and is also highly critical …

Persistent link: https://www.econbiz.de/10010460508

Towards Keynesian DSGD (isequilibrium) Modelling: Real-Financial Market Interactions with Heterogeneous Expectations Dynamics

Charpe, Matthieu; Flaschel, Peter; Hartmann, Florian; … - 2012

We consider an alternative modelling approach to the mainstream DSGE paradigm, namely basically a Dynamic Stochastic General Disequilibrium model of continuous adjustment processes on interacting real and financial markets. We introduce heterogeneous capital gain expectations (chartists and...

Persistent link: https://www.econbiz.de/10010460516

Agent-based risk management - A regulatory approach to financial markets

Theobald, Thomas - 2012

This paper provides market risk calculation for an equity-based trading portfolio. Instead of relying on the purely stochastic internal model method, which banks currently apply in line with the Basel regulatory requirements, we propose to include also alternative price mechanisms from the...

Persistent link: https://www.econbiz.de/10010460520

Keynesian, Classical and New Keynesian Approaches to Fiscal Policy: Comparison and Critique

Palley, Thomas I. - 2012

The short-run macroeconomic effectiveness of fiscal policy depends on the effect of policy on AD and the effect of AD on output. This paper examines how macroeconomic perspectives (Keynesian, Post Keynesian, monetarist, classical, new classical, and new Keynesian) describe the effect of AD on...

Persistent link: https://www.econbiz.de/10010460522

A (Post-) Keynesian perspective on "financialisation"

Hein, Eckhard - 2009

Post-Keynesian demand driven distribution and growth models, based on the notion of distribution conflict between different groups, have been critical regarding the macroeconomic effects of 'financialisation'. In the present paper, firstly, we attempt to identify theoretically and empirically...

Persistent link: https://www.econbiz.de/10010464402

Entscheidung als zeitliche Setzung: Über Narration, Fiktion, Erwartung und Zeitlichkeit in der Ökonomie

Priddat, Birger P. - 2014

Was in Märkten sich künftig ereignen wird, kann man nicht wissen, nur erwarten. Was man erwartet, wird in der Ökonomik probabilistisch eingearbeitet: als Risikoentscheidungen. Elena Esposito zufolge besteht unter Ökonomen aber ein fundamentales Missverständnis bezüglich der...

Persistent link: https://www.econbiz.de/10010464432

Stabile Allokationen und Matching-Märkte: Zum Nobelpreis für Wirtschaftswissenschaften an Lloyd S. Shapley und Alvin E. Roth

Kübler, Dorothea - In: Wirtschaftsdienst 92 (2012) 12, pp. 843-847

The Nobel prize in economics in 2012 was awarded to Lloyd S. Shapley and Alvin E. Roth for 'the theory of stable … foundations of the theory of stable allocations (in particular the celebrated deferred-acceptance algorithm) as well as the …-sided matching markets, such as school choice, labour markets and kidney exchange, relies on both theory as well as on empirical …

Persistent link: https://www.econbiz.de/10010471332