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  • Lehrstuhl für Quantitative Wirtschaftspolitik

    Prof. Dr. Willi Semmler (i.R.)

    © Universität Bielefeld

Prof. Dr. Willi Semmler (i.R.)

ehemals Lehrstuhl für Quantitative Wirtschaftspolitik an der Universität Bielefeld von 1997 bis 2007

Room V9-112 (ehemals V8-109)
Tel. (+49)521 106 4884
Fax (+49)521 106 6416
(erreichbar nach Vereinbarung)

weiterer Kontakt unter:

The New School, New York, Dept. of Economics
79 Fifth Avenue, New York, NY 10003
USA

The New School for social research
E-Mail: semmlerw@newschool.edu

Publications are down-loadable from: www.newschool.edu/nssr/cem
and the SSRN web-site.
 

Books

"The Macroeconomics of Global Warming", edited Handbook at Oxford University
Press (jointly with Lucas Bernard), forthcoming 2013/14.

"Financial Assets, Debt and Liquidity Crises. A Keynesian Approach"
(with C. Chiarella, P. Flaschel and M. Charpe), Cambridge University Press,
2012

"Asset Prices, Booms and Recessions: Financial Economics from a Dynamic
Perspective", Springer Publishing House, Heidelberg and New York, 2011,
3rd edition (2003, 2nd 2006)

"Reconstructing Keynesian Macroeconomics. Volume I: Partial Perspectives
(with C. Chiarella and P. Flaschel) vol. 1, Routledge, 2012, vol 2 forthcoming
2013, and vol 3 forthcoming 2014.

"Financial Assets, Debt and Liquidity Crises. A Keynesian Approach" (with
C. Chiarella, P. Flaschel and M. Charpe), Cambridge University Press, 2011.

"Financial Markets and the Macroeconomy. A Keynesian Perspective" (with
C. Chiarella, P. Flaschel and R. Franke), Routledge, 2009.

"Business Fluctuations and Long-Phased Cycles in High Order Macrosystems"
(with C. Chiarella, P. Flaschel, H. Hung). New York: Nova Publishers,
2009.

"Global Environment, Natural Resources and Economic Growth" (with A.
Greiner), Oxford University Press, 2008.

"Topics in Applied Macrodynamic Theory" (with P. Flaschel, G. Groh, and
C. Proano), Springer Publishing House, Heidelberg and New York, 2008

"The Foundations of Credit Risk Analysis" ed. with L. Bernard, Edward
Elgar Publishing Ltd., Cheltenham, 2007.

"Stochastic Dynamic Macroeconomics: Theory and Empirical Evidence",
(with G. Gong), Oxford University Press, 2006.

"Quantitative and Empirical Analysis of Nonlinear Dynamic Macromodels",
ed. with C. Chiarella, P. Flaschel and R. Franke, Contributions to Economic
Analysis. Amsterdam, Elsevier, 2006.

"The Forces of Economic Growth: A Time Series Perspective "(with A.
Greiner and G. Gong), Princeton, Princeton University Press, 2005.

"Monetary and Fiscal Policies in the Euro-area: Macromodeling, Learning
and Empirics". (with A. Greiner and W. Zhang), Amsterdam, Elsevier Publisher,
2005.

"Monetary Policy and Unemployment: U.S., Euro-area and Japan", ed., proceedings
from a conference held in honor of James Tobin, London, Routledge,
2005.

"Disequilibrium, Growth and Labor Market Dynamics" (with C. Chiarella,
P. Flaschel and G. Groh), Springer Publishing House, Heidelberg and New
York, 2000.

"Dynamic Macroeconomics: Instability, Fluctuations and Growth in Monetary
Economies", (with R. Franke and P. Flaschel), MIT-Press, 1997.

"Business Cycles: Theory and Empirical Methods", ed., Kluwer Academic
Publishers, 1994.

"Financial Dynamics and Business Cycles", ed., New York: M.E. Sharpe,
Inc., 1989, also published in Japanese, 2007.

"Competition, Instability, and Nonlinear Cycles, ed., Lecture Notes in Economics
and Mathematical Systems", Heidelberg and New York: Springer Publishing
House, 1986.

"Competition, Monopoly and Dierential Prot Rates", New York: Columbia
University Press, 1984.


Special Issues of Journals

Guest editor of a special issue of the Journal of Economic Behavior and
Organization on "Dynamic Models with Multiple Equilibria", vol. 57, no. 4,
2005.
Guest editor of a special issue of the Journal Computational Economics on
Advances in Asset Pricing and Dynamic Portfolio Decisions, vol. 29, no.
3-4, 2007.
Guest co-editor of a special issue of the Journal of Economic Dynamics and
Control, selected papers of the 14th International Conference on Computing
and Finance, Paris 2008, 2010, vol 34, no 9.
Guest co-editor of a special issue of the Journal of Economic Behavior and
Organization on the Financial Crisis, forthcoming 2012
Guest co-editor, Journal Economic Dynamics and Control, special issue, vol
37, no 8, 2013
Guest co-editor of a special issue of the Journal of Economic Behavior and
Organization, special issue on the Financial Crisis, 2012/2013, vol. 83, no
3.


Refereed Articles

"The Real Consequences of Financial Stress". (with S. Mittnik), Journal of
Economic Dynamics and Control, vol. 37, no: 8, 2013. .

"Are the Current Account Imbalances in EMU Countries Sustainable?"
(with C. Schoder and C. Proano), forthcoming, Journal of Applied Econometrics,
2013

"A Dynamic Portfolio Approach to Asset Markets and Monetary Policy"
(with E. Platen), in Stochastic Processes, Finance and Control, ed by S.
Young, World Scientic Publisher, 2013

"Time Scale Analysis of Interest Rate Spreads and Output Using Wavelets"
(with M. Gallegati and J. Ramsey), Axioms, March 2013.

"Financial Stress, Regime Switching and Macro Dynamics: Theory and
Empirics for the US, EU, and Non-EU Countries" (with P. Chen), Economics,
The Open Access, Open Assessment E-Journal, no 2013-24,March 2013.

"Economic Growth and the Transition from Non-Renewable to Renewable
Energy" (with A. Greiner and L. Gruene), Environment and Development
Economics, forthcoming.

"Agricultural Commodities and their Financialization" (with L. Bernard
and A. Greiner), The IEB International Journal of Finance, no 5: 2-25, 2012..

"Regime Dependence of the Multiplier" (with S. Mittnik), Journal of Economic
Behavior and Organisation, Journal of Economic Behavior and Organization,
vol. 83, no 3: 502-522. 2012..

"Boom-Bust Cycles; Leveraging, Complex Securities and Asset Prices",
(with L Bernhard), Journal of Economic Behavior and Organization, vol 81,
No: 2: 442-465, 2012

"Macroeconomic Stabilization Policies in Intrinsically Unstable Macroeconomies",
(with C. Chiarella, P. Flaschel, P. Koeper, C. Proano), Studies in
Nonlinear Dynamics and Econometrics, vol 16, no 2, Apri, 2012l

"An Economic Model of Oil Exploration and Extraction" (with A. Greiner
and T. Mette), Computational Economics, 40(4): 387399, 2012.

"Dynamic Consumption and Portfolio Decisions with Estimated Low Frequency
Movements of Asset Returns and Labor Income", Journal of Wealth
Management, vol. 14, no 2:101-111, 2012.

"Fiscal Policy, Public Expenditure Composition and Growth. Theory and
Empirics." (with A. Greiner; B. Diallo; A. Rajaram and A. Rezai (2011):
The IEB International Journal of Finance No. 2 (July 2011): pp. 1-42.

"The European Sovereign Debt Crisis: Is Germany to Blame?" (with B.
Young), German Politics and Society, vol 29: no. 1: 1-24, 2011.

"The US Wage Phillips Curve Across Frequencies and Over Time" (with
M. Gallegati, M. Gallegati, J. Ramsey), Oxford Bulletin of Economics and
Statistics, vol. 73. no 4: 489-508. 2011

"Dynamic Consumption and Portfolio Decisions with Estimated Low Frequency
Movements of Asset Returns" (with C.-Y. Hsiao), Journal of Wealth
Management, vol. 14, no 2:101-111, 2011.

"An Optimal Control Model of Oil Discovery and Extraction" (with Helmut
Maurer), Applied Mathematics and Computation, vol. 217, no 13:1163-1169,
2011.

"Filtering Time Series with Penalized Splines" (with G. Kauermann and
T. Krivobokova), Studies in Nonlinear Dynamics and Econometrics, vol 15,
no:21-26, 2011.

