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Learning, heterogeneity, and complexity in the New Keynesian model (2019)
Journal Article
Levine, P., Calvert Jump, R., & Hommes, C. (2019). Learning, heterogeneity, and complexity in the New Keynesian model. Journal of Economic Behavior and Organization, 166, 446-470. https://doi.org/10.1016/j.jebo.2019.07.014

We present a New Keynesian model in which a fraction n of agents are fully rational, and a fraction 1 − n of agents are bounded rational. After deriving a simple reduced form, we demonstrate that the Taylor condition is sufficient for determinacy and... Read More about Learning, heterogeneity, and complexity in the New Keynesian model.

Educational attainment and the Brexit vote (2019)
Journal Article
Jump, R. C., & Michell, J. (in press). Educational attainment and the Brexit vote. Environment and Planning A, https://doi.org/10.1177/0308518X19866465

© The Author(s) 2019. The Brexit vote is the most significant political event in recent British history. We present bivariate choropleth maps comparing the Leave vote share with age-adjusted secondary educational attainment. This provides an immediat... Read More about Educational attainment and the Brexit vote.

Short and medium term financial-real cycles: An empirical assessment (2019)
Journal Article
Stockhammer, E., Calvert Jump, R., Kohler, K., & Cavallero, J. (2019). Short and medium term financial-real cycles: An empirical assessment. Journal of International Money and Finance, 94, 81-96. https://doi.org/10.1016/j.jimonfin.2019.02.006

© 2019 Elsevier Ltd Theories such as Minsky's financial instability hypothesis or New Keynesian financial accelerator models assign a key role to financial factors in business cycle dynamics. We propose a simple VAR-based estimation framework to exam... Read More about Short and medium term financial-real cycles: An empirical assessment.

Behavioural New Keynesian models (2018)
Journal Article
Levine, P., & Jump, R. C. (2019). Behavioural New Keynesian models. Journal of Macroeconomics, 59, 59-77. https://doi.org/10.1016/j.jmacro.2018.11.002

© 2018 This paper provides a bird's eye view of the behavioural New Keynesian literature. We discuss three key empirical regularities in macroeconomic data which are not accounted for by the standard New Keynesian model, namely, excess kurtosis, stoc... Read More about Behavioural New Keynesian models.

AGENT-BASED MACROECONOMICS AND DYNAMIC STOCHASTIC GENERAL EQUILIBRIUM MODELS: WHERE DO WE GO FROM HERE? (2018)
Journal Article
Dilaver, O., Jump, R., & Levine, P. (2018). AGENT-BASED MACROECONOMICS AND DYNAMIC STOCHASTIC GENERAL EQUILIBRIUM MODELS: WHERE DO WE GO FROM HERE?. Journal of Economic Surveys, 32(4), 1134-1159. https://doi.org/10.1111/joes.12249

© 2018 John Wiley & Sons Ltd. Agent-based computational economics (ACE) has been used for tackling major research questions in macroeconomics for at least two decades. This growing field positions itself as an alternative to dynamic stochastic gene... Read More about AGENT-BASED MACROECONOMICS AND DYNAMIC STOCHASTIC GENERAL EQUILIBRIUM MODELS: WHERE DO WE GO FROM HERE?.

Inequality and aggregate demand in the is-lm and is-mp models (2018)
Journal Article
Calvert Jump, R., & Jump, R. (2018). Inequality and aggregate demand in the is-lm and is-mp models. Bulletin of Economic Research, 70(3), 269-276. https://doi.org/10.1111/boer.12134

© 2017 Board of Trustees of the Bulletin of Economic Research and John Wiley & Sons Ltd This paper presents an extension to the textbook IS-LM and IS-MP models that allows the short run effects of an increase in household income inequality to be st... Read More about Inequality and aggregate demand in the is-lm and is-mp models.