Contrary to what has been argued by a number of critics, the AD-AS framework is both internally consistent and in conformity with Keynes's own analysis. Moreover, the eclectic approach to behavioral foundations allows models in this tradition to take into account aggregation problems as well as...

Contrary to what has been argued by a number of critics, the AD-AS framework is both internally consistent and in conformity with Keynes’s own analysis. Moreover, the eclectic approach to behavioral foundations allows models in this tradition to take into account aggregation problems as well...

Contrary to what has been argued by a number of critics, the AD-AS framework is both internally consistent and in conformity with Keynes s own analysis. Moreover, the eclectic approach to behavioral foundations allows models in this tradition to take into account aggregation problems as well as...

In this paper the role of different types of labor market frictions in the dynamics of output and inflation is investigated. For this purpose, the Keynes–Goodwin model discussed in Chen et al. (2006) and Franke et al. (2006) is extended by a labor search and matching module along the lines of...

Macroeconometric models are often criticised for being too complex and difficult to read in theoretical terms. To overcome these difficulties, Hickman suggested the calculation of a model's implicit aggregate demand/supply (AD/AS) structure. The method helps to understand models and their main...

In this paper the role of behavioral forecasting rules of chartist and fun-damentalist type for the dynamic macroeconomic stability of a two-country system is investigated both analytically and numerically. The main result of the paper is that for large trend-chasing parameters in the chartist...