The effects of monetary policy shocks are regularly estimated using high-frequency sur- prises in asset prices around central bank meetings as an instrument. These studies, insofar as they explicitly model the relationship between instrument and structural shock, assume a constant relationship...

Over the past decade, the housing market in the EU has been characterised by significant price growth, putting pressure on housing affordability. Despite a price moderation in 2022 and 2023 due to monetary tightening and increased mortgage interest rates, house prices remain historically high in...

This article shows that there is a methodological problem in the traditional IS-LM model. If production cannot be sufficiently adjusted downwards, there is no uniform interest rate that simultaneously clears the money and goods markets. An extension of the credit market in the tradition of the...

This paper investigates the systemic macroeconomic determinants of Pillar 2 Requirements (P2R) imposed by the European Central Bank (ECB) under the Single Supervisory Mechanism (SSM). While P2R is formally calibrated at the individual bank level through the Supervisory Review and Evaluation...

Nature underlies economic activity, while natural capital contributes to growth and more and better jobs. But the world's natural capital - its renewable natural resources, ecosystems, and biodiversity is in decline. Terrestrial, freshwater, and marine ecosystems are all under threat. The World...

This survey discusses behavioral and experimental macroeconomics emphasizing a complex systems perspective. The economy consists of boundedly rational heterogeneous agents who do not fully understand their complex environment and use simple decision heuristics. Central to our survey is the...

Keynes's Principle of Effective Demand is widely recognized not only as a major theoretical innovation but also as one of the core concepts uniting various post-Keynesian strands. However, Keynes's own treatment of the Principle of Effective Demand - known as the Z/D model and identified by...

The aim of our paper is to assess what we call the "discrepancy hypothesis". It states that the transformation of macroeconomics triggered by Lucas, Kydland and Prescott has failed to percolate in the contents of undergraduate textbooks. In the theoretical part of the paper, we draw a contrast...

This contribution reviews key developments in Kaleckian economics after Kalecki, with a focus on its application to mature capitalist economies. Rather than revisiting interpretations of Kalecki's original work, the contribution highlights subsequent theoretical and empirical extensions. It...

This paper aims to develop an ecological macroeconomic model for the Danish economy that can link the economic and financial system with some key aspects of the climate. To do so, we combine Stock-flow-Consistent approach (SFC) with Input-Output tables (IO) to build a hybrid model, which we call...

This study develops a dynamic IS-LM macroeconomic model that incorporates delayed taxation and a memory-dependent income effect, and calibrates it to quarterly data for Romania (2000-2023). Within this framework, fiscal policy lags are modelled using a "memory" income variable that weights past...

The first section provides a brief review of developments in key macroeconomic variables since 2000. These include the usual target variables of economic growth, inflation, external balance and employment as well as intermediate target variables of fiscal balance, savings and investment. Section...

This edition of the Macro Poverty Outlooks periodical contains country-by-country forecasts and overviews for GDP, fiscal, debt and poverty indicators for the developing countries. Macroeconomic indicators such as population, gross domestic product and gross domestic product per capita, and...

The current research examines the impact of different macroeconomic indicators on Djibouti's external debt from 1990 to 2022 using the Autoregressive Distributed Lag (ARDL) model. The empirical model provides evidence that economic growth, trade, and government expenditure have a positive and...

We provide a brief primer on how the core of usable macroeconomic theory for monetary policymakers has evolved over the past 50 years. Today's policy discussions center on the New Keynesian (NK) synthesis, which builds on the Neoclassical growth model and the AS-AD framework. It incorporates...

Macroeconomics is arguably the most male-dominated field within the discipline of economics. Since the mid-1990s, feminist economists have thoroughly and meticulously challenged this field through empirical and theoretical analyses and proposed alternative starting points, frameworks, and...

Over the past decade, the housing market in the EU has been characterised by significant price growth, putting pressure on housing affordability. Despite a price moderation in 2022 and 2023 due to monetary tightening and increased mortgage interest rates, house prices remain historically high in...

Questions about market power have become salient in macroeconomics. We consider the role of institutional structures in addressing these within a dynamic general equilibrium framework. Standard models account for monopoly profits as a lump-sum transfer to the representative agent. We label this...

Using a customized survey and an information-provision experiment, we establish that loan officers' individual subjective expectations about inflation, GDP growth, and policy rates vary substantially within and across bank types and have a sizable causal effect on credit supply decisions....

In this paper, we analyse whether two key macroeconomic relationships in Australia - Okun’s law and the Phillips curve - have been stable over time. This is done by estimating hybrid time-varying parameter Bayesian VAR models using quarterly data from 1978 to 2024. Model comparison based on...