The analogy between Hayekian monetary dynamics and the Friedman/Phelps accelerationist hypothesis is more problematic than some commentators have been prepared to admit. Hayek´s presentation of the 1930s did not produce a convincing argument in defense of the proposition that accelerating...

The analogy between Hayekian monetary dynamics and the Friedman/Phelps accelerationist hypothesis is more problematic than some commentators have been prepared to admit.

The renaissance of capital-based macroeconomics belongs to the most significant scholarly developments within the field of macroeconomics in recent times. This paper was a contribution to the special 2001 symposium devoted to a critical evaluation and analysis of the recent revival of...

In recent times the field of macroeconomics has witnessed a renaissance of classical capital-based macroeconomics. On the other hand an institutional reorientation has taken place within several subdisciplines of economics. An integration of these strands of thought may yield a coherent...

Using an optimisation-based model with endogenous labour supply and a proportional tax rate, we compare the stabilising properties of different fiscal policy rules. The economy is affected by shocks from both government spending and technology. The fiscal policy rule can be based on government...

The aim of this study is to identify the extent to which the GCC countries can adopt similar economic policies by the time of the formation of the GCC unified currency in 2010. Among many other convergence standards, the study suggests to examine the economic structure of the GCC countries to...

We analyze the microfoundations for Keynesian aggregate demand effects by considering the link between aggregate demand and firm production decisions under monopolistic competition. Macroeconomic equilibrium is characterized in a simple graphical framework that facilitates comparison of several...

In this paper, we present an alternative approach to inflation and inflation measurement based on Menger’s theory of inner exchange value of money and on the stochastic approach to index numbers. We briefly describe the characteristics of the sample cross-section distribution of price changes....

Recent empirical results about the US term structure are difficult to reconcile with the classical hypothesis of rational expectations even if time-varying but stationary term premia are allowed for. A hypothesis of rational learning about the conditional variance of the log pricing kernel is...

This paper analyzes qualitatively and quantitatively the e ects of declining mortality rates on fertility, education and economic growth. The analysis demonstrates that if individuals are prudent in the face of uncertainty about child survival, a decline in an exogenous mortality rate reduces...