We study the relationship between hours worked and technology during the postwar period in the US. We show that the responses of hours to technological improvements have increased over time, and that the patterns captured by the SVAR are consistent with those obtained from an RBC model with a...

This paper offers a reappraisal of the inflation-unemployment tradeoff, based on "frictional growth", describing the interplay between nominal frictions and money growth. When the money supply grows in the presence of price inertia (due to staggered wage contracts with time discounting), the...

We constructed an Actuary Climate Index to measure extreme weather risks in China. Analyzing macroeconomic data through a structural vector auto-regression model suggests that a negative weather shock leads to persistently low GDP and credit obtained by non-financial firms. In our regression...

In this paper, I numerically simulate the path of economy in an economic depression. It is not easy to perform a numerical simulation of the path to a steady state if households are assumed to behave by generating rational expectations. It is much easier, however, if households are assumed to...

Theories of ecosystems in economic or business research are rarely considered from a perspective, in which these network constructs of inter-organisational relationships are influenced by policy initiatives and instruments – not just individual efforts of actors from within the ecosystem. In...

Inventory dynamics play a significant role in business cycles, as inventory tends to be more sensitive to excess demand fluctuations than it is to production. This study addresses the decision-making problem of firms and households under possible quantity-constrained trade using a simple model...

Macroeconomics has been often criticized for being useless particularly since the Great Recession. In this paper, I show that macroeconomics is still important, useful, and needed on the basis of the concept of a “Nash equilibrium of a Pareto-inefficient path” (NEPIP). On a NEPIP, the...

This study provides a comprehensive analysis of the Greek retail sector's financial landscape from 2015 to 2021, examining seven distinct subsectors. Employing rigorous financial ratio analysis and correlating results with macroeconomic indicators, the research reveals nuanced patterns in...

This paper proposes two theoretical dynamic models (Models A and B) to analyze the interaction between distributive and financial cycles in capitalist economies. Model A assumes investment equals savings at the aggregate level but assumes a delay between capitalists saving their income and...

The identification of business cycles in India and construction of a composite leading indicator for forecasting the cyclical turning points have been the focus of this study. The cyclical analysis of monthly index of industrial production (IIP) in India applying the Bry-Boschan procedure...