We formulate a dynamic AD-AS model based on gradually adjusting wages and prices, perfect foresight of current inflation rates and adaptive expectations concerning the inflation climate in which the economy operates. The model consists of a wage and a price Phillips curve, a dynamic IS curve as...

In this paper we study the implementation of a state-dependent inflation target in a two-country monetary union model characterized by boundedly rational agents. In particular, we use the spread between the actual policy rate (which is constrained by the zero-lower-bound) and the Taylor rate...

In the production function-based approach proposed by the European Commission for the estimation of the potential output, trend total factor productivity (TFP) is indirectly estimated on the basis of cyclical factors. Instead, this article proposes a more economics-based foundation of trend-TFP...

Einleitendes -- Einleitendes -- Grundlagen der Makroökonomik -- Präkeynesianische Makroökonomik. Darstellung und Kritik -- Keynesianische Beschäftigungstheorie: Die kurze Sicht -- Konventionelle Analysen von Inflation und Wachstumsprozessen -- Makroökonomik für Fortgeschrittene --...

"After more than four decades of real income stagnation, ever-increasing inequality and household financial distress, this book explores how the very fabric of our society is under threat. It argues that although capitalism is imperfect, it can be improved, and harnessing its forces of...