In this paper we investigate the closed-economy Keynes-Wicksell-Goodwin model of Chiarella and Flaschel (2000) for the case of two interacting open economies. We introduce these coupled two-country KWG dynamics on the extensive form level by means of a subdivision into nine modules describing...

The paper considers an elementary New-Keynesian three-equation model and compares its Bayesian estimation based on conventional priors to the results from the method of moments (MM), which seeks to match a finite set of the model-generated second moments of inflation, output and the interest...

This paper analyzes the theoretical and methodological issues related to the empirical measurement of prices of production and wage-profit curves. A number of shortcomings of the standard approach are discussed, focusing in particular on the neglect of capital stock matrices and on the...

[fre] Notre point de départ est un processus dynamique qui formalise, de façon stylisée, le concept smithien de gravitation des prix de marché autour du prix naturel. Pour tenir compte du désordre concurrentiel, des «perturbations» aléatoires sont alors introduites. Dans l'esprit des...

The paper considers an elementary New-Keynesian three equation model and compares its Bayesian estimation to the results from the method of moments (MM), which seeks to match finite set of the model-generated second moments of inflation, output and the interest rate to their empirical...

With the help of two examples, we illustrate the usefulness of agent-based models as a tool for economic policy design. In our first example, we apply a financial market model in which the order flow of speculators, relying on technical and fundamental analysis, generates intricate price...

The paper considers two rival models referring to the new macroeconomic consensus: a standard three-equations model of the New-Keynesian variety and dynamic adjustments of a business and an inflation climate in an `Old-Keynesian' tradition. Over the two subperiods of the Great Inflation and...