Prof. Dr. Frank Westerhoff

University of Bamberg

Department of Economics

Feldkirchenstrasse 21

96045 Bamberg

Germany

Tel.: [+49] (951) 863-2634

Email: frank.westerhoff(at)uni-bamberg.de

Office hours: Wednesday, 13:00 - 14:00 hrs

A Short Biographical Sketch

Frank Westerhoff obtained his doctoral degree from the University of Osnabrück in 2002, followed by a habilitation degree in 2005. After a brief stint at the University of Bonn, he joined the University of Bamberg in 2006 where he was appointed Professor of Economics and currently holds the Chair of Economic Policy. Frank Westerhoff develops, calibrates and estimates small scale, behavioral, agent-based models to investigate the dynamics of financial markets and the macroeconomy. These models are also used to study the effects of policy measures such as transaction taxes, central bank interventions or monetary and fiscal policy rules. Frank Westerhoff was/is on the editorial boards of the Journal of Economic Behavior and Organization and the Journal of Economic Dynamics and Control. He has published about 75 papers in 40 international journals with 20 clever and smart co-authors.

For more information see his full CV.(305.5 KB)

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Working Papers

Gardini, L., Radi, D., Schmitt, N., Sushko, I. and Westerhoff, F. (2025): Dynamics of 1D discontinuous maps with multiple partitions and linear functions having the same fixed point. An application to financial market modeling. Working Paper, University of Bamberg. 

Gardini, L., Radi, D., Schmitt, N., Sushko, I. and Westerhoff, F. (2025): Abundance of weird quasiperiodic attractors in piecewise linear discontinuous maps. Working Paper, University of Bamberg.

Gardini, L., Radi, D., Schmitt, N., Sushko, I. and Westerhoff, F. (2025): On the emergence and properties of weird quasiperiodic attractors. Working Paper, University of Bamberg.

Gardini, L., Radi, D., Schmitt, N., Sushko, I. and Westerhoff, F. (2024): On the limits of informationally efficient stock markets: New insights from a chartist-fundamentalist model. Working Paper, University of Bamberg.

Radi, D. and Westerhoff, F. (2024): The green transition of firms: The role of evolutionary competition, adjustment costs, transition risk, and green technology progress. Working Paper, University of Bamberg.

Dieci, R., Schmitt, N. and Westerhoff, F. (2022):
Boom-bust cycles and asset market participation waves: momentum, value, risk and herding.
BERG Working Paper No. 177, University of Bamberg.

Hilker, F. and Westerhoff, F. (2005):
Simple models of controlling chaotic population dynamics
Paper(801.5 KB, 28 Seiten)

Publications

Mignot, S. and Westerhoff, F. (2025): Contagious popular stories, stock-market participation, and boom-bust cycles. Mathematics and Computers in Simulation, Vol. 234, 459-471.

Mignot, S. and Westerhoff, F. (2025): Explaining the stylized facts of foreign exchange markets with a simple agent-based version of Paul de Grauwe's chaotic exchange rate model. Computational Economics, Vol. 65, 845-876.

Mignot, S., Pellizzari, P. and Westerhoff, F. (2024): Fake News and Asset Price Dynamics. Jahrbücher für National?konomie und Statistik (Journal of Economics and Statistics), Vol. 244 (4), 351-379.

Gardini, L., Radi, D., Schmitt, N., Sushko, I. and Westerhoff, F. (2024): Bifurcation structures of a two-dimensional piecewise-linear discontinuous map: analysis of a cobweb model with regime-switching expectations. Nonlinear Dynamics, Vol. 112, 15601-15620.

Gardini, L., Radi, D., Schmitt, N., Sushko, I. and Westerhoff, F. (2024): New Economic Era Thinking and Stock Market Bubbles: A Two-Dimensional Piecewise Linear Discontinuous Map Approach. In: Elaydi, S., Gardini L., and Tikjha, W. (eds.): New Developments in Discrete Dynamical Systems, Difference Equations, and Applications. Springer, Berlin, 173-202.

Gardini, L., Radi, D., Schmitt, N., Sushko, I. and Westerhoff, F. (2024): On boom-bust stock market dynamics, animal spirits and the destabilizing nature of temporarily attracting virtual fixed points. Macroeconomics Dynamics, in press.

