Aalborg University Business School
The Macroeconomic Methodology, Theory and Economic Policy Research Group
Aalborg University Business School
The Macroeconomic Methodology, Theory and Economic Policy Research Group
The Macroeconomic Methodology, Theory and Economic Policy Research Group (MAMTEP) at Aalborg University Business School (AAUBS) focuses on the complexities of the processes of adjustment in a modern monetary macroeconomic system. As the context of modern economies is one of globalisation and increasing interdependencies between countries, the complexities of the processes of adjustment in a modern monetary macroeconomic system become very important to study.
The context of modern economies is one of globalisation and increasing interdependencies between countries. Although the vision of the efficient market is eminently present in microeconomics as well as in macroeconomics.
Recent experience following the international financial turbulence from especially 2008 and onwards, together with the tendencies in many countries to be stuck in a recession for a rather long period, have taught economists to be aware of the complexities of the processes of adjustment in a modern monetary macroeconomic system.
If the macroeconomic outcome, generally, is not one of perfection economic policy proposals might have a vital role to play in insuring a high level of employment, but to conduct economic policy in a better way policy proposals have to be embedded in a theoretical context. However, what is the relevant theoretical context and with which methodological guidelines should theory correspond?
As such, the MaMTEP research group does research covering various aspects of macroeconomics both of a theoretical, economic policy wise as well as of a more methodological kind.
By seeking inspiration from the writings of John Maynard Keynes and others, we aim to study various aspects of macroeconomic methodology, macroeconomic theory and economic policy in order to get a better understanding of how economic activities unfold themselves in a modern monetary macroeconomic context.
Research projects of MaMTEP at present
- The Economic Crisis of the EMU
- Macroeconomics and ontology – some methodological aspects
- Methodology of Economics
- The economics of Paul Davidson
- The principle of effective demand as a macroeconomic model
- The Lucas critique and Post Keynesianism
- Time in Keynesian Economics
- Ivar Nørgaard, the economist
- Stagnation in Denmark
- Using the PBL approach in teaching economics
- Foundations of Money
- Review of SFC modelling
- Analysis of household debt in Denmark using the SFC modelling approach
- Macroeconomic effects of unemployment benefits in small open economies: A Stock-Flow-Consistent approach
- Macroeconomic effects of unemployment benefits: A Panel VAR approach
- The Methodology of PK-SFC approach
- Agricultural sector in a SFC-approach
- SFC-model for Iceland
- An empirical SFC-model for Denmark
- Unconventional monetary policy
- Housing sentiment
- Commodity prices
- The yield curve and the macro economy
- International House prices
- International capital mobility
- Capital controls and financial crisis in Iceland
- Capital inflows, crises and recovery
- UK financial markets
Strategy
In the years to come the strategy of MaMTEP will be primarily to focus on various aspects of Post Keynesian economics, financial economics, the SFC modelling approach and economic methodology as indicated by the list of current research Projects.
The MaMTEP research group provides teaching primarily in various courses to students in Economics at bachelor's as well as master's level.
Below is listed the different educational offers which we are currently involved in:
Procedure : Send the paper to Finn Olesen finn@business.aau.dk and Jeanette Hvarregaard jhvarre@business.aau.dk and the paper will then be edited before published on this webpage. The paper should contain title, name and an abstract. Keywords are also recommended.
Please use times new roman and 1 ½ line spacing.
2024
- Simon Fløj: The Porter Hypothesis in a Two-Area Ecological Stock Flow Consistent Model – Should Political Decision Making Rely on Current Calculations of Leakage Rates?
- Simon Fløj Thomsen, Hamid Raza & Mikael Randrup Byrialsen: A benchmark Ecological Stock-Flow-Consistent Input-Output model for Denmark
2023
- Finn Olesen: Om usikkerhedens svøbe – version II
- Peter Skott : Phillips curves, behavioral economics and post-Keynesian macroeconomics
- Peter Skott : Endogenous business cycles and economics policy
- Mogens Ove Madsen : Keynes and the Nordic Welfare States
2022
- Mikael Randrup Byrialsen, Hamid Raza and Sebastian Valdecantos: A Quarterly Empirical Stock-Flow Consistent Model for the Danish Economy
2021
- Mogens Ove Madsen: PBL, økonomisk metodologi og videnskabsteoriens betydning
- Peter Skott: Inflation in developing economies
- Finn Olesen: Hvordan skal man lære om makroøkonomi?
- Sebastian Valdecantos: Grasping Argentina’s Green Transition: Insights from a Stock-Flow Consistent Input-Output Model
2020
- Peter Skott, Júlio Fernando Costa Santos and José Luís da Costa Oreiro: Fiscal Policy, the Sraffian Supermultiplier and Functional Finance
- Guilheme Klein Martins and Peter Skott: Sources of inflation and the effects of balanced budgets and inflation targeting in developing economies
- Peter Skott: Fiscal policy and structural transformation in developing economies
- Mikael Randrup Byrialsen and Hamid Raza: Assessing the macroeconomic impact of COVID-19 in an Empirical SFC model
- Finn Olesen: Efter The Great Recession og Covid-19 – vandt Keynes alligevel på lang sigt?
