Showing 1 - 10 of 119
In a Post-Keynesian (PK) model we show that inflation targeting monetary policies, as the main stabilisation tool proposed by the New Consensus Model (NCM), in the short run are only adequate for certain values of the model parameters, but are either unnecessary, counterproductive, or limited in...
Persistent link: https://www.econbiz.de/10003747643
In this paper a dynamic probit model for recession forecasing under pseudo-real time is set up using a large set of macroeconomic and financial monthly indicators for Germany. Using different initial sets of explanatory variables, alternative dynamic probit specifications are obtained through an...
Persistent link: https://www.econbiz.de/10009306636
Persistent link: https://www.econbiz.de/10009244101
This paper studies the dynamics of macroeconomic risk, fiscal policy and the macroeconomy in a two-country monetary union framework, under the assumption that agents do not have rational expectations, but use heuristics to determine their consumption over time, as well as to assess macroeconomic...
Persistent link: https://www.econbiz.de/10010240801
The dichotomous characterization of the business cycle in recessions and expansions has been central in the literature over the last fifty years. However, there are various reasons to question the adequacy of this dichotomous approach for our understanding of business cycle dynamics, as well as...
Persistent link: https://www.econbiz.de/10010240802
In this paper the role of behavioral forecasting rules of chartist and fun-damentalist type for the dynamic macroeconomic stability of a two-country system is investigated both analytically and numerically. The main result of the paper is that for large trend-chasing parameters in the chartist...
Persistent link: https://www.econbiz.de/10003861623
Persistent link: https://www.econbiz.de/10011729046
Persistent link: https://www.econbiz.de/10009685017
The reluctance of a significant number of individuals in the current COVID-19 pandemic to adhere to social distancing measures -- and even to get vaccinated -- seems to be one of the major obstacles for the long-term success of public health policies around the world. Against this background we...
Persistent link: https://www.econbiz.de/10014077375
The reluctance of a significant number of individuals in the current COVID-19 pandemic to adhere to social distancing measures - and even to get vaccinated - seems to be one of the major obstacles for the long-term success of public health policies around the world. Against this background we...
Persistent link: https://www.econbiz.de/10013219389