"Distribution and Fluctuation of Firm Size in the Long Run" (with H.
Aoyama, L. Gruene, Y. Fujiwara, and W. Souma), Advances in Operations
Research, forthcoming 2012.

"Lost in the Temptation of Risk: Financial Market Liberalization, Financial
Market Meltdown and Regulatory Reform" (with B. Young), Comparative
European Politics", vol 8. no 2, 1-28, 2010.

"Growth and Climate Change: Thresholds and Multiple Equilibria" (with A.
Greiner and L. Grüne), in Dynamic Systems, Economic Growth, and the Environment",
eds. J. C Cuaresma,T. Palokangas, and A. Tarasyev, Springer
Publishing House, 63-77, 2010.

"Global Dynamics in Model with Search and Matching in Labor and Capital
Markets "(with E. Ernst), Journal of Economic Dynamics and Control, vol
34, no 9:1651-1679, 2010.

"Instrumental Variables and Wavelet Decompositions" (with J. Ramsey. M.
Gallegati, M. Gallegati), Economic Modelling, 2010, vol 27:1498-1527.

"Broad Banking, Financial Markets and the Return of the Narrow Banking
Idea" (with P. Flaschel, F. Hartmann, C. Malikane). The Journal of Economic
Asymmetries, 2010, 7, 105  138.

"Stabilizing an Unstable Economy: On the Choice of Proper Policy Measures"
 (with P. Flaschel, T. Asada, C. Chiarella, T. Mouakil, C. Proano).
The Open-Access, Open-Assessment E-journal, 3, 2010-21, July 16, 2010:
http://www.economics-ejournal.org/economics/journalarticles/2010-21.

"Stock Flow Interactions and Disequilibrium Macroeconomics: The Role of
Economic Policy" (with P. Flaschel, T. Asada, C, Chiarella, T. Mouakil, C.
Proano). Journal of Economic Surveys, 2011, 569599. Reprinted in: S.
Zambelli and D. George (eds.): Nonlinearity, Complexity and Randomness
in Economics. Chichester, UK: Wiley-Blackwell..

"Taming Economic Fluctuations: Policies for Financial Market Stability"
(with P. Flaschel, C. Chiarella, C. Koeper, C. Proano). Studies in Nonlinear
Dynamics and Econometrics,forthcoming 2012.

"Growth and Climate Change: Threshold and Multiple Equilibria" (with
A.Greiner, and L. Gruene), in J. Crespo Cuaresma, T. Palokangas and A.
Tarasyev, eds., Dynamic Systems, Economic Growth, and the Environment,
Springer, Heidelberg and New York, pp. 6378, 2010.

"Lost in the Temptation of Risk: Financial Market Liberalization, Financial
Market Meltdown and Regulatory Reform", (with B. Young), Comparative
European Politics, vol 8. no 2, 1-28, 2010.

"Growth and Climate Change: Thresholds and Multiple Equilibria" (with
A. Greiner and L. Gruene), in Dynamic Systems, Economic Growth, and
the Environment", eds. J. C Cuaresma, T. Palokangas, and A. Tarasyev,
Springer Publishing House, 63-77, 2010.

"Stabilizing an Unstable Economy: On the Choice of Proper Policy Measures"
(with P. Flaschel, T. Asada, C, Chiarella, T. Mouakil, C. Proano).
The Open-Access, Open-Assessment E-journal, forthcoming, 2010.

"Boundedly Rational Exuberance in Commodity Markets" - Some Comments
on Bertrand Munier (with B. Lucas), Risk and Decision Analysis, Volume
2, Issue 1, 2010.

"Dynamic Consumption and Portfolio Decsions with Time Varying Asset
Returns" (with L. Gruene and C. Oehrlein), The Journal of Wealth Mangement,
vol 12, no. 2, 21-47, 2009.

"Financial Crisis, Real Crisis and Policy Alternatives" (with E. Nell), Constellations,
vol. 16, no. 2: 251-271, 2009.

"Banking, Complex Securities, and the Credit Crisis" (with L. Bernard),
Economic and Political Weekly, March 28, vol XLIV, no. 13:137-143, 2009.

"Financial Market Meltdown and the Need for New Financial Regulation"
(with S. Mittnik, E.Nell, E. Platen and R. Chappe), METU Studies in Development,
vol. 36, no 1: 253-269, June 2009.

"Overconsumption, Credit Rationing and Bailout Monetary Policy from a
Minskyan", Perspective" (with M. Charpe, P. Flaschel. and C. Proano). Intervention,
6, 147  170, 2009.

"Prospect Theory for the Stock Market: Empirical Evidence with Time Series
Data", (with W. Zhang), Journal of Economic Behavior and Organization,
72, 835-849, 2009.

"Transitioning Out of Poverty" (with D. Barsington and M. Kato), Metroeconomica,
vol. 61, no : 68-95, 2009.

"Memorandum on a New Financial Architecture and New Regulation" (with
T. Ghirladuccui, E, Nell, E. Platen S. Mittnik and R.Chappe), Investigacion
Economica, vol LXVIII, no 267, Merzo 2009.

"The US Wage Phillips Curve over Dierent Time Horizons" (with M. Gallegati,
M. Gallegati, J. Ramsey), Giornale Degli Economisti E Annali di
Economia, vol 86, no 2: 113-149.

"Asset Pricing with Loss Aversion" (with L. Gruene), Journal of Economic
Dynamics and Control, vol. 32 no 10:3253-3374, 2008.

"Credit Risk, Credit Derivatives, and Firm Value-based Models" (with B.Lucas
and M. Roberts), Investment Management and Financial Innovations, vol 5,
no 4:81-113, 2008.

"Asset Prices, Output and Monetary Policy in a Small Open Economy" (with
C. Malikane), Metroeconomica, vol. 59, no 4: 666-686, 2008

"Keynes and Modern Economics", METU Studies in Development, vol. 35,
no 1: 29-59, 2008.

"Productivity Shocks in the Short and Long Run: An Intertemporal Model
and Estimations" (with P. Chen and A. Rezai), Investigacion Economica, vol
LXVII, no 264:39-63, April-Junio 2008.

"Firm Value, Diversication of Capital Assets and Credit Risk: Toward a
Theory of Default Correlation", Journal of Credit Risk, vol. 3, no 4: 81-113,
Winter 2007/08.

"Currency Crisis and Monetary Policy in Economies with Partial Dollarization
of Liabilities" (with P. Flaschel and C. Proano). The ICFAI Journal of
Monetary Economics, 6, 14  39, 2008.

"'Hedging, Speculation, and Investment in a Balance Sheet Triggered Currency
Crisis "(with A. Roethig and P. Flaschel), Australian Economic Papers,
vol. 46, no 3: 205-303, 2007.

"Comparing Accuracy of Second-Order Approximation and Dynamic Programming"
 (with S. Becker and L. Gruene), Computational Economics, vol. 30, no. 1: 65-91, 2007.

"Asset Pricing with Dynamic Programming" (with L. Gruene). Computational
Economics, vol. 29, no. 3-4: 233-265, 2007.

"Intertemporal Asset Allocation when the Underlying Factors are Unobservable"
 (with C. Chiarella and Ch.-Y. Hsiao). Computational Economics, vol.
29, no. 3-4: 383-418, 2007.

"Debt Sustainability in the European Monetary Union: Theory and Empirical
Evidence for Selected Countries" (with U. Köller and A. Greiner). In:
Oxford Economic Papers, Vol. 59, no. 2, 2007.

"Estimating Beta-Coecients of German Stock Data: A Nonparametric Approach"
 (with M. Eisenbeiss and G. Kauermann), European Journal of Finance,
vol. 13, no 6:503-522, 2007.

"Adaptive Spline Interpolation for Hamilton-Jacobi-Bellman Equations" (with
F. Bauer and L. Gruene), in Applied Numerical Mathematics, vol. 65: 1196-
1210, 2006.

"Testing Wage and Price Phillips Curves for the United States" (with G.
Kauermann and P. Flaschel). Metroeconomica, 58, 4: 1-32, 2007.

"Currency Crises and Monetary Policy in Economies with Partial Dollarization
of Liabilities" (with C. Proa~no Acosta and P. Flaschel). Forthcoming,
International Review of Applied Economics, 2008/9.

"On Poverty Traps, Thresholds and Take-Os" (with M. Ofori), Structural
Change and Economic Dynamics, vol 18:1-26, 2007.

"A Macrodynamic Model of Real-Financial Interaction: Implications of Budget
Equations and Capital Accumulation" (with C. Chiarella and P. Flaschel).
New York: Novabook, forthcoming, 2007.