Gardini, L., Radi, D., Schmitt, N., Sushko, I. and Westerhoff, F. (2024): Exchange rate dynamics and central bank interventions: On the (de)stabilizing nature of targeting long-run fundamentals interventions. Nonlinear Dynamics, Psychology, and Life Sciences, Vol. 28, No. 2, 261-287.

Mignot, S., Tramontana, F. and Westerhoff, F. (2024): Complex dynamics in a nonlinear duopoly model with heterogeneous expectation formation and learning behavior. Annals of Operations Research, Vol. 337, 809-834.

Gardini, L., Radi, D., Schmitt, N., Sushko, I. and Westerhoff, F. (2023): A 2D piecewise-linear discontinuous map arising in stock market modeling: two overlapping period-adding bifurcation structures. Chaos, Solitons and Fractals, Vol. 176, Article 114143.

Gardini, L., Radi, D., Schmitt, N., Sushko, I. and Westerhoff, F. (2023):
Sentiment-driven business cycle dynamics: An elementary macroeconomic model with animal spirits. 
Journal of Economic Behavior and Organization, Vol. 210, 342-359.

Mignot, S. and Westerhoff, F. (2023):
Revisiting Paul de Grauwe's chaotic exchange rate model: new analytical insights and agent-based explorations.
Open Economics Review, Vol. 34, 155-169.

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.

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.

Westerhoff, F. (2019):
Review of “Handbook of Computational Economics, Vol. 4: Heterogeneous Agent Modeling” by Hommes, Cars LeBaron, Blake. Jahrbücher für National?konomie und Statistik (Journal of Economics and Statistics), Vol. 239, 757-760.

Franke, R. and Westerhoff, F. (2019):
Different Compositions of Animal Spirits and Their Impact on Macroeconomic Stability.
Economic Modelling, Vol. 76, 117-127.

Schmitt, N. and Westerhoff, F. (2019):
Short-run momentum, long-run mean reversion and excess volatility: an elementary housing model.
Economics Letters, Vol. 176, 43-46.

Martin, C. and Westerhoff, F. (2019):
Regulation speculative housing markets via public housing construction programs: Insights from a heterogeneous agent model.
Jahrbücher für National?konomie und Statistik (Journal of Economics and Statistics), Vol. 239, 627-660.

Dieci, R., Schmitt, N. and Westerhoff, F. (2018):
Steady states, stability and bifurcations in multi-asset market models.
Decisions in Economics and Finance, Vol. 41, 357-378.

Dieci, R., Schmitt, N. and Westerhoff, F. (2018):
Interactions between stock, bond and housing markets.
Journal of Economic Dynamics and Control, Vol. 91, 43-70.

Blaurock, I., Schmitt, N. and Westerhoff, F. (2018):
Market entry waves and volatility outbursts in stock markets.
Journal of Economic Behavior and Organization, Vol. 153, 19-37.

Panchuk, A., Sushko, I. and Westerhoff, F. (2018):
A financial market model with two discontinuities: bifurcation structures in the chaotic domain.
Chaos, Vol. 28, Article 055908.

Westerhoff, F. and Franke, R. (2018):
Agent-based models for economic policy design: two illustrative examples.
In: Chen, S.-H., Kaboudan, M. and Du, Y.-R. (eds.) The Oxford Handbook of Computational Economics and Finance. Oxford University Press, Oxford, 520-558.
Paper(366.5 KB, 63 Seiten)

Schmitt, N., Tuinstra, J. and Westerhoff, F. (2018):
Stability and welfare effects of profit taxes within an evolutionary market interaction model.
Review of International Economics, Vol. 26, 691-708.

Schmitt, N. and Westerhoff, F. (2018):
Evolutionary competition and profit taxes: market stability versus tax burden.
Macroeconomic Dynamics, Vol. 22, 2007-2031.

Schmitt, N., Tuinstra, J. and Westerhoff, F. (2017):
Market interactions, endogenous dynamics and stabilization policies.
In: Commendatore, P., Kubin, I., Bougheas, S., Kirman, A., Kopel, M., and Bischi, G.I (eds.) The Economy as a Complex Spatial System. Springer, Berlin, 137-152.

