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...

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...

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...

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...

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...

This survey discusses behavioral and experimental macroeconomics emphasizing a complex systems perspective. The economy consists of boundedly rational heterogeneous agents who do not fully understand their complex environment and use simple decision heuristics. Central to our survey is the...

This article shows that there is a methodological problem in the traditional IS-LM model. If production cannot be sufficiently adjusted downwards, there is no uniform interest rate that simultaneously clears the money and goods markets. An extension of the credit market in the tradition of the...

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...

This paper investigates the impact of different varieties of capitalism (VoC) on societal happiness. It begins with a critique of Neoclassical welfare economics which emphasizes Pareto optimality, and it argues for focusing on reported societal happiness. The paper identifies five VoC. Using a...

This article presents neo-Kaleckian macroeconomic models that are intended for under-graduate instruction at the introductory and intermediate levels. The neo-Kaleckian approach incorporates markup pricing, monopoly power, and income distribution into a demand-driven macro model for short-run...

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...

The benefits provided by ecosystem services, such as crop pollination and water purification, are of great importance to any economy, both directly and indirectly. Therefore, nature-inclusive decision-making requires that such benefits are taken into account in the economic decision-making...

Monetary targeting served as a useful tool for conducting monetary policy until 1980s, but the instability in the relationship between money and nominal income led to its abandonment by most economies. One way of measuring this relationship is money velocity, defined as the ratio of nominal...

This study provides evidence and proof of dynamic return connectedness alongside the revelation that certain macroeconomic factors determine the return connectedness of size-based industries of the Johannesburg Stock Exchange (JSE). The objective of this study is to examine the effect of...

The thesis advanced in this paper is that like class and technical change, gender and the social reproduction of labour routinely shape demand formation and/or the supply side of the economy - and as such, reference to the gendered social reproduction of labour should be more routinely...

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...

We study aggregate capital dynamics in an investment model with idiosyncratic productivity shocks, fixed capital adjustment costs, and irreversibility driven by a wedge between capital purchase and resale prices. We derive sufficient statistics capturing the role of investment frictions on...