"Kaleckian Investment and Employment Cycles in Postwar Industrialized
Economies" (with R. Franke and P. Flaschel). In: P. Flaschel and M. Landesmann
(eds.): Mathematical Economics and the Dynamics of Capitalism.
London: Routledge, 2007.

"Asset Price Volatility and Monetary Policy Rules: A Dynamic Model and
Empirical Evidence" (with W. Zhang), Economic Modelling, vol 24, no 4:411-
430.

"The Iraq War and the World Oil Economy" (with E. Nell) Constellations,
vol. 14, no 4, 2007.

"The Feedback Channels in Macroeconomics: Analytical Foundations for
Structural Econometric Model Building" (with P. Chen, C. Chiarella and P.
Flaschel). Central European Journal of Operations Research, 14: 261-288,
2006.

"Quantifying the Impact of Structural Reforms" (with E. Ernst, G. Gong,
and L.Bukeviciute), European Central Bank Working Paper, No. 666, August
2006.

"Currency Crisis, Financial Crisis and Large Output Loss" (with P. Flaschel).
In: C. Chiarella, P. Flaschel, R. Franke and W. Semmler (eds.): Quantitative
and Empirical Analysis of Nonlinear Dynamic Macromodels. Contributions
to Economic Analysis Series, Elsevier, Amsterdam: 359-384, 2006.

"A High-Dimensional Model of Real-Financial Market Interaction: The Cascade
of Stable Matrices Approach" (with C. Chiarella, R. Franke and P.
Flaschel). In: C. Chiarella, P. Flaschel, R. Franke and W. Semmler (eds.):
Quantitative and Empirical Analysis of Nonlinear Dynamic Macromodels.
Contributions to Economic Analysis Series, Elsevier, Amsterdam: 385-414,
2006.

"Keynesian Dynamics and the Wage-Price Spiral. Analyzing and Estimating
a Baseline Disequilibrium Model"(with P. Chen, C. Chiarella and P.
Flaschel). The ICFAI Journal of Monetary Economics, 3, 2005, 649.

"Testing Sustainability of German Fiscal Policy: Evidence for the Period
1960-2003", (with A. Greiner and U. Köller): Empirica, vol. 33, no. 2-3:
127-140, 2006.

"Default Risk, Asset Pricing and Debt Control" (with Lars Gruene), Journal
of Financial Econometrics, vol. 1:1-28, 2005.

"Economic Growth and Global Warming: A Model of Multiple Equilibria
and Thresholds", (with A. Greiner), Journal of Economic Behavior and Organization,
vol. 57, no. 4: 421-430, 2005.

"Solving Ecological Management Problems Using Dynamic Programming"
(with L. Gruene and M. Kato), Journal of Economic Behavior and Organi-
zation, vol. 57, no. 4: 430-448, 2005.

"Currency and Financial Crises in Emerging Market Economies in the Medium
Run" (with P. Flaschel and C. Proano). The Journal of Economic Asymmetries,
vol. 2, no. 1: 105-130, 2005.

"Monetary Policy, the Labor Market and Pegged Exchange Rates. A Study
of the German Economy"  (with G. Gong and P. Flaschel), in: W. Semmler
(ed.): Monetary Policy and Unemployment: U.S., Euro-Area and Japan.
London: Routledge, 2005.

"Monetary Policy Rules under Uncertainty: Empirical Evidences, Adaptive
Learning and Robust Control" (with W. Zhang), Macroeconomic Dynamics,
June: 1-31, 2005.

"Keynesian Dynamics and the Wage-Price Spiral" (with P. Chen, C. Chiarella
and P. Flaschel), The ICFAI Journal of Monetary Economics, vol III, no
3:6-50, 2005.

"Creditworthiness and Thresholds in a Credit Market Model with Multiple
Equilibria" (with L. Gruene and M. Sieveking), Economic Theory, vol. 25,
no. 2: 287-315, 2004.

"Estimating and Endogenous Growth Model with Public Capital and Government
Borrowing: US and Germany 1960-1995", (with A. Greiner and G.
Gong), in: Computational Economics, vol. 23, no. 1: 21-44., 2004.

"Using Dynamic Programming with Adaptive Grid Scheme for Optimal Control
Problems in Economics" (with L. Gruene), Journal of Economic Dynamics
and Control, vol. 28:2427-2456, 2004.

"Endogenous Growth: Estimating the Romer Model for the US and Germany"
 (with A. Greiner and G. Gong), Oxford Bulletin of Economics and
Statistics, vol. 66, no. 2: 147-164, 2004.

"Monetary and Fiscal Policy Interactions in the Euro-Area" (with W. Zhang),
Empirica, 31: 205-227, 2004.

"Credit Risk, Sustainable Debt: A Model and Estimations Why the Euro is
Stable in the Long-Run" (with P. Woehrmann), Economic Modelling, vol.
21, no.6: 1145-1160, 2004.

"The Uzawa-Lucas Model without Scale Eects: Theory and Empirical Evidence,
Structural Change and Economic Dynamics", 15:401-420, 2004.

"Economic Growth, Skill-Biased Technical Change and Wage Inequality: A
Model and Estimations for the U.S. and Europe "(with A. Greiner and J.
Rubart), Journal of Macroeconomics, vol. 26: 597-621, 2004.

"Wage-Price, Quantity and Interest Rate Dynamics. Estimation and Analysis
of a Baseline Disequilibrium Model" (with P. Flaschel, P. Chen and C.
Chiarella). In: C. Chiarella, P. Flaschel, R. Franke and W. Semmler (eds.):
Quantitiatve and Empirical Analysis of Nonlinear Dynamic Macromodels.
Contributions to Economic Analysis, Elsevier, Amsterdam, 2005.

"Monetary Policy, the Labor Market and Pegged Exchange Rates. A Study
of the German Economy "(with G. Gong and P. Flaschel). In: W. Semmler
(ed.): Monetary Policy and Unemployment: The US, Euro-Area and Japan.
London: Routledge, 2005.

"Nonlinear Phillips-Curve, Complex Dynamics and Monetary Policy in a
Keynesian Macro Model" (with C. Chiarella and G. Gong). Chaos, Solitons
Fractals, 18, 2003, 613-634.

"Real-Financial Interaction. A reconsideration of the Blanchard Model with
State-Of-Market Dependent Reaction Coecient" (with C. Chiarella and P.
Flaschel). In: W.A. Barnett, C. Deissenberg and G. Feichtinger (eds.):
Economic Complexity. Non-linear Dynamics, Multi-Agents Economies, and
Learning. Amsterdam: Elsevier: 31-65, 2004.

"Monetary Policy, Currency Unions and Open Economy Macrodynamics" (with
P. Flaschel and T. Asada), Bulletin of the Czech Econometric Society, 19:
1-37, 2003

"Real Business Cycles with Labor Market Disequilibrium" (with G. Gong),
China Economic Quarterly, vol. 2, no. 3, 2003.

"A Keynesian Based Econometric Framework for Studying Monetary Policy
Rules"  (with G. Gong and P. Flaschel). In: R. Neck (ed.): Modelling and
Control of Economic Systems 2002. Proceedings of the IFAC Symposium on
Modelling and Control of Economic Systems. Elsevier: 329-334, 2003.

"A Stochastic Blanchard Model with a State-Of-Market Dependent Reaction
Coefficient (with C. Chiarella, P. Flaschel and P. Zhu). In: R. Neck (ed.):
Modelling and Control of Economic Systems 2002. Proceedings of the IFAC
Symposium on Modelling and Control of Economic Systems. Elsevier: 309-
314, 2003.

"Nonlinear Phillips Curves, Complex Dynamics and Monetary Policy in a
Keynesian Macro Model" (with C. Chiarella, P. Flaschel and G. Gong), University
of Technology Sydney, working paper no. 120, 2002; in: Chaos,
Solutions and Fractals, 18: 613-634, 2003

"AS-AD, KMG Growth and Beyond. A Reply to Velupillai" (with C. Chiarella,
G. Groh and P. Flaschel). Journal of Economics, 78: 96-104, 2003.

"Nonlinear Phillips Curve, Compley Dynamics and Monetary Policy in a Keynesian
Macro Model" (with C. Chiarella, G. Gong and P. Flaschel). Chaos,
Solitons & Fractals, 18: 613-634, 2003.

"A Keynesian Based Econometric Framework for Studying Monetary Policy
Rules" (with G. Gong and P. Flaschel), in: R. Neck (ed.): Modelling and
Control opf Economic Systems 2002. Proceedings of the IFAC Symposium
on Modelling and Control of Economic Systems. Elsevier: 2003: 309-314.