Franke, R. and Westerhoff, F. (2017):
Taking stock: a rigorous modelling of animal spirits in macroeconomics.
Journal of Economic Surveys(349.5 KB, 51 Seiten), Vol. 31, 1152-1182.

Schmitt, N. and Westerhoff, F. (2017):
On the bimodality of the distribution of the S&P 500's distortion: empirical evidence and theoretical explanations.
Journal of Economic Dynamics and Control, Vol. 80, 34-53.

Schmitt, N. and Westerhoff, F. (2017):
Heterogeneity, spontaneous coordination and extreme events within large-scale and small-scale agent-based financial market models.
Journal of Evolutionary Economics, Vol. 27, 1041-1070.

Schmitt, N., Tuinstra, J. and Westerhoff, F. (2017):
Side effects of nonlinear profit taxes in a behavioral market entry model: abrupt changes, coexisting attractors and hysteresis problems.
Journal of Economic Behavior and Organization, Vol. 135, 15-38.

Schmitt, N. and Westerhoff, F. (2017):
Herding behaviour and volatility clustering in financial markets.
Quantitative Finance, Vol. 17, 1187-1203.

Schmitt, N. and Westerhoff, F. (2016):
Stock market participation and endogenous boom-bust dynamics.
Economics Letters, Vol. 148, 72-75.

Dieci, R. and Westerhoff, F. (2016):
Heterogeneous expectations, boom-bust housing cycles, and supply conditions: a nonlinear economic dynamics approach.
Journal of Economic Dynamics and Control, Vol. 71, 21-44.

Tramontana, F. and Westerhoff, F. (2016):
Piecewise-linear maps and their application to financial markets.
Frontiers in Applied Mathematics and Statistics, Vol. 2, Article 10.

Franke, R. and Westerhoff, F. (2016):
Why a  simple herding model may generate the stylized facts of daily returns: explanation and estimation.
Journal of Economic Interaction and Coordination, Vol. 11, 1-34.
Paper(424.7 KB)

Schmitt, N. and Westerhoff, F. (2015):
Managing rational routes to randomness.
Journal of Economic Behavior and Organization, Vol. 116, 157-173.
Paper(380.2 KB)

Sushko, I., Tramontana, F., Westerhoff, F. and Avrutin, V. (2015):
Symmetry breaking in a bull and bear financial market model.
Chaos, Solitons and Fractals, Vol. 79, 57-72.
Paper(538.3 KB)

Tramontana, F., Westerhoff, F. and Gardini, L. (2015):
A simple financial market model with chartists and fundamentalists: market entry levels and discountinuities.
Mathematics and Computers in Simulation, Vol. 108, 16-40.
Paper(428.0 KB, 38 Seiten)

Westerhoff, F. (2014):
Review of Behavioral Rationality and Heterogeneous Expectations in Complex Economic Systems by Hommes, Cars LeBaron. Jahrbücher für National?konomie und Statistik (Journal of Economics and Statistics), Vol. 234, 528-530.

Tuinstra, J., Wegener, M. and Westerhoff, F. (2014):
Positive welfare effects of trade barriers in a dynamic partial equilibrium model.
Journal of Economic Dynamics and Control, Vol. 48, 246-264.
Paper(4.1 MB)

Schmitt, N. and Westerhoff, F. (2014):
Speculative behavior and the dynamics of interacting stock markets.
Journal of Economic Dynamics and Control, Vol. 45, 262-288.
Paper(494.9 KB)

Tramontana, F., Westerhoff, F. and Gardini, L. (2014):
One-dimensional maps with two discontinuity points and three linear branches: mathematical lessons for understanding the dynamics of financial markets.
Decisions in Economics and Finance, Vol. 37, 27-51.
Paper(356.3 KB)

Dieci, R. and Westerhoff, F. (2013):
On the inherent instability of international financial markets: natural nonlinear interactions between stock and foreign exchange markets.
Applied Mathematics and Computation, Vol. 221, 306-328.
Paper(358.2 KB)

