While by all standards the macroeconomic system is qualified to be a complex adaptive system, mainstream macroeconomics is not capable of demonstrating this feature. Recent applications of agent-based modeling to macroeconomics define a new research direction, which demonstrates how the macroeconomic system can be modeled and studied as a complex adaptive system. This paper shall review the dev...

Could a credible plan to reduce the government budget deficit stimulate the economy in the short run? If so, what speed of deficit reduction is required? Should the central bank alter its responsiveness to the state of the economy because of a credible deficit-reduction plan? Should the path of deficit reduction be contingent on the future state of the economy? These particular questions-all of...

Many papers in the recent literature in open economy macroeconomics make different assumptions about the currency in which firms set their export prices when nominal prices must be pre-set. But to date, all of these studies take the currency of price setting as exogenous. This paper sets up a simple two-country general equilibrium model in which exporting firms can choose the currency in which ...

This paper reviews the analysis of fiscal policy in the new open economy macroeconomics literature, in view of increasing interest in the question of transmission and coordination of policies across countries, stirred by developments in this literature and by the formation of the euro area. The analysis focuses on two main points: (i) the identification of welfare spillover effects to third cou...

The editorial team is delighted to present the first issue of journal Risk Governance and Control: Financial Markets Institutions in 2022. This contains six interesting papers dealing with up-to-date subjects accounting, macroeconomics, economic policy, innovation, which are analyzed from an original perspective. In particular, these focus on environmental hidden champion companies, transitiona...

Degrowth scholars and other growth skeptics have done a considerable amount of important work exposing the many defects inherent to the dominant macroeconomics of growth (Kallis, 2011; Latouche 2009; Jackson 2009; Victor 2008; Daly 1996). In recent years a growing body of literature has also emerged exploring what structural changes could be undertaken to facilitate the emergence of a degrowth ...

t he relationship between the price of oil and the level of economic activity is a fundamental empirical issue in macroeconomics. in this research, by using a multivariate garch-in-mean var, we try to investigate direct effects of uncertainty of oil price on macroeconomics of iran by using annually data from 1965 to 2013.results show that uncertainty about oil prices had a negative and signific...

Chapter written for the Handbook of Research Methods and Applications on Empirical Macroeconomics, edited by Nigar Hashimzade and Michael Thornton, forthcoming in 2012 (Edward Elgar Publishing). This chapter presents an introductory review of Bayesian methods for research in empirical macroeconomics