"Monetary Policy, Currency Unions and Open Economy Macrodynamics"
(with T. Asada, G. Gong and P. Flaschel). Bulletin of the Czech Econometric
Society, 19: 1-37, 2003.

"Multiple Equilibria, History Dependence, and Global Dynamics in Intertemporal
Optimization Models", Barnett, W., Deissenberg, Ch., and G. Feichtinger
(Eds.); Economic Complexity: Nonlinear Dynamics, Multi-agents
Economics, and Learning ISETE, Vol. 14, Elsevier, Amsterdam, pp. 91-122,
2003.

"A Macreconometric Study on Monetary Policy Rules: Germany and the
EMU", (with P. Flaschel and G. Gong), Jahrbuch für Wirtschaftswissenschaften,
vol. 53, pp. 1-31, 2002.

"Monetary Policy in the Euro-Area: Was it too tight in the 1990s?", Atlantic
Economic Journal, vol. 30, no. 3, pp. 283-298, 2002.

"AS-AD, KMG Growth and Beyond. A Reply to Velupillai" (with C.
Chiarella, G. Groh and P. Flaschel), Journal of Economics, 78, 2003, 96-104.
Monetary Policy, Non-Uniqueness of Steady States and Hysteresis Eects,
(with A. Greiner), in: Neck, Reinhard (ed.): Modelling and Control of Economic
Systems 2002: 323-328. Elsevier Sience Ltd., Oxford.

"The Determinants of Stock Price Volatility: An Industry Study" (with M.
Mazzucato), Nonlinear Dynamics, Psychology and Life Sciences, Journal of
the Society for Chaos Theory in Psychology & Life Sciences, vol. 6, no. 2,
pp. 197-216, 2002.

"Sustainable Economic Growth and Exhaustible Resources: A Model and Estimations
for the U.S.", (with A. Scholl), Discrete Dynamics in Nature and
Society, vol. 7 (2), pp. 79-92, 2002.

"Externalities of Investment, Education and Economic Growth" (with A.
Greiner), published in: Economic Modelling, 2002, 19: 709-724.

"A Macroeconometric Study on Monetary Policy Rules. Germany and the
EMU" (with P. Flaschel and G. Gong). Jahrbuch fuer Wirtschaftswissenschaften,
53: 21-37, 2002.

"Dynamic Optimization and Skiba Sets in Economic Examples" (with Wolf-
Juergen Beyn and Thorsten Pampel), Optimal Control Applications and
Methods, vol. 22, issues 5-6, pp: 251-280, 2001.

"Statistical Estimation and Moment Evaluation of a Stochastic Growth Model
with Asset Market Restrictions" (with M.Lettau and G. Gong), Journal of
Economic Behavior and Organization, vol 44:85-103, 2001

"Output, Interest and the Stock Market. An Alternative to the Jump Variable
Technique" (with C. Chiarella, P. Flaschel and R. Franke). Bulletin for
the Czech Econometric Society, 13: 1-30, 2001

"Price Flexibility and Debt Dynamics in a High Order AS-AD Model "(with
C. Chiarella and P. Flaschel). Central European Journal of Operations Research,
9: 119-146, 2001.

"Non-Parametric Estimation of the Euler Equation and Asset Market Implications
of the RBC Model" (with P. Woehrmann), revised version submitted
to Journal of Economic Dynamics and Control, 2005.

"A Keynesian Macroeconometric Framework for Analyzing Monetary Policy
Rules" (with P. Flaschel and G. Gong), Journal of Economic Behavior and
Organization, vol. 46, pp: 103-136, 2001.

"Price Flexibility and Debt Dynamics in a High Order AS-AD-Model "(with
C. Chiarella and P. Flaschel), Central European Journal of Operations Research,
vol. 9, no. 1-2, pp: 119-147, 2001.

"Output, Interest and the Stock Market. An Alternative to the Jump Variable
Technique" (with C. Chiarella, R. Franke and P.Flaschel), Bulletin of the
Czech Econometric Society, 13, pp. 1-30, 2001.

"The Maastricht Criteria and Sustainability of German Fiscal Policy", (with
A. Greiner), Annales De L'Economie Publique Sociale Et Cooperative, vol.
72, No. 2, pp: 271-284, 2001.

"A Macroeconometric Study on the Labor Market and Monetary Policy: Germany
and the EMU" (with G. Gong and P. Flaschel), revised version submitted
to Oxford Economic Papers, 2002.

"Stock Market, Interest Rate and Output: A Model and Estimation for U.S.
Time Series Data" (with C. Chiarella and S. Mittnik), University of Bielefeld,
SNDE, electronic journal, MIT Press, 2001.

"Estimating Discussion Processes based on Discrete Time Observations. A
Comparative Study of Discrete Time Models" (with C.-Y. Hsiao), paper presented
at the Annual Conference of the Society of Nonlinear Dynamics and
Econometrics, Federal Reserve Bank, Atlanta, submitted for publication, revised
version, 2002.

"Exchange Rate Volatility, Financial Crisis and Large Output Loss: Stylized
Facts and Some Useful Theories", in: Political Economy 8, pp. 5-24, 2001.

"Growth Effects of Fiscal Policy and Debt Sustainability in the EU", (with
G. Gong and A. Greiner), Empirica, vol. 28, no. 1, pp: 3-19, 2001

"Externalities of Investment and Endogenous Growth: Theory and Time
Series Evidence" (with A. Greiner), published in: Structural Change and
Economic Dynamics, vol. 12, pp: 295-310, 2001.

"Output, Financial Markets and Growth. An Extension of the Blanchard
Stock Market Approach" (with C. Chiarella, R. Franke and P. Flaschel). In:
R. Friedmann, L. Knoeppel and H. Luetkepohl (eds.): Econometric Studies.
A. Festschrift in Honour of Joachim Frohn. Muenster: LIT: 159-183, 2001.

"The Macrodynamics of Debt Deflation" (with C. Chiarella and P. Flaschel).
In: R. Belloore and P. Ferri (eds.): Financial Fragility and Financial Investment
in the Capitalist Economy. The Economic Legacy of Hyman Minsky,
Vo. II. Northampton, MA: Edward Elgar: 133-184, 2001.

"A Stochastic Blanchard Model with a State-Of-Market Dependent Reaction
Coefficient" (with C. Chiarella, P. Flaschel and P. Zhu), in: Proceedings of
the IFAC Symposium on Modeling and Control of Economic Systems, Klagenfurt,
2006, published in: Modeling and Control of Economic Systems,
Elsevier Science Ltd., Oxford.

"Monetary Policy, Multiple Equilibria and Hysteresis Effects on the Labor
Market", (with A. Greiner), in: Proceedings of the IFAC Symposium on
Modeling and Control of Economic Systems, Klagenfurt, 2001, published in:
Modeling and Control of Economic Systems, Elsevier Science Ltd., Oxford.
The European Monetary Union: Success or Failure?, in: Momento Economico,
no. 110, pp. 2-12, 2000.

"Estimating an Endogenous Growth Model with Public Capital and Government
Borrowing: US and Germany 1960-1995", (with A. Greiner and G.
Gong), published in: Computational Economics, 2001.

"Liquidity, Credit and Outpu"t (with Levent Kockesen), revised version under
review, Economic Modelling, 2002.

"Critical Debt and Debt Dynamics" (with M. Sieveking), Journal of Economic
Dynamics and Control, 24, 2000:1121-1144

"Exchange Rate Volatility, Financial Crisis and Large Output Loss: Stylized
Facts and Some Useful Theories", Momento Economico, No. 112, 2000.

"Comparing Continuous and Discrete Time Estimations of Stochastic Differential
Equations with Application to the Term Structure of the Interest
Rate" (with C.-Y. Hsiao), working paper, University of Bielefeld, 2000, submitted
to Journal of Applied Econometrics.

"Endogenous Growth, Government Debt and Budgetary Policy" (with A.
Greiner), Journal of Macroeconomics, vol 22, no 3, 363-385. 2000.

"Market Share Instability and Stock Market Volatility", (with M. Mazzucato),
Journal of Evolutionary Economics, vol. 7, no. 1, 1999

"Bond Rate, Loan Rate and Tobin's q in a Temporary Equilibrium Model of
the Financial Market" (with R. Franke), Metroeconomica, vol. 12, 1999

"An Endogenous Growth Model with Public Capital and Government Borrowing", (with A. Greiner), Annals of Operation Research 88, 1999:65-79.

"Market Share Instability and Stock Price Volatility During the Industry Life
Cycle: The US Automobile industry"(with M. Mazzucato), Journal of Evolutionary
Economics, 9, 67-96, 1999.