Dieci, R. and Westerhoff, F. (2013):
Modeling house price dynamics with heterogeneous speculators.
In: Bischi, G.I., Chiarella, C. and Sushko, I. (eds): Global Dynamics in Economics and Finance. Essays in Honour of Laura Gardini.
Springer, Berlin, 35-61.
Paper(254.9 KB)

Tramontana, F. and Westerhoff, F. (2013):
One-dimensional discontinuous piecewise-linear maps and the dynamics of financial markets.
In: Bischi, G.I., Chiarella, C. and Sushko, I. (eds): Global Dynamics in Economics and Finance. Essays in Honour of Laura Gardini.
Springer, Berlin, 205-227.
Paper(478.2 KB, 31 Seiten)

Tramontana, F., Westerhoff, F. and Gardini, L. (2013):
The bull and bear market model of Huang and Day: Some extensions and new results.
Journal of Economic Dynamics and Control, Vol. 37, 2351-2370.
Paper(556.7 KB)

Tramontana, F. and Westerhoff, F. (2012):
The dynamics of financial markets and one-dimensional discontinuous piecewise-linear maps. AENORM, Vol. 20/76, 33-41.

Westerhoff, F. (2012):
Interactions between the real economy and the stock market: A simple agent-based approach.
Discrete Dynamics in Nature and Society, Vol. 2012, Article ID 504840.
Paper(204.1 KB)

Dieci, R. and Westerhoff, F. (2012):
A simple model of the speculative housing market.
Journal of Evolutionary Economics, Vol. 22, 303-329.
Paper(447.7 KB, 45 Seiten)

Franke, R. and Westerhoff, F. (2012):
Structural stochastic volatility in asset pricing dynamics: estimation and model contest.
Journal of Economic Dynamics and Control, Vol. 36, 1193-1211.
Paper(324.6 KB, 36 Seiten)

Lines, M. and Westerhoff, F. (2012):
Effects of inflation expectations on macroeconomic dynamics: extrapolative versus regressive expectations.
Studies in Nonlinear Dynamics and Econometrics, Vol. 16, Issue 4 Article 7.
Paper(368.8 KB)

Wegener, M. and Westerhoff, F. (2012):
Evolutionary Competition Between Prediction Rules and the Emergence of Business Cycles within Metzler's Inventory Model.
Journal of Evolutionary Economics, Vol. 22, 251-273.
Paper(1.9 MB, 29 Seiten)

Westerhoff, F. and Franke, R. (2012):
Converse trading strategies, intrinsic noise and the stylized facts of financial markets.
Quantitative Finance, Vol. 12, 425-436.
Paper(291.5 KB, 21 Seiten)

Tramontana, F., Gardini, L. and Westerhoff, F. (2011):
Heterogeneous speculators and asset price dynamics: further results from a one-dimensional discontinuous piecewise-linear map.
Computational Economics, Vol. 38, 329-347.
Paper(256.2 KB, 19 Seiten)

Franke, R. and Westerhoff, F. (2011):
Estimation of a structural stochastic volatility model of asset pricing.
Computational Economics, Vol. 38, 53-83.
Paper(373.8 KB, 33 Seiten)

Dieci, R. and Westerhoff, F. (2010):
Interacting cobweb markets.
Journal of Economic Behavior and Organization, Vol. 75, 461-481.
Paper(4.7 MB, 34 Seiten)

Westerhoff, F. (2010):
An agent-based macroeconomic model with interacting firms, socio-economic opinion formation and optimistic/pessimistic sales expectations.
New Journal of Physics, Vol. 12, 075035.
Paper(1.0 MB, 20 Seiten)

Hermsen, O., Witte, B.-C. and Westerhoff, F. (2010):
Disclosure requirements, the release of new information and market efficiency: new insights from agent-based models.
Economics: The Open-Access, Open-Assessment E-Journal, Vol. 4,
Article ID: 2010-7
Paper(589.1 KB, 28 Seiten)

Dieci, R. and Westerhoff, F. (2010):
Heterogeneous speculators, endogenous fluctuations and interacting markets: a model of stock prices and exchange rates.
Journal of Economic Dynamics and Control, Vol. 34, 743-764.
Paper(3.4 MB, 39 Seiten)

