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Employment Cycles, Low Income Work and the Dynamic Impact of Minimum Wages. A Macro Perspective
Flaschel, Peter; Greiner, Alfred; Logeay, Camille; … - 2010
In this paper we investigate the macroeconomic consequences of the introduction of an unemployment benefit system and a minimum wage barrier for both skilled and unskilled workers against the background of Goodwin's (1967) model. In the analyzed framework, characterized by free "hiring" and...
Persistent link: https://www.econbiz.de/10010460489
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Sustainable Capitalism: Full-Employment Flexicurity Growth with Real Wage Rigidities
Asada, Toichiro; Flaschel, Peter; Greiner, Alfred; … - 2010
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 steady...
Persistent link: https://www.econbiz.de/10010460490
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Aggregate Demand, Aggregate Supply, and Endogenous Growth: A Synthetic neo-Kaleckian Model
Palley, Thomas I. - 2010
This paper develops a neo-Kaleckian endogenous growth model that incorporates aggregate supply - demand balance and balance between labor force and employment growth. The paper explicitly models income distribution which is a critical channel whereby unemployment affects investment and growth....
Persistent link: https://www.econbiz.de/10010460491
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Managerial Pay (Cadrisme) and the Post Keynesian Growth Model
Palley, Thomas I. - 2010
long run growth outcomes. Third, managerial pay links neo-classical Marxist theory with Post Keynesian growth theory. Neo … theory and firms may choose techniques that lower growth because they increase profits. …
Persistent link: https://www.econbiz.de/10010460492
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The alleged stability of the labour share of income in macroeconomic theories of income distribution
Krämer, Hagen - 2010
macroeconomic income distribution, i.e. neoclassical, post-Keynesian, and Kaleckian distribution theory. Since the data show strong …
Persistent link: https://www.econbiz.de/10010460496
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Recession Forecasting with Dynamic Probit Models under Real Time Conditions
Proaño, Christian R. - 2010
In this paper a dynamic probit model for recession forecasing under pseudo-real time is set up using a large set of macroeconomic and financial monthly indicators for Germany. Using different initial sets of explanatory variables, alternative dynamic probit specifications are obtained through an...
Persistent link: https://www.econbiz.de/10010460497
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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
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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
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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
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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