"An Inquiry into the Sustainability of German Fiscal Policy: A Time Series
Test" (with A. Greiner), Public Finance Review, vol 27, no 2, 1998

"Endogenous Growth and the Balanced Growth Equilibrium" (with Asada.
T. and A. Novak), Research in Economics, no 52, 189-212, 1998.

"The Present Value of Resources with Large Discount Rates", (with M.
Sieveking), Applied Mathematics and Optimization, 35: 283-309, 1997.

"A Numerical Procedure to Estimate Real Business Cycle Models Using Simulated
Annealing" (with G. Gong), in: Computational Approaches to Economic
Problems, ed. by H. Amman, B. Rustem and A. Whinston, Kluwer
Academic Publishers, 1997.

"Multiple Steady States, Indeterminacy and Cycles in a Basic Model of Endogenous
Growth", (with A. Greiner), Journal of Economics, vol 63 no 1:
79-99, 1997.

"Estimating Parameters of Real Business Cycle Models "(with G. Gong), in:
Journal of Economic Behavior and Organization, vol 30: 301-325, August
1997.

"Learning, Indeterminacy and Cycles in an Endogenous Growth Model "(with
A. Greiner), in: Studies in Nonlinear Dynamics and Econometrics, Electronic
Journal, MIT-Press, vol 2, 1997

"Inventive Investment and the Diusion of Technology", (with A. Greiner)
in: Revue International du Systematiques, vol 10, No 3: 241-260, 1996.
Saddle Path Stability, Fluctuations and Indeterminacy in Economic Growth
(with A. Greiner), in: Studies in Nonlinear Dynamics & Econometrics, Vol.
1, no. 2: 105-118, 1996.

"Tracking Nonlinearities in Intertemporal Optimization: Three Economic Examples
, Proceedings of the International Conference on Dynamical Systems
and Chaos", Tokyo, World Scientic Publishing Co, vol I: Mathematics, Engineering
and Economics, ed. by A. Aoki, pp:422-432, 1995.

"Solving Nonlinear Dynamic Models by Iterative Dynamic Programming",
Computational Economics, vol 8:127-154, 1995.

"Growth and Finance: An Intertemporal Model", (with T. Asada), Journal
of Macroeconomics, vol 17, no 4: 625-651, 1995.

"On the Optimal Regulation of An Extractive Industry", Journal of Business
and Economics, November,46:409-420, 1994.

"On the Optimal Exploitation of Interacting Resources", (with M. Sieveking),
paper presented at the conference on 'Economic Dynamics and Econometrics',
UCLA, April 1991, published in: Zeitschrift fuer Nationaloeknomie
(Journal of Economics), February, vol 59, no 4:23-49, 1994.

"Information, Innovation and Diusion of Technologies", Journal of Evolutionary
Economics, 4:45-58, 1994.

"Nonlinear Liquidity Growth-Dynamics with Corridor-Stability", (with M.
Sieveking), Journal of Economic Behavior and Organization, 22:189-208,1993.

"On Market Dynamics with Simultaneous Price-Quantity Adjustments", in:
Contributions to Political Economy, Spring, pp.220-248 1992.

"Price Expectations, Financing of Investment and Macro Fluctuations", in:
Economic and Financial Computing, Journal of the European Economics and
Financial Center, vol.1, no.1, pp.19-39, 1991.

"On the Integration of Dual and Cross-Dual Adjustment Processes in Leontief
Systems", (with P. Flaschel), Ricerche Economiche, no 42, September,
1989, pp.403-432.

"On Composite Classical and Keynesian Microdynamic Adjustment Processes",
(with P. Flaschel), in: IFAC Symposium on Dynamic Modelling and
Control of National Economies, International Federation of Automatic Control
(Oxford: Pergamon Press), pp. 271-279, 1989.

"Classical and Neoclassical Competitive Adjustment Processes", (with P.
Flaschel), The Manchester School, March, pp.13-37, 1987.

" A Macroeconomic Limit Cycle with Financial Perturbations", Journal of
Economic Behavior and Organization, no 8 (3), pp.469-495, 1987 .

"On Nonlinear Theories of Economic Cycles and the Persistence of Business
Cycles", in: Journal of Mathematical Social Sciences, vol. 12, no 1, pp. 123-
147, 1986 .

"Competition, Nonlinear Cycles and Growth", in: M. Beckmann, K. Gaede,
K. Ritter and H. Schneeweiss (eds), Proceedings of the X. Symposium on
Operations Research, (Frankfurt: Anton Hain Verlag) pp.543-555, 1986.

"On Technical Change, Transient Surplus Prot and Multiple Techniques",
in: Cahiers d'Economie Politique, France, no 10, pp. 258-278, Fall 1985.

"On the Classical Theory of Competition, Value and Prices of Production",
in: Australian Economic Papers, June, pp.130-155, 1984.

"Schumpeter on Competition, Transient Surplus Prot and Technical Change",
in: Economie Appliquee, no 3/4, 1984.

"On the Classical Theory of Taxation - An Analysis of Tax Incidence in a
Linear Production Model", in: Metroeconomica, Vol. 35, February, 1983,
pp.129-146

"Competition, Monopoly and Differential Profit Rates", in: Revista Internazionale
Scienze Economichi E Commerciali, No. 2, 1982.

"Oligopoly, Differentials of Profit Rates and Stagnation. The Empirical Evidence
for Western Countries, Oligopoly, Dierentials of Profit Rates and
Stagnation. The Empirical Evidence for Western Countries", in: Konjunkturpolitik,
25. Jg., Heft 3, 1979.

Contributions to Edited Books
"Optimal Control of Growth and Climate Change  Exploration of Scenarios"
 (with H. Maurer and J.-J. Preuss) Forthcoming, in Growth and Climate
Change, ed., T. Palokangas, forthcoming, Springer Publishing House, 2013.

"Dominant Firms, Competition-Deterring Investment and Anit-Trust policy"
, in Keynes, Sraa, and the Criticism of Neoclassical Theory, Essays in
Honor of Heinz Kurz, edited by : N. Salvatory, and C. Gehrke, Routledge
Studies in Historical Economics, 2011: pp. 293-313.

"Macroeconomics with Non-Clearing Labor Market", (with Gang Gong), in
The Evolution of Economic Theory, Essays in Honor of Bertram Schefold,
edited by V. Caspari, Routledge Studies in Historical Economics, 2011, pp.
168-189, Oxon and New York.

'Tobins q, and Investment in a Model with Multiple Steady States" (with
M. Kato and M. Ofori), in Time and Space in Economics, ed. by T. Asada,
T. Ischikawa, 2007; 55-81, Springer Publishing House, Heidelberg and New
York.

"Monetary Policy in a Small open conomy with High Unemployemnt", (with
C. Malikane) in Quantitative Economic Policy, ed. by R. Neck, C. Richter
and P. Mooslecher, Springer Publishing House, Heidelberg and New York,
2008, 309-334.

"Public Spending and Public Debt in the Euro-Area", (with A. Greiner and
U. Koeller), in: Berglund, Per Gunnar, Vernengo, Matias (eds)., The Means
to Prosperity: Fiscal Policy Reconsidered, 2005, 221-236. Routledge, London.

"The Macrodynamics of Debt Deflation" (with C. Chiarella, P. Flaschel), in:
R. Belloore and P. Ferri (eds.): Financial Fragility and Financial Investment
in the Capitalist Economy. The Economic Legacy of Hyman Minsky,
vol. II. Nothapton, M.A.: Edward Elgar, 2001: 133-184.

"Disequilibrium Growth in Monetary Economies: Basic Components and the
KMG Working Model." (with P. Flaschel), International School of Economic
Research, University of Siena: XI. Workshop on 'Cycle, Growth and Structural
Change', 1998. Conference Proceedings. London: Routledge, 2001.

"Economic Growth in the U.S. and Europe: The Role of Knowledge, Human
Capital, and Inventions" (with G. Gong, A. Greiner and J. Rubart),
Oekonomie als Grundlage politischer Entscheidungen (eds. J. Gabriel and
M. Neugart), Leske + Budrich, Opladen, 2001.

"Output, Financial Markets and Growth. An Extension of the Blanchard
Stock-Market Approach" (with C. Chiarella, P. Flaschel and R. Franke), in:
Econometric Studies, A Festschrift in Honour of Joachim Frohn, Empirische
Wirtschaftsforschung und Oekonometrie, 2001.

"Tragfähigkeit und Wachstumseffekte der Fiskalpolitik in der EU" (with G.
Gong and A. Greiner), in: Staatsschulden am Ende? (eds. Neck, Holzmann,
Schneider), Manz-Verlag, 2000.