Tramontana, F., Gardini, L. and Westerhoff, F. (2010):
Intricate asset price dynamics and one-dimensional discontinuous maps.
In: Puu, T. and Panchuck, A. (eds): Advances in nonlinear economic dynamics.
Nova Science Publishers, in press.
Paper(509.7 KB, 17 Seiten)

Westerhoff, F. and Wieland, C. (2010):
A behavioral cobweb model with heterogeneous speculators.
Economic Modelling, Vol. 27, 1136-1143.
Paper(2.2 MB, 27 Seiten)

Tramontana, F., Westerhoff, F. and Gardini, L. (2010):
On the complicated price dynamics of a simple one-dimensional discontinuous financial market model with heterogeneous interacting traders.
Journal of Economic Behavior and Organization, Vol. 74, 187-205.
Paper(429.5 KB, 37 Seiten)

Westerhoff, F. and Hohnisch, M. (2010)
Consumer Sentiment and Countercyclical Fiscal Policies.
International Review of Applied Economics, Vol. 24, 609-618.
Paper(166.3 KB, 18 Seiten)

Lines, M. and Westerhoff, F. (2010):
Inflation expectations and macroeconomic dynamics: the case of rational versus extrapolative expectations.
Journal of Economic Dynamics and Control, Vol. 34, 246-257.
Paper(227.9 KB, 35 Seiten)

Westerhoff, F. (2010):
A simple agent-based financial market model: direct interactions and comparisons of trading profits.
In: Chiarella C., Bischi G.I., Gardini L. (eds.): Nonlinear dynamics in economics, finance and the social sciences. Springer, 313-332.
Paper(1.5 MB, 20 Seiten)

Westerhoff, F. (2009):
Agentenbasierte Finanzmarktmodelle.
uni.vers, Vol. 15, 8-11
Paper(1.2 MB, 4 Seiten)

Pellizzari, P. and Westerhoff, F. (2009):
Some effects of transaction taxes under different microstructures.
Journal of Economic Behavior and Organization, Vol. 72, 850-863.
Paper(360.3 KB, 24 Seiten)

Dieci, R. and Westerhoff, F. (2009):
Stability analysis of a cobweb model with market interactions.
Applied Mathematics and Computation, Vol. 215, 2011-2023.
Paper(974.2 KB, 27 Seiten)

Tramontana, F., Gardini, L., Dieci, R. and Westerhoff, F. (2009):
Global bifurcations in a three dimensional financial model of "bull and bear" interactions.
In: Chiarella C., Bischi G.I., Gardini L. (eds.): Nonlinear dynamics in economics, finance and the social sciences, Springer, 333-352.
Paper(447.5 KB, 20 Seiten)

Tramontana, F., Gardini, L., Dieci, R. and Westerhoff, F. (2009):
The emergence of "bull and bear" dynamics in a nonlinear model of interacting markets.
Discrete Dynamics in Nature and Society, Vol. 2009, Article ID 310471.    
Paper(1.7 MB, 30 Seiten)

Lux, T. and Westerhoff, F. (2009)
Economics crisis
Nature Physics, Vol. 5, 2-3.
Paper

Wegener, M., Westerhoff, F. and Zaklan, G. (2009):
A Metzlerian business cycle model with nonlinear heterogeneous expectations.
Economic Modelling, Vol. 26, 715-720.
Paper(567.9 KB, 16 Seiten)

Zaklan, G., Westerhoff, F. and Stauffer, D. (2009):
Analysing tax evasion dynamics via the Ising model.
Journal of Economic Interaction and Coordination, Vol. 4, 1-14.
Paper(3.6 MB, 13 Seiten)

Westerhoff, F. (2009):
Exchange rate dynamics: a nonlinear survey.
In: Rosser, J.B., Jr. (ed): Handbook of Research on Complexity. Edward Elgar, Cheltenham, 287-325.
Paper(1.6 MB, 53 Seiten)

Sushko, I., Wegener, M., Westerhoff, F. and Zaklan, G. (2009):
Endogenous business cycle dynamics within the inventory model of Metzler: Adding an inventory floor.
Nonlinear Dynamics in Psychology and Life Sciences, Vol.13, 223-233.
Paper(221.5 KB, 13 Seiten)

