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Summary In this study, we suggest an explanation for the low growth rates of real housing prices in Canada and Germany in comparison to other OECD countries over the period 1975-2005. We show that the long-run development of housing markets is determined by real disposable per-capita income, the...
Persistent link: https://www.econbiz.de/10014609273
Consumption theory has always been a neglected field in post-Keynesian economics, whereas it is at the center of New Keynesian economics. This paper investigates similarities and differences between the two approaches. I will show that the newer mainstream models indeed give results that are...
Persistent link: https://www.econbiz.de/10011133337
Building on prospect theory, we apply the concept of loss aversion to the formation of inflation perceptions and test empirically for nonlinearities in the inflation-perceptions relation for a panel of 10 Euro area countries. Specifically, under the assumption of loss aversion, inflation changes...
Persistent link: https://www.econbiz.de/10010740773
In this study, we suggest an explanation for the low growth rates of real housing prices in Canada and Germany in comparison to other OECD countries over the period 1975–2005. We show that the long-run development of housing markets is determined by real disposable percapita income, the real...
Persistent link: https://www.econbiz.de/10008574299
Persistent link: https://www.econbiz.de/10012693724
Persistent link: https://www.econbiz.de/10015330913
Persistent link: https://www.econbiz.de/10005035046
We analyse the relationship between functional income distribution and economic growth in France and Germany from 1960 until 2005. The analysis is based on a demand-driven distribution and growth model for an open economy inspired by Bhaduri & Marglin (1990), which allows for profit- or wage-led...
Persistent link: https://www.econbiz.de/10004966718
The aim of this paper is to analyse the sensitivity of the natural rate of growth to the actual rate of growth for a sample of 11 Latin-American countries, assuming the natural rate to be determined endogenously by changes in the actual rate of growth. The natural rates of growth are estimated...
Persistent link: https://www.econbiz.de/10005445822
Since the early 1990s, the Scandinavian countries have recovered from one of the most severe crises of any Organisation for Economic Cooperation and Development (OECD) country ever, returning to a 'high road' growth path and also succeeding in terms of macroeconomic stabilisation indicators. To...
Persistent link: https://www.econbiz.de/10009353023