"AS-AD Disequilibrium Dynamics and Economic Growth" (with C. Chiarella,
G. Groh and P. Flaschel), i: E. Dockner, R. Hartl, M. Luptacik, G. Sorger
(eds.): Optimization, Dynamics and Economic Analysis: Essays in Honor of
Gustav Feichtinger, Physica, 2000: 102-118.

"Real-Financial Interaction. A reconsideration of the Blanchard Model with
State-Of-Market Dependent Reaction Coefficient" (with C. Chiarella and P.
Flaschel), Discussion paper: University of technology, Sydney, 2000, Sammelband-
Veroeentlichung, 2001/2.

"Market Share Instability and Stock Price Volatility During the Industry Life
Cycle: The U.S. Automobile Industry" (with M. Mazzucato), in: Economic
Evolution, Learning, and Complexity (eds. U. Cantner, H. Hanusch and S.
klepper), Physica-Verlag, 1999.

"The Financial-Real Interaction and Investment in the Business Cycle: Theory
and Empirical Evidence", (with R. Franke), in: E. Nell and G. Deleplace
(eds), Money in Motion, MacMillan Press, 1995.

"Price-Quantity Adjustments in the Business Cycle", Encyclopedia of Business
Cycles, Garland Publ. Inc., 1995.

"A Model of the Financial Sector and its Reaction to Aggregate Fluctuations"
, (with R. Franke), in: W. Semmler (ed), Business Cycles: Theory and
Empirical Methods, Kluwer Academic Publishers, 1994.

"On the Dynamics of Innovation and Diffusion with Competing Techniques",
in: R. Thomson (ed.), The Process of Technical Change, (London/New York:
Macmillan) 1993.

"Expectation Dynamics, Financing of Investment and Business Cycles", in:
D. Papadimitriou (ed.), Prots, Decits and Instability, (London/New York:
MacMillan) pp.317-333, 1992.

"Classical Competition and Technical Change", ( with P. Flaschel) in: E.
Nell and D. Laibman (eds), Beyond the Steady State, (London/New York:
Macmillan) pp.198-221, 1992 .

"A Dynamical Macroeconomic Growth Model with External Financing of
Firms: A Numerical Stability Analysis", (with R. Franke), in: E. Nell and
W. Semmler (eds), Nicholas Kaldor and Mainstream Economics, (London
and New York: Macmillan) pp.335-359, 1991.

"Debt Financing of Firms, Stability and Cycles in a Dynamical Macroeconomic
Growth Model", (with R. Franke), in : W. Semmler (ed), Financial
Dynamics and Business Cycles, (New York: M.E. Sharpe) 1989, pp.38-64.

"On Composite Classical and Keynesian Microdynamic Adjustment Processes"
 (with P. Flaschel), in: IFAC Symposium on Dynamic Modelling and
Control of National Economies, International Federation of Automatic Control
(Oxford: Pergamon Press), pp. 271-279, 1989.

"On a Dynamic Input-Output Model with Fixed Capital", (with P. Flaschel),
in: W. Semmler (ed.), Competition, Instability and Nonlinear Cycles, (Heidelberg/
New York: Springer) 1986, pp.1-32.

"On the Microdynamics of a Nonlinear Macro Cycle Model", in: W. Semmler
(ed.), Competition, Instability and Cycles, (Heidelberg/New York: Springer)
1986, pp.170-200.

"The Dynamic Equalization of Prot-Rates for Input-Output Models with
Fixed Capital" (with P. Flaschel), in: W. Semmler (ed): Competition, Instability
and Non-Linear Cycles, Berlin: Springer, 1986, pp. 1-34.

"La Croissance, La Politique Economique et les Politiques Industrielles en
Allemagne de l'Ouest", in: Interventions Economiques, No. 14-15, printemps,
1985.

"Competition, Monopoly and Differential Profit Rates. Theoretical Considerations
and Empirical Evidence", in: RRPE, Vol. 13, No 4, 1982; and in:
Fundacao de Economia Estatistica, no 1, Porto Alegre/Brazil, 1985.

"Economic Aspects of the West German Model - A Comparison with the
U.S.", in: A. Markowitz (ed.), The Political Economy of West Germany
(New York: Preager Press) 1982, Papers of a Conference on West Germany
held by the Institute of European Studies at Harvard University.

Konkurrenz, Kapitalmobilitaet und Profitraten- Differenzierung - Theoretische
Ansätze und empirische Befunde, in: Demele, O., and W. Semmler
(eds), Monopoltheorie Kontrovers (Berlin: O & W), 1981.


Submitted Articles and Discussion Papers

"Gradual Wage-Price Adjustments in Keynesian Macrodynamics. Evidence
from the U.S. and the Euro-Area" (with E. Ernst, C. Proano, W. Semmler).
Dominant Firms, Barriers to Entry Capital and Antitrust Policy (with M.
Kato), working paper, CEM Bielefeld, June, 2005.

"Currency and Financial Crises in Emerging Market Economies in the Medium
Run" (with C. Proano and P. Flaschel), working paper no. 73, CEM Bielefeld,
2005.

"Corporate Currency Hedging and Currency Crises" (with A. Roethig and P.
Flaschel), working paper no. 81, CEM Bielefeld, 2005.

"Currency Crises and Monetary Policy Rules" (with M. Kato), working paper
no. 82, CEM Bielefeld, 2005.

"Technical Change, Labor Market Constitutions and Wage Inequality: A
Comparison of the U.S. and Europe", (with Jens Rubart) working paper,
CEM Bielefeld, 2003.

"Output and Interest Rates. Jump Variable, Relaxation Oscilation and Phase
Diagram Switching Methodologies" (with C. Chiarella, R. Franke and P.
Flaschel), University of Bielefeld, mimeo, 2001.

"Real-Financial Interaction. Integrating Supply-Side-Wage-Price Dynamics
and the Stock Market" (with C. Chiarella, R. Franke and P. Flaschel), mimeo
2001, submitted in: Macroeconomic Dynamics.

"Macrodynamic Feedback Instability and the Design of Monetary Policy
Rules. Stability Issues" (with R. Franke, G. Gong and P. Flaschel), mimeo,
University of Bielefeld, 2001.

"Macrodynamic Feedback Instability and the Design of Monetary Policy
Rules. Quantitative Assessment" (with R. Franke, G. Gong and P. Flaschel),
mimeo, University of Bielefeld, 2001.

"Nonlinear Phillips Curves and Monetary Policy in a Keynesian Macroeconometric
Model "(with G. Gong and P. Flaschel), mimeo, University of
Bielefeld, 2001, submitted in: Scandinavian Journal of Economics.
A Macroeconometric Study on the Labor Market and Monetary Policy. The
Case of Germany (with G. Gong and P. Flaschel), University of Bielefeld,
mimeo, 2001.

"Germany, Monetary Policy and the EMU: A Macrotheoretical Framework"
(with G. Gong and P. Flaschel), University of Bielefeld, mimeo, 2001.

"Germany, Monetary Policy and the EMU: A Macroeconometric Study" (with
G. Gong and P. Flaschel), University of Bielefeld, mimeo, 2001; submitted
in: Oxford Economic Papers.

"Investment of Firms in Capital and Endogenous Productivity Growth. A
Macrodynamic Analysis" (with G. Groh and P. Flaschel), University of Bielefeld,
mimeo, 2001.

"Real-Financial Interaction, Stock-Flow Consistency and Economic Growth."
(with C. Chiarella, R. Franke and P. Flaschel), mimeo 2001.

"Output, Interest and the Stock Market. A Reconsideration of the Jump Variable
Technique." (with C. Chiarella, R. Franke and P. Flaschel). Forschungsbericht,
Boltzmann Institute for Economic Analysis, Wien, 2000.

"Towards Applied Disequilibrium Growth Theory: VI. Substitution, Money-
Holdings. Wealth-Effects and Further Extensions" (with C. Chiarella, G.
Groh, C. Koeper and P. Flaschel). Discssion paper: University of Technology,
Sydney, 2000.

"Towards Applied Disequilibrium Growth Theory: VII. Intensive Form Analysis
in the Case of Substitution" (with C. Chiarella, G. Groh, C. Koeper, P.
Flaschel). Discussion paper: University of Technology, Sydney, 2000.

"The Macrodynamics of Debt Deflation" (with C. Chiarella and P. Flaschel).
Forschungsbericht, Boltzmann Institute for Economic Analysis, Wien, 2000.

"Price Flexibility and Debt Dynamics in a High Order AS-AD Model "(with
C. Chirella and P. Flaschel). Discussion paper: University of Sydney, 2000
and Forschungsbericht, Boltzmann Institute for Economic Analysis, Wien,
2000.