Westerhoff, F. (2008):
Consumer sentiment and business cycles: A Neimark-Sacker bifurcation scenario.
Applied Economics Letters, Vol. 15, 1201-1205.
Paper (pdf)(253.4 KB, 10 Seiten)

Zaklan, G., Lima, W. and Westerhoff, F. (2008):
Controlling tax evasion fluctuations.
Physica A, Vol. 387, 5857-5861.
Paper(1.2 MB, 13 Seiten)

Westerhoff, F. (2008):
The use of agent-based financial market models to test the effectiveness of regulatory policies.
Jahrbücher für National?konomie und Statistik (Journal of Economics and Statistics), Vol. 228, 195-227.
Paper(1.3 MB, 57 Seiten)

Kopel, M., Westerhoff F. and Wieland, C. (2008):
Regulating complex dynamics in firms and economic systems.
Chaos, Solitons and Fractals, Vol. 38, 911-919.
Paper (pdf)(212.7 KB, 9 Seiten)

Hohnisch, M. and Westerhoff, F. (2008):
Business cycle synchronization in a simple Keynesian macro model with socially-transmitted economic sentiment and international sentiment spill-over.
Structural Change and Economic Dynamics, Vol. 19, 249-259.
Paper(396.6 KB, 26 Seiten)

Westerhoff, F. (2008):
Heuristic expectation formation and business cycles: A simple linear model.
Metroeconomica, Vol. 59, 47-56.
Paper (pdf)(208.7 KB, 14 Seiten)

Corron, N., He, X.-Z. and Westerhoff, F. (2007):
Butter mountains, milk lakes and optimal price limiters.
Applied Economics Letters, Vol. 14, 1131-1136.
Paper (pdf)(1.2 MB, 7 Seiten)

Reitz, S. and Westerhoff, F. (2007):
Commodity price cycles and heterogeneous speculators: A STAR-GARCH model.
Empirical Economics, Vol. 33, 231-244.
Paper (pdf)(176.8 KB, 21 Seiten)

Manzan, S. and Westerhoff, F. (2007):
Heterogeneous expactations, exchange rate dynamics and predictability.
Journal of Economic Behavior and Organization, Vol. 64, 111-128.
Paper (pdf)(242.1 KB, 27 Seiten)

Hilker, F. and Westerhoff, F. (2007):
Preventing extinction and mass outbreaks in irregularly fluctuating populations.
American Naturalist, Vol. 170, 232-241.
Paper (pdf)(1.0 MB, 21 Seiten) 

Westerhoff, F. (2007):
On central bank interventions and transaction taxes.
Applied Financial Economics Letters, Vol. 3, 11-14.
Paper (pdf)(130.9 KB, 9 Seiten)

Hilker, F. and Westerhoff, F. (2007):
Triggering crashes in chaotic dynamics.
Physics Letters A, Vol. 362, 407-411.
Paper (pdf)(213.2 KB, 5 Seiten)

Westerhoff, F. and Hohnisch, M. (2007):
A note on interactions-driven business cycles.
Journal of Economic Interaction and Coordination, Vol. 2, 85-91.
Paper (pdf)(182.0 KB, 10 Seiten)

Reitz, St., Westerhoff, F. and Wieland, C. (2006):
Target zone interventions and coordination of expectations.
Journal of Optimization Theory and Applications, Vol. 128, 453-467.
Paper (pdf)(350.2 KB, 15 Seiten)

Lines, M. and Westerhoff, F. (2006):
Expectations and the multiplier-accelerator model.
In: T. Puu and I. Sushko (eds.): Business cycle dynamics: Models and tools.
Springer-Verlag, 255-276.
Paper (pdf)(142.4 KB, 23 Seiten)

Hilker, F. and Westerhoff, F. (2006):
The paradox of simple limiter control.
Physical Review E, 73, 05291 (3).
Paper (pdf)(170.1 KB, 3 Seiten)

Ehrenstein, G. and Westerhoff, F. (2006):
The working of circuit beakers within percolation models for financial markets.
International Journal of Modern Physics C, Vol. 17, 299-304.
Paper (pdf)(206.0 KB, 6 Seiten)

