the main aim in this research has been to determining the growth regime in iran based on an open economy concerning the bhaduri and marglin(1990) model.  this model which has been widely used in post keynesian economics is a kaleckian-post keynesian macroeconomic model which is based on effective demand. bhaduri and marglin(1990) concerning wage as a cost item as well as a component of aggregat...

Partisanship of state governors affects the efficacy US federal fiscal policy. Using close election data, we find partisan differences in marginal propensity to spend intergovernmental transfers: Republican less than Democratic governors. Correspondingly, Republican-led states have lower debt, (delayed) taxes, and initially economic activity. A New Keynesian model a monetary union implies sizab...

Hysteresis in a Three-Equation Model by Thomas R. Michl JEL E11, E12, O42

Tinbergen Rules the Taylor Rule by Thomas R. Michl JEL E12, E52

I analyze an extension of the New Keynesian model that features overlapping generations finitely lived agents and (stochastic) transitions to inactivity. In contrast with standard model, proposed framework allows for existence rational expectations equilibria asset price bubbles. study conditions under which bubble-driven fluctuations may emerge type monetary policy rules prevent them. conclude...

We examine the dynamic effects of TFP news shocks in context frictions financial markets. document two new facts. First, a shock to future generates significant decline credit spread indicators along with robust improvement supply indicators. Second, we establish tight link between and that explain majority un-forecastable movements A DSGE model enriched sector Gertler-Kiyotaki-Karadi type very...

We develop a multisector sticky-price DSGE model that can endogenously deliver differential responses of prices to aggregate and sectoral shocks. Input-output production linkages (standard) monetary policy rule contribute slow response In turn, labor market segmentation at the level induces within-sector strategic substitutability in price-setting decisions, which helps fast sector-specific est...

We estimate a behavioral New Keynesian (NK) model in which households and firms plan over finite horizon. The finite-horizon planning (FHP) outperforms rational expectations versions of the NK as well other models. In FHP model, are forward-looking thinking about events their horizon but backward-looking regarding beyond that point. This gives rise to substantial aggregate persistence without r...

flowing the uruguay round negotiations (1986-1994), the world trade system has evolved. on the basis of agreements of this round, world trade organization (wto) members have been obligated to decrease tariff obstacles, non-tariff restrains and trade supports. the use of trade liberalizing policies (tariff obstacles and non-tariff restrains) by members and observing countries has had significant...

This paper assesses the presence and importance of neo-Fisher effect in postwar data. It formulates estimates an empirical a New Keynesian model driven by stationary nonstationary monetary real shocks. In accordance with conventional wisdom, temporary increases nominal interest rate are estimated to cause decreases inflation output. The main finding is that permanent shocks increase long run ra...