"Output, Interest and the Stock Market. A Reconsideration of the Jump Variable
Technique" (with C. Chiarella, R. Franke and P. Flaschel). Forschungsbericht
Boltzmann Institute for Economic Analysis, Wien, 2000.

"Output, Financial Markets and Growth" (with C. Chiarella, R. Franke and
P. Flaschel). Discussion paper: University of Sydney, 2000 and Forschungsbericht,
Boltzmann Institute for Economic Analysis, Wien, 2000.

"Real-Financial Interaction. A Reconsideration of the Blanchard-Model with
State-of-Market Dependent Reaction Coefficient "(with C. Chiarella and P.
Flaschel). Discussion paper: University of Sydney, 2000 and Forschungsbericht,
Boltzmann Institute for Economic Analysis, Wien, 2000.

"Non-Parametric Estimation of the Euler Equation and Asset Market Implications
of the RBC Model" (with P. Woehrmann) working paper, University
of Bielefeld, 1999.

"Comparing Continuous and Discrete Time Estimations of Stochastic Differential
Equations with Application to the Term Structure of the Interest
Rate" (with H. Chih-ying), working paper, New School University and University
of Bielefeld,1999.

"Monetary Policy and Multiple Unemployment Steady States", working paper,
New School University, 1999

"A Toolkit for Estimating Dynamic Models" (with P. Woehrmann), Dept.
of Economics, New School University and University of Bielefeld, working
paper, 1998.

"Using Vector Field Analysis for Studying Debt Dynamics" (with M. Sieveking),
paper presented at the North American Winter Meeting of the Econometric
Society, Chicago, December 1998.

"Parameter Estimation and Moment Evaluation of Business Cycle Models:
A Comparison of Different Data Sets" (with G. Gong), 1998.

"Estimating the R&D Model of Endogenous Growth: US and Selected European
Countries" (1952-1993) (with A. Novak), working paper, University of
Bielefeld, 1998.

"Multiple Equilibria in Dynamic Optimization: An Algorithm to Detect Optimal
and Non-optimal Equilibria", paper presented at the Conference on
Computation in Economics and Finance, Cambridge, U.K., July 1998.

"Using Nonparametric Regressions to Evaluate a Stochastic Growth Model
with Asset Market" (with M. Lettau and P. Woehrmann), paper presented
at the Conference on Computation in Economics and Finance, Cambridge,
U.K., July 1998.

"Optimal Taxation, Budget Decit and Critical Debt", working paper, New
School University, 1997.

"Testing Sustainable Fiscal Policy for Germany" (with A. Greiner), paper
presented at an OECD Conference on the Stability Pact in Europe, Rome,
November 1997, submitted to Public Economic, 1997.

"Open Economy Dynamics and Stabilization Policy under Fixed and Flexible
Exchange Rates" (with A. Adelzadeh), submitted to: Economic and Financial
Computing, 1997.

"Open Economy Macrodynamics with Least Square Learning of the Exchange
Rate", (with A. Adelzadeh), submitted to: Scandinavian Journal of Economics,
1997.

"Taxation, Budget, Decit and Sustainable Debt", working paper, New School
for Social Research, 1997, submitted to Journal of Money, Credit and Banking.

"Growth, Business Cycles and Foreign Debt: Empirical Evidence on the US
Economy 1952-1992", mimeo, New School for Social Research, 1997, submitted
to Journal of Structural Change and Economic Dynamics.

"Fixed and Flexible Exchange Rates", (with A. Adelzadeh), submitted to:
International Economic Review, 1996.

"Computing Sustainable Debt and Creditworthiness" (with M. Sieveking)
University of Frankfurt/New School for Social Research, mimeo, 1996, paper
prepared for the Conference on Computing in Economics and Finance,
University of Geneva, June.

"Endogenous Growth and Fluctuations: A Stochastic Version", working paper,
New School for Social Research, 1994.

"Trend and Cycles in the Corporate Debt-Asset Ratio: A Theoretical Note",
(with R. Franke), New School for Social Research, working paper no 34, 1992.

"Optimization without Planning: Resource Extraction with a Discount Rate
Tending to Infinity", (with M. Sieveking), working paper, New School for
Social Research, 1991, paper presented at a 'Conference on Operations Research',
Vienna 1991.

"Empirical Evidence on some Macroeconomic Relations over the Business
Cycle", (with R. Franke), New School for Social Research, mimeo, 1991.

"Cross-Dual Dynamics in Sraffa/von Neumann Models and the Nonsubstitution
Property", (with P. Flaschel), in: Proceedings of a table ronde sur le
model Pasinetti-Morishima, Paris/ Nanterre 1991, in: Cahiers de l'Universit
de Nanterre.

"Stylized Trends and Cyclical Comovements of Real, Nominal and Financial
Variables in the U.S. Economy", (with R. Franke), working paper, New
School for Social Research. 1990.

"Dynamic Equalization of Profit Rates on Multi Product Industry Level",
Working Paper, (with P. Flaschel), Free University of Berlin, Dept. of Economics,
No. 2, June 1985.

"Competition, Monopoly and Differential Profit Rates. Theoretical Considerations
and Empirical Evidence", in: RRPE, Vol. 13, No. 4, 1982; and in:
Fundacao de Economia Estatistica, No. 1, Porto Alegre/Brazil, 1985.

"Private Production and the Public Sector", Paper presented at the Annual
Conference of the American Economic Association, New York, December
1982, mimeo.

"Konzentration und Profitraten-Differenzierung? Empirische Befunde zur Industrie
in der BRD", in: WSI-Mitteilungen 3, 1980.

Journalistic Articles

"Freakonomics - A Review Article" (with E. Nell), Challenge, vol. 49, no.
1: 119-129, 2006

"The Economic Consequences of the Peace in Iraq" (with E. Nell), Constellations,
vol. 10, no 3

Current Teaching and Research Positions
Fields: Macroeconomics, Macroeconomics, Financial Economics, Public Finance, Industrial Organization, International Finance
The New School, New York, 79 Fifth Ave., New York, NY 10003, USA
Research Associate, Center for Empirical Macroeconomics, Bielefeld University,
33615 Bielefeld, Germany
Research Associate, Schwartz Center for Economic Policy Analysis, The New
School, New York
Research Associate, Center for European Economic Research, Mannheim
E-mail: semmlerw@newschool.edu
Down-loadable publications: www.newschool.edu/nssr/cem

Education and Degrees
Technical Education, 1965-1966
Study of Economics, Mathematics and Social Sciences at the Universities of Hamburg, Munich and Berlin, 1966-1973
Dissertation fellowship for a dissertation in Mathematical Economics, 1971-1973
Dissertation on "Multisectoral Theories of Growth", Ph.D. (Dr.rer.pol.), Summa cum Laude, Free University of Berlin, 1976
Habilitation (Post Doctoral Degree), Free University of Berlin, 1980

Previous Academic Positions
Lecturer, Free University of Berlin, 1976-1978
Assistant Professor, American University, 1979-1980
Assistant Professor, New School, New York, 1980-1987
Promoted to Associate Professor with tenure at the New School, New York, 1987
Promoted to Full Professor at the New School, New York, 1994
Bielefeld University, Co-Director of the Center for Empirical Macroeconomics, 1997-2007

Visiting Scholar
Humboldt University, Berlin, Fall 2010
Stanford University, 1990 - 1991
Columbia University, 1978-1979
Centre d'Etudes Prospectives d'Economie Mathematique Appliquees a la
Planication, Paris, June 1983 to January 1984.