Westerhoff, F. (2006):
Technical analysis based on price-volume signal and the power of trading breaks.
International Journal of Theoretical and Applied Finance, Vol. 9, 227-244.
Paper (pdf)(367.8 KB, 18 Seiten)

Westerhoff, F. (2006):
Samuelson's multiplier-accelerator model revisited.
Applied Economics Letters, Vol. 13, 89-92.
Paper (pdf)(89.5 KB, 4 Seiten)

Westerhoff, F. and Dieci, R. (2006):
The effectiveness of Keynes-Tobin transaction taxes when heterogeneous agents can trade in different markets: A behavioral finance approach.
Journal of Economics Dynamics and Control, Vol. 30, 293-322.
Paper (pdf)(694.4 KB, 30 Seiten)
Read a discussion in the New Scientist (text only(184.1 KB, 4 Seiten), article(682.4 KB, 3 Seiten))

Westerhoff, F. (2006):
Nonlinear expectation formation, endogenous business cycles and stylized facts.
Studies in Nonlinear Dynamics and Econometrics, Volume 10, Issue 4, Article 4.
Paper (pdf)(436.7 KB, 16 Seiten)

Westerhoff, F. (2006):
Business cycles, heuristic expectation formation and contracyclical policies.
Journal of Public Economic Theory, Vol. 8, 821-838.
Paper (pdf)(1.6 MB, 25 Seiten)

Westerhoff, F. (2005):
Regulation and control of financial markets. Kumulative Habilitationsschrift, Department of Economics, University of Osnabrück.

Westerhoff, F. (2005):
The impact of flow analysis on exchange rate dynamics.
Finance Letters, Vol. 3, Issue 3.
Paper (pdf)(150.3 KB, 5 Seiten)

Wieland, C. and Westerhoff, F. (2005):
Exchange rate dynamics, central bank intervention and chaos control methods.
Journal of Economic Behavior and Organization, Vol. 58, 117-132.
Paper (pdf)(534.7 KB, 16 Seiten)

He, X.-Z. and Westerhoff, F. (2005):
Commodity markets, price limiters and speculative price dynamics.
Journal of Economic Dynamics and Control,  Vol. 29, 1577-1596.
Paper (pdf)(370.7 KB, 20 Seiten)

Ehrenstein, G., Westerhoff, F. and Stauffer, D. (2005):
Tobin tax and market depth.
Quantitative Finance, Vol. 5, 213-218.
Paper (pdf)(406.2 KB, 7 Seiten)

Westerhoff, F. (2005):
Consumer behavior and fluctuations in economic activity.
Advances in Complex Systems, Vol. 8, 209-215.
Paper (pdf)(373.7 KB, 7 Seiten)

Manzan, S. and Westerhoff, F. (2005):
Representativeness of news and exchange rate dynamics.
Journal of Economic Dynamics and Control, Vol. 29, 677-689.
Paper (pdf)(377.6 KB, 13 Seiten)

Westerhoff, F. (2005):
Heterogeneous traders, price-volume signals and complex asset price dynamics.
Discrete Dynamics in Nature and Society, Vol. 2005, 19-29.
Paper (pdf)(1.9 MB, 11 Seiten)

Westerhoff, F. and Reitz, S. (2005):
Commodity price dynamics and the nonlinear market impact of technical traders: empirical evidence for the U.S. corn market.
Physica A: Statistical Mechanics and its Application, Vol. 349, 641-648.
Paper (pdf)(208.6 KB, 8 Seiten)

Westerhoff, F. and Wieland, C. (2004):
Spill-over dynamics of central bank interventions.
German Economic Review, Vol. 5, 435-450.
Paper (pdf)(1.4 MB, 16 Seiten)

Westerhoff, F. (2004):
Speculative dynamics, feedback traders and transaction taxes: a note.
Jahrbuch für Wirtschaftswissenschaften/Review of Economics, Vol. 55, 190-195.
Paper (pdf)(284.3 KB, 6 Seiten)