- Mogens Ove Madsen: Understanding the Temporal in Economics
2019
- Mikael Randrup Byrialsen and Hamid Raza: An empirical stockflow consistent macroeconomic model for Denmark
2018
- Jalal Qanas and Hamid Raza: Does securitization make monetary policy less effective?
- Mikael Randrup Byrialsen and Robert Ayerton Bailey Smith: Sectoral Balances: Empirical evidence from Scandinavia
2017
- Hamid Raza, Gylfi Zoega and Stephen Kinsella: Capital inflows, crisis and recovery in small open economies
- Robert Ayerton Bailey Smith: Money at first principles: A social value theory of money
2016
- Peter Skott: Weaknesses of ‘wage-ed growth’
- Peter Skott: Aggregate demand, functional finance and secular stagnation
- Finn Olesen: World War 1 - some economic aspects and considerations
- Peter Skott and Soon Ryoo: Functional finance and intergenerational distribution in neoclassical and Keynesian OLG models
- Mogens Ove Madsen and Finn Olesen: Teaching economics at Aalborg University using the PBL approach
- Finn Olesen: Was Paul Davidson right in using the ENE-approach?
- Finn Olesen: The Lucas Critique – is it really relevant?
- Lasse Bork, Stig V. Møller and Thomas Q. Pedersen: A New Index of Housing Sentiment
2015
- Lasse Bork: A large-dimensional factor analysis of the Federal Reserve’s large-scale asset purchases
- Mogens Ove Madsen: Shackle in time – time in Shackle
- Mikael Randrup Byrialsen: Stock-flow-konsistente makroøkonomiske modeller - et uforløst potentiale
2014
- Mikael Randrup Byrialsen: Den makroøkonomiske betydning af de danske husholdningers store gæld – behov for nærmere undersøgelse?
- Lasse Bork and Stig Vinther Møller: Forecasting house prices in the 50 states using Dynamic Model Averaging and Dynamic Model Selection
- Mogens Ove Madsen: An anatomy of the concept of time in Maynard Keynes
- L. Bork, P. Kaltwasser and P. Sercu: Do Exchange Rates Really Help Forecasting Commodity Prices?
- Mikael Randrup Byrialsen and Finn Olesen: Om DSGE modeller - en introduktion
2013
- Finn Olesen: Sti-afhængighed – hysteresis som case
- Peter Skott and Frederick Guy: Power, luck and ideology in a model of executive pay
- Finn Olesen: Om usikkerhed – epistemologisk som ontologisk
- Finn Olesen: The Ontological Foundation of Economic Theory – A Post Keynesian inspired Comment
- Peter Skott and Soon Ryoo: Public debt in an OLG model with imperfect competition: Long-run effects of austerity programs and changes in the growth rate
- Frederick Gue and Peter Skott: Technology, power and the political economy of inequality
2012
- Finn Olesen: Paul Davidson and the Post Keynesian Alternative to the Modern Macroeconomic Mainstream
- Lasse Bork and Stig V. Møller: Housing Price Forecastability: A factor analysis
- Finn Olesen: Jens Warming om løndannelse: The Theory of Wages - en international prisbesvarelse fra midten af 1920'erne
- Peter Skott and Soon Ryoo: Public debt and functional finance in an OLG model with imperfect competition
2011
- Finn Olesen: GT - 75 år
- Finn Olesen: Kritik af den makroøkonomiske mainstream - den endeløse debat?
On this page you can find information about past MaMTEP research seminars.
2019
Seminar September 13 2019
- Program
- Økonomisk råderum: Modelkonstruktion eller realitet?
- Bør makroøkonomi indeholde moralske og etiske overvejelser?
- Husholdningernes gæld og den makroøkonomiske stabilitet: En empiriske SFC-model for Danmark
Seminar March 7 2019: Unconventional Monetary Theory and Monetary Policy
- Program
- The Role of Monetary Policy, March 7 2019
- Effects of Unconventional Monetary Policy, March 7 2019
- Modern Monetary Theory, March 7 2019
2018
Seminar November 9 2018: Use and misuse of Economic models
- Program
- Finansministeriets modelarbejde, November 9 2018
- Om makroøkonomi og modeller, November 9 2018
- Tidsperspektivet og økonomiske modeller, November 9 2018
- Sectoral balances ensures a stock flow consistent structure, November 9 2018
Seminar September 14 2018: Keynes Lecture Seminar
- Program
- Finanskrisen 2008: Hvad skete der?, September 14 2018
- Makroøkonomisk politik, 2008-2018: Hvorfor den længste recession siden WWII?, September 14 2018
- 10 years after Lehman Brothers! Økonomiske modeller, September 14 2018
- Makroøkonomisk teori, 2008-2018: What have we learned?, September 14 2018
Members of the research group
Contact
Research group leader
Finn Olesen
Phone: + 45 9940 2704
Mail: finn@business.aau.dk