Visiting Positions
Fulbright Professor, University of Economics, Vienna, Fall 2012
Visiting Professor, University of Marseille/Aix, Juli-August 2001
Visiting Professor, Fortis Bank Professor, Antwerp, Belgium, June-Juli 2000
Visiting Professor, Tokyo (Chuo University), Lectures on Monetary Economics, May 1994
Visiting Professor, UNAM-University, Mexico, Lecture series on "Macroeconomics and Finance", December 1991
Visiting Professor, UNAM-University, Mexico-City, December 1988
Visiting Professor, University of Bremen, West Germany, May-July 1986
Visiting Professor, University of Orleans, France, May-June 1981

Professional Appointments
Guest Lecturer on Financial Economics for the Quantitative European Doctorate Program in Economics,
Venice (June 2000), Alicante (June 2002), Lisboa (June 2004)
Project Evaluator for National Science Foundations of Austria, Germany, Belgium, France and UK
Project Evaluator for Research Projects of the EU-Commission, April 2008
Project Evaluator for Research Projects of the EU-Commission, April 2010
Project Evaluator for Research Projects of the EU-Commission, April 2012
Dissertation Committee, University Marseille/Aix, 2005
Dissertation Committees, Bielefeld University, 1997-2007
Dissertation Committees, University of Darmstadt, 2006, 2009

Ranking, Awards and Grants
RePEc world-wide ranking of economists, top 5 percent
Grant from the German Science Foundation, jointly with Stephan Klasen, on Infrastructure against Climate Risk, August 2012-2013
Thyssen Foundation grant for a two year speaker series on Global Warming and Renewable Energy, August 2012-August 2014
One year grant from the ZEW, Mannheim, on a research project on: Financial Stress and Economic Dynamics: Asymmetries within and Across
European Countries, June 2012-June 2013
Fulbright Professorship, University of Business and Economics,Vienna, Fall/Winter 2011/2012
Grant from the IMK, Germany, on "The Economics of Global Warming II: Renewable Energy, September 2011"
Grant from the Walker Foundation on "The Economics of Global Warming II: Renewable Energy, September 2011"
Grant from the Walker Foundation on "The Economics of Global Warming", April 2010
Grant from the Thyssen Foundation on "The Economics of Global Warming", April 2010
EU Research Project on "European Knowledge Based Economies", 2004- 2008
Research Project on "Fiscal Policy in Europe and the US", nanced by the CEPA (New York) and the State Northrhine-Westphalia, Germany, 1997-2005
Research Project, jointly with Prof. Malte Sieveking, on "Optimal Resource Exploitation", nanced by the DFG (Deutsche Forschungsgemeinschaft), 1990-1993
Research Grant from American Council of Learned Societies on "Market Structure and Competition: Theories and Empirical Evidence", August 1978 to August 1979, published as a book at Colombia University Press, 1984.
Research Award from the New School, Research on "Finance and Macroeconomics" undertaken at Stanford University, February 1990 to September 1990.

Consulting Activities
Evaluator of EU Research Projects, EU Commission, Brussels, May 2012, April 2010, April 2008
International Labor Organization (ILO), Consultant on Estimating Employment Effects Using Okun's Law and participants of a research group on a Macroeconometric Multi-Country Model, July 2012 to June 2013
Participant of a research project on the Financial Stress and Economic Dynamics, funded by the ZEW, Mannheim, June 2012 to June 2013
International Labor Organization (ILO), Consultant and team leader on research on "The Employment Eects of Climate Policies", published as section in World of Work Report, ILO, Geneva, September 2009
World Bank, Project on Growth and Fiscal Policy, 2005-7
Deutsche Bundesbank, Discussion Group on European Unemployment, 2005
European Central Bank, 2006, ECB working paper no 666 (jointly with Ekkehard Ernst and Gang Gong)

Invited and Plenary Speaker and Selected Presentations
Vienna, invited to a research team at IIASA, to work out a large research project on 'Growth and Global Warming, May 17, 2013
Prague, Conference on Economic Modeling, plenary speaker, June, 2013
University of Rome, invited speaker and panel discussion on the EU Crisis, July 2-3, 2013
Center for European Economic Research, Mannheim, Conference on Advances in Macroeconomics, Keynote Speaker, July 14, 2013
Oviedo, Spain, invited speaker, to International Conference on Computational in Economics and Finance, December 4-6, 2012
Moscow, Lomonosov University, June 2012, plenary speaker, Fifth Global Studies Conference
University of Sevilla, conference on Economic Modelling, invited speaker, June 2012
Catholic University of Milan, conference on the Financial-Real Interaction, invited speaker, October 2011
St. Petersburg University, Conference on Growth and Trade, invited speaker, September 2011
Kuznets Institute, Conference on Cycles and LongWaves, University of Kiev, invited speaker, May 2011
Guangzhou University, Conference on Financial Stability, invited speaker, April 2011
Reykjavik, Iceland, invited speaker to the conference on Financial Instability, September, 2010.
Winter Meeting of the American Econometric Society, Atlanta, January, 2010
Annual Meeting of the American Social Science Association, Atlanta, January 2010
Reykjavik, Iceland, invited speaker to the conference on Managing Financial Crises, September, 2009.
Johann von Goethe University, Frankfurt, invited speaker to a conference in honor of Bertram Schefold, February 2009.
Universita Cattolica del Sacro Cuore, Milan, invited speaker on "Growth and Inequality", November 2008.
World Bank Workshop on "Growth and Fiscal Policy", June 2006
International Economic Institute, Washington, D.C., March 2006
Winter Meeting of the American Econometric Society, Philadelphia,January 2005
Winter Meeting of the Econometric Society, Boston, January 2006
Winter Meeting of the Econometric Society, Chicago, January 1998
Deutsche Bundesbank, Research Seminar, May 2005,May 2006, June 2007, July 2008
Deutsche Bundesbank, Conference, November 2004
European Economic Association, Toulouse 1998, Santiago Di Compostela, 2000
American Economic Association, New Orleans, January 2000
Chuo University and Meiji University, invited speaker to a conference on economic dynamics, Tokyo, August 2005
University of Ancona, June 2003
CEPREMAP, Paris, July 2003
University of Louvain, June 2000
University of Antwerp, June 2000
Catholic University of Milano, March 1998, June 1999, November 2008

Academic Memberships
New York Academy of Sciences, American Council on Germany, American Economic Association, Econometric Society, European Economic Society, Gesellschaft fuer Mathematik, Oekonomie und Operations Research, Econometric Society, Society of Computational Economics, Society of Economic Dynamics, International Society of Public Finance, Society of Economic Dynamics and Control.

Referee
Zeitschrift fuer Nationaloekonomie, Journal of Macroeconomics, Journal of Economic Dynamics and Control, Econometrica, Journal of Economic Theory, Econometrica, European Economic Journal, Journal of Economic Behavior and Organization, Scandinavian Journal of Economics, Journal of Structural Change and Economic Dynamics, Journal of Mathematical Social Sciences, Metroeconomica, The Economic Journal, Public Economics, International Economic Review, Journal of Evolutionary Economics, Springer Verlag, MIT Press, Cambridge University Press, Oxford University Press.

Scientific Committees, Advisory Boards, and Editorial Boards
Scientific Advisory Board of the Society of Computation in Economics and Finance, starting Spring 2013
Co-Editor in Chief of the Journal "Investment and Innovation", since 2009
Scientific Committee and Executive Board of the Society of Nonlinear Dynamics and Econometrics, 1999-2008.
Program Committee of the annual Conference on Computation in Finance and Economics and Computation & Statistics
Political Economy, editorial board, Greek Journal, Athens, since 1999
Momento Economico, editorial board, Mexican Journal, Mexico City, since 1998-
Investigacion Economica, editorial board, Mexican Journal, UNAM, Mexico
City, 2008-
METU Studies in Development, editorial board, Turkish Economic Journal, Ankara, 2008-
External Member of Studies in Financial Markets and Macroeconomics, University
of Witwaterstrand, Johannesburg, South Africa, 2007-
Guest Editor of Special Issues of Journals
Guest co-editor of a special issue of the Journal of Economic Dynamics and Control, vol 37, no 8, 2013.
Guest co-editor of a special issue of the Journal of Economic Behavior and Organization on the Financial Crisis, 2013
Guest co-editor, Journal Economic Dynamics and Control, special issue, forthcoming 2012/2013
Guest co-editor of a special issue of the Journal of Economic Dynamics and Control, vol 34, no 9, 2010.
International Labor Organization (ILO), Consultant and team leader on research on "The Employment Eects of Climate Policies", published as World of Work Report, ILO, Geneva, September 2009.
Guest editor of a special issue of the Journal Computational Economics on Advances in Asset Pricing and Dynamic Portfolio Decisions, vol. 29, no. 3-4, 2007.
Guest editor of the Journal of Economic Behavior and Organization on "Dynamic Models with Multiple Equilibria", vol. 57, no. 4, 2005.

Administrative Positions
Chair of the Department of Economics, New School, June 2005-2008
Chair of the Department of Economics, New School, May 1994-August 1995
Acting Chair of the Department of Economics, New School, May 1989- December 1989

Editor of Book Series
"Dynamic Modeling and Econometrics in Economics and Finance", jointly with Stefan Mittnik, Springer Publishing House, Heidelberg/New York.
"Dynamic Economics" (co-editor), Lang Publication, Bern

Journalistic Activities
Newspaper Article for "Die Zeit", monthly column in Spiegel-online, 2004- 2009, frequent interviews with Newspapers and Radio Stations in Italy, Hungary, China and Germany.


Prof. Dr. Willi Semmler

Lehrstuhl für Wirtschaftspolitik (im Ruhestand)

Telephone
+49 521 106-67088
Room
UHG U8-222

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