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financial variables changes the model dynamics and delivers price responses which are more in line with economic theory. A …
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Should shocks be part of our macro-modeling tool kit - for example, as a way of modeling discontinuities in fiscal policy or big moves in the financial markets? What are shocks, and how can we best put them to use? In heterodox macroeconomics, shocks tend to come in two broad types, with some...
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aggregate risk and smooth consumption through savings and consumer loans intermediated by banks. The banking friction introduces …
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positive impact on uncertainty levels that is, in particular, weaker than the impact of the real business cycle shock. Taking a … policy uncertainty decreases after a lockdown shock. …
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This chapter reviews the theory of the voluntary public and private redistribution of wealth elaborated by economic … analysis in the last forty years or so. The central object of the theory is altruistic gift-giving, construed as benevolent … voluntary redistribution of income or wealth. The theory concentrates on lump-sum voluntary transfers, individual or collective …
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Macroeconomics must take radical uncertainty into account, if it aims at contributing to the solution of serious real-world problems such as climate change. Allowing for radical uncertainty must happen at two levels: the level of modeling and the level of the scientific discipline. I argue that...
Persistent link: https://www.econbiz.de/10013000554
Risk classification refers to the use of observable characteristics by insurers to group individuals with similar … expected claims, to compute the corresponding premiums, and thereby to reduce asymmetric information. Permitting risk … undesirable equity consequences and undermine the implicit insurance against reclassification risk which legislated restrictions …
Persistent link: https://www.econbiz.de/10013051304