Frank Westerhoff

// CURRENT POSITIONS
 

• Chairholder of Economica, esp. Economic Policy
• Faculty Member of the Bamberg Graduate School of Social Sciences

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// SUPERVISION

Professor Dr. Westerhoff is particularly interested in supervising doctoral students in the areas of agent-based modeling in economics and finance.

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// RESEARCH INTERESTS

Agent-based models of financial markets and the real economy.
Mechanisms of market instabilities and measures to control them.
Complex nonlinear interactions between different markets.
Deterministic and stochastic discrete time dynamical systems.

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// SELECTED PUBLICATIONS

Dieci, R., Mignot, S., Schmitt, N. and Westerhoff, F. (2023): Production delays, supply distortions and endogenous price dynamics. Communications in Nonlinear Science and Numerical Simulation, Vol.117, Article 106887

Schmitt, N., Schwartz, I. and Westerhoff, F. (2022): Heterogeneous speculators and stock market dynamics: a simple agent-based computational model. The European Journal of Finance, Vol. 28, 1263-1282.

Gardini, L., Radi, D., Schmitt, N., Sushko, I. and Westerhoff, F. (2022): Currency manipulation and currency wars: analyzing the dynamics of competitive central bank interventions. Journal of Economic Dynamics and Control, Vol.145, Article 104545

Gardini, L., Radi, D., Schmitt, N., Sushko, I. and Westerhoff, F. (2022): Perception of fundamental values and financial market dynamics: Mathematical insights from a 2D piecewise linear map. SIAM Journal on Applied Dynamical Systems, Vol. 21, 2314-2337.

Dieci, R., Gardini, L. and Westerhoff, F. (2022): On the destabilizing nature of capital gains taxes. International Review of Financial Analysis, Vol.83, Article 102258.

Gardini, L., Radi, D., Schmitt, N., Sushko, I. and Westerhoff, F. (2022): Causes of fragile stock market stability. Journal of Economic Behavior and Organization, Vol. 200, 483-498.

Mignot, S. and Westerhoff, F. (2022): Revisiting Paul de Grauwe's chaotic exchange rate model: new analytical insights and agent-based explorations. Open Economics Review, in press.

Martin, C., Schmitt, N. and Westerhoff, F. (2022): Housing markets, expectation formation and interest rates. Macroeconomic Dynamics, Vol.26, 491-532.

Schmitt, N. and Westerhoff, F. (2022): Speculative housing markets and rent control: insights from nonlinear economic dynamics. Journal of Economic Interaction and Coordination, Vol. 17, 141-163.

Dieci, R., Mignot, S. and Westerhoff, F. (2022): Production delays, technology choice and cyclical cobweb dynamics. Chaos, Solitons and Fractals, Vol.156, Article 111796.

Schmitt, N. and Westerhoff, F. (2021): Trend followers, contrarians and fundamentalists: explaining the dynamics of financial markets. Journal of Economic Behavior and Organization, Vol. 192, 117-136.

Mignot, S., Tramontana, F. and Westerhoff, F. (2021): Speculative asset price dynamics and wealth taxes. Decisions in Economics and Finance, Vol. 44, 641-667.

Gardini, L., Schmitt, N., Sushko, I., Tramontana, F. and Westerhoff, F. (2021): Necessary and sufficient conditions for the roots of a cubic polynomial and bifurcations of codimension-1, -2, -3 for 3D maps. Journal of Difference Equations and Applications, Vol. 27, 557-578.

Panchuk, A. and Westerhoff, F. (2021) Speculative behavior and chaotic asset price dynamics: on the emergence of a bandcount accretion bifurcation structure. Discrete and Continuous Dynamical Systems Series B, Vol. 26, 5941-5964.

Martin, C., Schmitt, N. and Westerhoff, F. (2021): Heterogeneous expectations, housing bubbles and tax policy. Journal of Economic Behavior and Organization, Vol. 183, 555-573.

Schmitt, N. and Westerhoff, F. (2021): Pricking asset market bubbles. Finance Research Letters, 38, 101441.

Schmitt, N., Tramontana, F. and Westerhoff, F. (2020): Nonlinear asset-price dynamics and stabilization policies. Nonlinear Dynamics, Vol. 102, 1045-1070.

Lines, M., Schmitt, N. and Westerhoff, F. (2020): Stability conditions for three-dimensional maps and their associated bifurcation types. Applied Economics Letters, Vol. 27, 1056-1060.

Professor Westerhoff's website at the Chair of Economics, esp. Economic Policy