An agent-based Keynesian laboratory is built with a twofold purpose; to further investigate the ideas of Keynes and check them for internal consistency, and secondly to investigate the stability of a Keynesian world and explore the scope for economic policy. The laboratory is developed in Swarm...

This paper presents a model of a monetary production economy with non-Walrasian good, labor and money markets. In the non-Walrasian approach, transactions occur at non clearing prices and agents's demand and supply are affected by quantity constraints in the opposite side of the market. The...

Using a simple stochastic multi-sector model we show patterns of demand shares on sectors with different productivity coefficients have some expected and some unexpected effects on GDP, sector sizes, the magnitudes of the Okun's law coefficients, and Beveridge curves shifts. The basic stochastic...

The Circuitists are a largely European school of economic thought that argue that a monetary economy is fundamentally different to a barter system, and that therefore money cannot be simply modelled as the n+1th good in a Walrasian general equilibrium system. However, while the School has made...

Following a conjecture of Kozicki and Tinsley we generalises the habit formation model of consumption to allow for both a multiplicative utility function and a habit\aspiration function which is a geometrically weighted average of past consumption. The geometric form of the aspiration function...

This contribution is devoted to the dynamics of an extended Kaldor model. Attention is focused primarily on an influence of the inflation rate on the limiting behavior, stability and robustness of the model. Both the analytical approach and computer modelling are discussed. Two illustrative...

In this paper we establish a link between the volatility of oil price shocks and a positive expected value of inflation in equilibrium (inflation premium). In doing so, we implement the perturbation method to solve up to second order a benchmark New Keynesian model with oil price shocks. In...

This paper presents an open economy DSGE model, which is estimated on a euro area data set using Bayesian techniques. It extents current models by allowing for a detailed empirical analysis of fiscal stabilisation policies. Reaction functions for expenditure categories are estimated in order to...

The paper puts forward a deterministic macrodynamic model of the business cycle that allows for sluggish price and quantity adjustments in response to disequilibrium on product and labour markets. Based on regular oscillations of two exogenous variables, 14 reaction coefficients are determined...