The aim of our paper is to assess what we call the "discrepancy hypothesis". It states that the transformation of macroeconomics triggered by Lucas, Kydland and Prescott has failed to percolate in the contents of undergraduate textbooks. In the theoretical part of the paper, we draw a contrast...

Over the last decades, macro-economists have renewed their efforts to reduce the gap between monetary macroeconomics and real-world central banking. This paper reviews how macroeconomics has since 2016 approached the possible introduction of retail central bank digital currencies (CBDC). A...

Remittances are an important source of external financing in Pakistan, amounting to around 10% of gross domestic product in 2021. As such, an appropriate understanding of the key macroeconomic drivers of remittances has important policy implications. Combining a database of bilateral remittances...

Discrepancies between several South-Eastern European (SEE) countries and Nordic countries are investigated in this paper using an econometric analysis. Its aim is to examine the relationship between CO2 emissions, GDP per capita, urban population (URB) and electricity production from Renewable...

This paper documents an early fork in the development of macroeconomics, by examining a debate between the Dutch economists Jan Tinbergen and Johan Koopmans. In a 1932 paper, Tinbergen argued that two firms could be stuck in a “bad” equilibrium in the absence of a coordinated action to...

Uncertainty about monetary policy associated with uncertainty in interest rate is an important determinant of economic decisions. Due to the dominant position of the US economy on global financial markets, in addition to countries' own uncertainties, uncertainty related to the monetary policy of...

This paper asks whether the post-Keynesian or New Keynesian paradigm provides a more realistic description of the effects of fiscal policy on output and consumption. I establish some macro and microeconomic stylized facts on fiscal multipliers and marginal propensities to consume based on the...

Progressive policy proposals influenced by post-Keynesian economics emphasise the use of fiscal policy and income redistribution to maintain aggregate demand at levels which achieve full employment. Given persistent evidence of weak demand, excess capacity and unemployment in rich economies...

This paper introduces two co-movement measures based on the Thick Pen Transform into the macroeconomic literature: the Thick Pen Measure of Association (TPMA) as well as Multi-Thickness Thick Pen Measure of Association (MTTPMA). Both measures are non-parametric, time-varying, and flexible....

In this paper, we analyze the impact of external uncertainty shocks on the Korean economy, focusing on Russian geopolitical risks and U.S. monetary policy uncertainty. We find that increases in external uncertainties negatively affect the Korean macroeconomy, with a particularly pronounced...

Over the past decade, the housing market in the EU has been characterised by significant price growth, putting pressure on housing affordability. Despite a price moderation in 2022 and 2023 due to monetary tightening and increased mortgage interest rates, house prices remain historically high in...

We introduce a new Economic Distress Index (EDI), which incorporates information from all economic sectors as a device for real-time monitoring of financial stability risks in the euro area. Our approach is based on structural models of credit risk and incorporates market and balance sheet...

The aim of our paper is to assess what we call the 'discrepancy hypothesis'. It states that the transformation of macroeconomics triggered by Lucas, Kydland and Prescott has failed to percolate in the contents of undergraduate textbooks. In the theoretical part of the paper, we draw a contrast...

Questions about market power have become salient in macroeconomics. We consider the role of institutional structures in addressing these within a dynamic general equilibrium framework. Standard models account for monopoly profits as a lump-sum transfer to the representative agent. We label this...

Using a customized survey and an information-provision experiment, we establish that loan officers' individual subjective expectations about inflation, GDP growth, and policy rates vary substantially within and across bank types and have a sizable causal effect on credit supply decisions....

Macroeconomics is arguably the most male-dominated field within the discipline of economics. Since the mid-1990s, feminist economists have thoroughly and meticulously challenged this field through empirical and theoretical analyses and proposed alternative starting points, frameworks, and...

Over the past decade, the housing market in the EU has been characterised by significant price growth, putting pressure on housing affordability. Despite a price moderation in 2022 and 2023 due to monetary tightening and increased mortgage interest rates, house prices remain historically high in...

Keynes's Principle of Effective Demand is widely recognized not only as a major theoretical innovation but also as one of the core concepts uniting various post-Keynesian strands. However, Keynes's own treatment of the Principle of Effective Demand - known as the Z/D model and identified by...

This survey examines the economic performance of economies of the Caribbean in 2022 and the first few months of 2023 and comprises five chapters. The first chapter gives an overview of global, regional and subregional economic performance in the Caribbean. The second provides an analysis of the...

This contribution reviews key developments in Kaleckian economics after Kalecki, with a focus on its application to mature capitalist economies. Rather than revisiting interpretations of Kalecki's original work, the contribution highlights subsequent theoretical and empirical extensions. It...

This paper aims to develop an ecological macroeconomic model for the Danish economy that can link the economic and financial system with some key aspects of the climate. To do so, we combine Stock-flow-Consistent approach (SFC) with Input-Output tables (IO) to build a hybrid model, which we call...

This study develops a dynamic IS-LM macroeconomic model that incorporates delayed taxation and a memory-dependent income effect, and calibrates it to quarterly data for Romania (2000-2023). Within this framework, fiscal policy lags are modelled using a "memory" income variable that weights past...

This edition of the Macro Poverty Outlooks periodical contains country-by-country forecasts and overviews for GDP, fiscal, debt and poverty indicators for the developing countries. Macroeconomic indicators such as population, gross domestic product and gross domestic product per capita, and...

The current research examines the impact of different macroeconomic indicators on Djibouti's external debt from 1990 to 2022 using the Autoregressive Distributed Lag (ARDL) model. The empirical model provides evidence that economic growth, trade, and government expenditure have a positive and...

We provide a brief primer on how the core of usable macroeconomic theory for monetary policymakers has evolved over the past 50 years. Today's policy discussions center on the New Keynesian (NK) synthesis, which builds on the Neoclassical growth model and the AS-AD framework. It incorporates...

The first section provides a brief review of developments in key macroeconomic variables since 2000. These include the usual target variables of economic growth, inflation, external balance and employment as well as intermediate target variables of fiscal balance, savings and investment. Section...