Westerhoff, F. and Manzan, S. (2004):
Does liquidity in the FX market depend on volatility?
Economics Bulletin, Vol. 6, No. 10, 1-8.
Paper (pdf)(112.3 KB, 7 Seiten)

Westerhoff, F. (2004):
Greed, fear and stock market dynamics.
Physica A: Statistical Mechanics and its Application, Vol. 343, 635-642.
Paper (pdf)(354.0 KB, 8 Seiten)

Westerhoff, F. (2004):
Market depth and price dynamics: a note.
International Journal of Modern Physics C, Vol. 15, 1005-1012.
Paper (pdf)(734.8 KB, 8 Seiten)

Westerhoff, F. (2004):
Multi asset market dynamics.
Macroeceonomic Dynamics, Vol. 8, 596-616.
Paper (pdf)(272.2 KB, 21 Seiten)

Westerhoff, F. and Wieland, C. (2004):
Central bank interventions, chartists and the FX markets.
The Technical Analyst, Issue 02, 36-37.
Paper (pdf)(1.6 MB, 3 Seiten)

Westerhoff, F. and Reitz, S. (2003):
Nonlinearities and cyclical behavior: the role of chartists and fundamentalists.
Studies in Nonlinear Dynamics and Econometrics, Vol. 7, Issue. 4, Article 3.
Paper (pdf)(396.6 KB, 15 Seiten)

Westerhoff, F. (2003):
Market maker, inventory control and foreign exchange dynamics.
Quantitative Finance, Vol. 3, 363-369.
Paper (pdf)(95.3 KB, 7 Seiten)

Westerhoff, F. (2003):
Bubbles and crashes: optimism, trend extrapolation and panic:
International Journal of Theoretical and Applied Finance, Vol. 6, 829-837.
Paper (pdf)(493.0 KB, 9 Seiten)

Lawrenz, C. and Westerhoff, F. (2003):
Modeling exchange rate behavoir with a genetic algorithm.
Computational Economics, Vol. 21, 209-229.
Paper (pdf)(224.7 KB, 21 Seiten)

Westerhoff, F. (2003):
Heterogeneous traders and the Tobin tax.
Journal of Evolutionary Economics, Vol. 13, 53-70.
Paper (pdf)(306.9 KB)

Westerhoff, F. (2003):
Speculative behavior and asset price dynamics.
Nonlinear Dynamics, Psychology and Life Sciences, Vol. 7, 245-262
Paper (pdf)(522.0 KB, 18 Seiten)

Westerhoff, F. (2003):
Central bank intervention  and feedback traders.
Journal of International Financial Markets, Institutions and Money, Vol. 13, 419-427.
Paper (pdf)(198.9 KB, 9 Seiten)

Westerhoff, F. (2003):
Expectations driven distortions in the foreign exchange market.
Journal of Economic Behavior and Organzation, Vol. 51, 389-412.
Paper (pdf)(446.9 KB, 24 Seiten)

Westerhoff, F. (2003):
Speculative markets and the effectiveness of price limits.
Journal of Economic Dynamics and Control, Vol. 28, 493-508.
Paper (pdf)(536.7 KB, 16 Seiten)

Westerhoff, F. (2003):
Anchoring and psychological barriers in foreign exchange markets.
Journal of Behavioral Finance, Vol. 4, 65-70.
Paper (pdf)(89.7 KB, 6 Seiten)

Westerhoff, F. (2002):
Chartists, fundamentalists and exchange rate fluctuations.
Shaker Verlag, Aachen.
Paper (pdf)(6.5 MB, 178 Seiten)

Westerhoff, F. (2001):
Speculative behavior, exchange rate volatility, and central bank intervention.
Central European Journal of Operations Research, Vol. 9, 31-50.
Paper (pdf(2.4 MB, 20 Seiten))

Westerhoff, F. (1999):
Japan in der Krise
in: Wacker, G. und C. Müller-Hofstede (Hrsg.): Asienkrise, Demokratie, Nationalismus. Neue Wechselwirkungen zwischen Politik und ?konomie in Ostasien, K?ln: Bundesinstitut für ostwissenschaftliche und internationale Studien, 23-28.
Paper (pdf)(35.9 KB, 6 Seiten)