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Kausalität in den Wirtschaftswissenschaften: Welche Ursachen hat die Finanzkrise?

Bernholz, Peter; Faber, Malte; Petersen, Thomas - 2009

Die Frage nach der Kausalität fällt in die Methodologie. Methodologie ist in den Wirtschaftswissenschaften ein Bereich, der sowohl bei Ökonomen als auch bei Philosophen kaum Beachtung findet. Ökonomik hat sich ursprünglich als eine kausal erklärende Wissenschaft verstanden. Sie wollte für...

Persistent link: https://www.econbiz.de/10011422191

Hume: the power of abduction and simple observation in economics

Streb, Jorge M. - 2010

In Hume's epistemology, induction leads to discovery in matters of fact. However, because of the poor data Hume analyzes the balance of trade with a thought experiment, doing what Mill makes explicit afterwards: reason from assumptions, to reach conclusions which are true in the abstract. Hume's...

Persistent link: https://www.econbiz.de/10010323215

Optimal Central Bank Lending

Schabert, Andreas - 2010

We analyze optimal monetary policy in a sticky pricemodel where the central bank supplies money outrightvia asset purchases and lends money temporarily againstcollateral. The terms of central bank lending affect ra-tioning of money and impact on macroeconomic aggre-gates. The central bank can...

Persistent link: https://www.econbiz.de/10010325898

When is Quantitative Easing effective?

Hoermann, Markus; Schabert, Andreas - 2011

We present a simple macroeconomic model with open market operations that allows examining the effects of quantitative and credit easing. The central bank controls the policy rate, i.e. the price of money in open market operations, as well as the amount and the type of assets that are accepted as...

Persistent link: https://www.econbiz.de/10010326037

Liquiditätspräferenz, endogenes Geld und Finanzmärkte

Spahn, Heinz-Peter - 2010

Liquidity preference theory had a hard time to defeat the loanable funds approach because Keynes himself failed to elucidate the financing of investment in the General Theory. Liquidity preference is a key element in the credit supply decision of the banking system. Liquidity premium is an...

Persistent link: https://www.econbiz.de/10010327324

Two-pillar monetary policy and bootstrap expectations

Spahn, Heinz-Peter - 2007

The paper integrates the two-pillar Phillips curve, which explains expected inflation by the money growth trend, within a simple macro model. A Taylor-like interest rule contains also a money growth target. The model takes into account serially correlated supply and money demand shocks; the...

Persistent link: https://www.econbiz.de/10010327331

Two monetary models with alternating markets

Camera, Gabriele; Chien, YiLi - 2013

We present a thought-provoking study of two monetary models: the cash-in-advance and the Lagos and Wright (2005) models …. To illustrate, when cash prices are equally distorted in both models equally large welfare costs of inflation are … mechanism that governs cash transactions, not the explicit microfoundation of money. …

Persistent link: https://www.econbiz.de/10010327818

Game-theoretic foundations of monetary equilibrium

Camera, Gabriele; Gioffré, Alessandro - 2013

Monetary theorists have advanced an intriguing notion: we exchange money to make up for a lack of enforcement, when it is difficult to monitor and sanction opportunistic behaviors. We demonstrate that, in fact, monetary equilibrium cannot generally be sustained when monitoring and punishment...

Persistent link: https://www.econbiz.de/10010327830

Further Austerity and Wage Cuts Will Worsen the Euro Crisis

Andini, Corrado; Cabral, Ricardo - 2012

This note argues that the solutions to the euro-area crisis proposed by the EU governing institutions in cooperation with the IMF, based on further austerity and wage cuts, will worsen the crisis. They are unlikely to reduce both sovereign and external debt ratios of countries experiencing these...

Persistent link: https://www.econbiz.de/10010331383

The European Phillips curve: Does the NAIRU exist?

Karanassou, Marika; Sala, Héctor; Snower, Dennis J. - 2003

This paper has two aims. First, it provides simple theoretical models that highlight two channels whereby monetary shocks have permanent real effects and the interactions between these channels. Second, it presents an empirical dynamic model, covering a panel of EU countries, and derives the...

Persistent link: https://www.econbiz.de/10010332742