Introduction / Carl Chiarella, Peter Flaschel, Reiner Franke, Willi Semmler -- New Keynesian theory and the new Phillips curves : a competing approach / Peter Flaschel, Ekkehart Schlicht -- Keynesian theory and the AD-AS framework : a reconsideration / Amitava Krishna Dutt, Peter Skott -- AD-AS...

Emerging markets are said to have sustained relatively well in the recent global crisis. There are several factors that help explain this popular view, such as, for example, perceived separation from key international financial centres. Still a lot is to be digested in the crisis aftermath with...

Credit standards reported in the Bank Lending Surveys (BLS) of the ECB summarize banks' sentiment about credit market tightness and they strongly co-move with credit growth. This paper builds a new external instrument which captures an exogenous source of variation in credit standards, in order...

This paper explores the income and wealth effects through modeling heterogeneous households while studying the effects of Unconventional Monetary Policy (UMP). The research finds that, through the methodological application of Weighted Expectation Maximization (WEM) Cluster Modeling and...

The book presents a disequilibrium approach to employment, inflation and growth in modern macroeconomics. It integrates markets of products and money, and labor markets into a consistent macrodynamic framework which contains a complete set of agents and markets. The framework allows to establish...