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Andini, Corrado - 2025

This paper proposes a theory of the mark-up that is embedded in a circuit model of the capitalist mode of production …. The model and the theory are built on Keynes's principle of effective demand, Graziani's monetary theory of production and … Pivetti's monetary theory of distribution. The price-setting mechanism is conceived as driven by a Kaleckian rule. The rate of …

Persistent link: https://www.econbiz.de/10015338982

On Measuring Uncertainty: Snakes and Ladders

Junankar, Pramod N. (Raja) - 2016

The Global Crisis demonstrated to the world that Ratings Agencies had misled the public about the stability of financial institutions. The Finance literature had decided that it was impossible to have bubbles in financial markets and any surge in the stock market would be self-correcting. Recent...

Persistent link: https://www.econbiz.de/10011559672

Labor and the Market Value of the Firm

Merz, Monika; Yashiv, Eran - 2003

What role does labor play in firms? market value? We explore this question using a production-based asset pricing model with frictions in the adjustment of both capital and labor. We posit that hiring of labor is akin to investment in capital and that the two interact, with the interaction being...

Persistent link: https://www.econbiz.de/10010261658

Can Price Controls Be Optimal? The Economics of the Energy Shock in Germany

Krebs, Tom; Weber, Isabella - 2024

In the wake of the global energy crisis, many European countries used energy price controls to fight inflation and to stabilize the economy. Despite its wide adoption, many economists remained skeptical. In this paper, we argue that price controls should be part of the policy toolbox to respond...

Persistent link: https://www.econbiz.de/10015045428

Price Dynamics and Production Lags

Lindbeck, Assar; Snower, Dennis J. - Institute for the Study of Labor (IZA) - 1999

This paper provides a new explanation of why inflation is sluggish in response to aggregate demand shocks and why aggregate output changes as result of such shocks. We argue that these phenomena are related to lags between inputs and outputs in the production process, "production lags" for...

Persistent link: https://www.econbiz.de/10005702997

The Green Transformation and the Costs of Market Fundamentalism

Krebs, Tom; Weber, Isabella - 2025

The structural theory of green transformation acknowledges the complexity of the transformation process and suggests a … variables contradicts the market-fundamentalist theory of green transformation. We also detail how mainstream economists and the …

Persistent link: https://www.econbiz.de/10015409254

Distribution and Growth in an Economy with Limited Needs

Saint-Paul, Gilles - 2001

This paper studies a model of the distribution of income under bounded needs. Utility derived from any given good reaches a bliss point at a finite consumption level of that good. On the other hand, introducing new varieties always increases utility. It is assumed that each variety is owned by a...

Persistent link: https://www.econbiz.de/10010262477

Pandemic-Era Uncertainty

Meyer, Brent; Mihaylov, Emil; Barrero, Jose Maria; … - 2022

We examine several measures of uncertainty to make five points. First, equity market traders and executives at nonfinancial firms have shared similar assessments about one-year-ahead uncertainty since the pandemic struck. Both the one-year VIX and our survey-based measure of firm-level...

Persistent link: https://www.econbiz.de/10013351768

The Ins and Outs of Selling Houses: Understanding Housing-Market Volatility

Ngai, L. Rachel; Sheedy, Kevin D. - 2023

The housing market is subject to search frictions in buying and selling houses. This paper documents the role of inflows (new listings) and outflows (sales) in explaining the volatility and co-movement of housing-market variables. An 'ins versus outs' decomposition shows that both inflows and...

Persistent link: https://www.econbiz.de/10014469857

Oil price shocks and labor market fluctuations

Ordóñez, Javier; Sala, Héctor; Silva, José Ignacio - 2010

We examine the impact of real oil price shocks on labor market flows in the US We first use smooth transition regression (STR) models to investigate to what extent oil prices can be considered as a driving force of labor market fluctuations. Then we develop and calibrate a modified version of...

Persistent link: https://www.econbiz.de/10010276723