Structural VARs and noninvertible macroeconomic models

2018 ◽  
Vol 34 (2) ◽  
pp. 221-246 ◽  
Author(s):  
Mario Forni ◽  
Luca Gambetti ◽  
Luca Sala
Keyword(s):  
Macroeconomic Models ◽  
Structural Vars

The Role of Behavioral Models in the Ontological Structure of Modern Macroeconomics

2013 ◽  
pp. 98-110
Author(s):  
M. Likhachev
Keyword(s):  
Economic System ◽  
Government Regulation ◽  
Institutional Structure ◽  
Economic Environment ◽  
Behavioral Models ◽  
Macroeconomic Models ◽  
Basic Characteristics ◽  
Practical Implications

Behavioral models are considered in the paper as the link between the description of the institutional structure of the economic system and the formation of macro-aggregates, reflecting the results of its operations. The degree of homogeneity of the private sector’s economic environment and complementary goals of private entities and government regulation are noted as basic characteristics of behavioral models. The author examines the differences in the estimates of these characteristics as one of the most important factors underpinning the architecture of modern macroeconomic models and their practical implications.

Real Estate

2017 ◽  
Author(s):  
Stefan Homburg
Keyword(s):  
Real Estate ◽  
Great Recession ◽  
House Prices ◽  
Borrowing Constraints ◽  
Macroeconomic Models ◽  
Land Prices ◽  
The Great Recession ◽  
Quantitative Importance

Chapter 6 examines real estate as a neglected feature of actual economies. It begins with an empirical overview demonstrating the preeminent role of land as a part of nonfinancial wealth. Whereas many macroeconomic models represent nonfinancial wealth by a symbol K that is interpreted as machines and equipment (if not robots), the text makes clear that such items are of minor quantitative importance. In contemporary economies, nonfinancial wealth consists chiefly of real estate. This is the proper reason so many analysts conjecture a link between house prices and the Great Recession. Changes in house prices (primarily changes in land prices) operate on the economy through their influence on nonfinancial wealth. Nonfinancial wealth affects consumption directly and investment indirectly since it relaxes or tightens borrowing constraints. Building on the results obtained in previous chapters, the text studies housing manias and leverage cycles and relates its main findings to US data.

Interest rates in five macroeconomic models of the UK

1987 ◽  
Vol 4 (1) ◽  
pp. 19-64 ◽  
Author(s):  
Bill Easton ◽  
Kerry Patterson
Keyword(s):  
Interest Rates ◽  
Macroeconomic Models ◽  
The Uk

A Discussion of Aida H. Hozic and Jacqui True’s Scandalous Economics: Gender and the Politics of Financial Crises

2017 ◽  
Vol 15 (2) ◽  
pp. 503-504
Author(s):  
Dara Z. Strolovitch
Keyword(s):  
Political Economy ◽  
Financial Crisis ◽  
Financial Institutions ◽  
Financial Crises ◽  
Global Financial Crisis ◽  
Economic Order ◽  
Macroeconomic Models ◽  
Gender And Race ◽  
Back Cover ◽  
The Global Financial Crisis

“Critical analyses of the global financial crisis of 2008 (GFC) have neglected the ways in which structural inequalities around gender and race factor into (and indeed make possible) the current economic order. Scandalous Economics breaks new ground by arguing that an explicitly gendered approach to the GFC and its ongoing effects can help us to understand both the root causes of the crisis and the failure to significantly reform financial institutions and macroeconomic models.” These words, from the blurb on the back cover of Scandalous Economics, nicely summarize the book’s topic and the general approach to it. Because the book contains contributions from a number of the top political scientists writing about the gendering of political economy, and because this topic is such an important one, we have invited a range of political scientists to comment on the book and on the broader theme of the gendering of political economy.

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