osnaDocs: Financial Stability, Macroeconomic Cycles and Complex Expectation Dynamics

Financial Stability, Macroeconomic Cycles and Complex Expectation Dynamics

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https://osnadocs.ub.uni-osnabrueck.de/handle/urn:nbn:de:gbv:700-2018020716589

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DC Field	Value	Language
dc.contributor.advisor	Prof. Dr. Valeriya Dinger
dc.creator	Hartmann, Florian
dc.date.accessioned	2018-02-07T14:16:22Z
dc.date.available	2018-02-07T14:16:22Z
dc.date.issued	2018-02-07T14:16:22Z
dc.identifier.uri	https://osnadocs.ub.uni-osnabrueck.de/handle/urn:nbn:de:gbv:700-2018020716589	-
dc.description.abstract	The thesis tries to shed light on mechanisms that endanger the macro-financial stability of economies. For that purpose a modeling framework is set-up which allows for cyclical behavior on the macro level and does not automatically enforce monotonic convergence of the dynamics to a stable equilibrium. Thus, the assumption of rational expectation must be replaced by alternative expectation formation schemes which are more relevant from an empirical point of view. We start to put forth a modeling approach of a partial, but crucially important market for the whole economy. As we could learn from the great recession, activities in the housing market can trigger economy-wide crises when financial markets are highly interconnected and exert a lasting impact on real markets. The next step is to construct an integrated macro model which captures the interaction of real and financial markets with respect to possible destabilizing linkages. Policy instruments can work then as remedies as long as they are designed in a manner that takes account of the underlying feedback structure. Step by step the models are extended throughout the chapters by refinement of the macro-financial structure. A banking sector is introduced and many issues arising with this addition are discussed. After having addressed several configurations of the banking sector, the focus is shifted to the expectation formation of agents. Behavioral traders on the micro level then drive complex dynamics on the macro level, which eventually feedback on the distribution of different types of trading strategies. We also investigate the implications of such behavioral expectation formations for open economies. Finally, we look at potential instabilities that arise from the supply side of macroeconomies in the long run. A model with a differentiated labor market structure and an accumulation mechanism is used to display distributive cycle dynamics and their stability implications.	eng
dc.subject	Macroeconomics	eng
dc.subject	Monetary Economics	eng
dc.subject	Heterogenous Expectations	eng
dc.subject	Complex Dynamics	eng
dc.subject	Business Cycle	eng
dc.subject	Banking	eng
dc.subject	Housing Market	eng
dc.subject	Labour Market	eng
dc.subject.ddc	330 - Wirtschaft
dc.subject.ddc	320 - Politik
dc.title	Financial Stability, Macroeconomic Cycles and Complex Expectation Dynamics	eng
dc.type	Dissertation oder Habilitation [doctoralThesis]	-
thesis.location	Osnabrück	-
thesis.institution	Universität	-
thesis.type	Dissertation [thesis.doctoral]	-
thesis.date	2017-01-19	-
dc.contributor.referee	Prof. Dr. Bernd Meyer
dc.subject.bk	83.12 - Makroökonomie
dc.subject.bk	83.33 - Konjunktur
vCard.ORG	FB9
Appears in Collections:	FB09 - E-Dissertationen

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