Lectures on Behavioral Macroeconomics / / Paul De Grauwe.
In mainstream economics, and particularly in New Keynesian macroeconomics, the booms and busts that characterize capitalism arise because of large external shocks. The combination of these shocks and the slow adjustments of wages and prices by rational agents leads to cyclical movements. In this boo...
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Place / Publishing House: | Princeton, NJ : : Princeton University Press, , [2012] ©2013 |
Year of Publication: | 2012 |
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De Grauwe, Paul, author. aut http://id.loc.gov/vocabulary/relators/aut Lectures on Behavioral Macroeconomics / Paul De Grauwe. Princeton, NJ : Princeton University Press, [2012] ©2013 1 online resource (152 p.) : 64 line illus. 4 tables. text txt rdacontent computer c rdamedia online resource cr rdacarrier text file PDF rda Frontmatter -- Contents -- Preface -- 1. A Behavioral Macroeconomic Model -- 2. The Transmission of Shocks -- 3. Trade-offs between Output and Inflation Variability -- 4. Flexibility, Animal Spirits, and Stabilization -- 5. Animal Spirits and the Nature of Macroeconomic Shocks -- 6. Stock Prices and Monetary Policy -- 7. Extensions of the Basic Model -- 8. Empirical Issues -- References -- Index restricted access http://purl.org/coar/access_right/c_16ec online access with authorization star In mainstream economics, and particularly in New Keynesian macroeconomics, the booms and busts that characterize capitalism arise because of large external shocks. The combination of these shocks and the slow adjustments of wages and prices by rational agents leads to cyclical movements. In this book, Paul De Grauwe argues for a different macroeconomics model--one that works with an internal explanation of the business cycle and factors in agents' limited cognitive abilities. By creating a behavioral model that is not dependent on the prevailing concept of rationality, De Grauwe is better able to explain the fluctuations of economic activity that are an endemic feature of market economies. This new approach illustrates a richer macroeconomic dynamic that provides for a better understanding of fluctuations in output and inflation. De Grauwe shows that the behavioral model is driven by self-fulfilling waves of optimism and pessimism, or animal spirits. Booms and busts in economic activity are therefore natural outcomes of a behavioral model. The author uses this to analyze central issues in monetary policies, such as output stabilization, before extending his investigation into asset markets and more sophisticated forecasting rules. He also examines how well the theoretical predictions of the behavioral model perform when confronted with empirical data. Develops a behavioral macroeconomic model that assumes agents have limited cognitive abilities Shows how booms and busts are characteristic of market economies Explores the larger role of the central bank in the behavioral model Examines the destabilizing aspects of asset markets Issued also in print. Mode of access: Internet via World Wide Web. In English. Description based on online resource; title from PDF title page (publisher's Web site, viewed 30. Aug 2021) Macroeconomics. BUSINESS & ECONOMICS / Economics / Macroeconomics. bisacsh Title is part of eBook package: De Gruyter Princeton University Press eBook-Package Backlist 2000-2013 9783110442502 print 9780691147390 https://doi.org/10.1515/9781400845378?locatt=mode:legacy https://www.degruyter.com/isbn/9781400845378 Cover https://www.degruyter.com/cover/covers/9781400845378.jpg |
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English |
format |
eBook |
author |
De Grauwe, Paul, De Grauwe, Paul, |
spellingShingle |
De Grauwe, Paul, De Grauwe, Paul, Lectures on Behavioral Macroeconomics / Frontmatter -- Contents -- Preface -- 1. A Behavioral Macroeconomic Model -- 2. The Transmission of Shocks -- 3. Trade-offs between Output and Inflation Variability -- 4. Flexibility, Animal Spirits, and Stabilization -- 5. Animal Spirits and the Nature of Macroeconomic Shocks -- 6. Stock Prices and Monetary Policy -- 7. Extensions of the Basic Model -- 8. Empirical Issues -- References -- Index |
author_facet |
De Grauwe, Paul, De Grauwe, Paul, |
author_variant |
g p d gp gpd g p d gp gpd |
author_role |
VerfasserIn VerfasserIn |
author_sort |
De Grauwe, Paul, |
title |
Lectures on Behavioral Macroeconomics / |
title_full |
Lectures on Behavioral Macroeconomics / Paul De Grauwe. |
title_fullStr |
Lectures on Behavioral Macroeconomics / Paul De Grauwe. |
title_full_unstemmed |
Lectures on Behavioral Macroeconomics / Paul De Grauwe. |
title_auth |
Lectures on Behavioral Macroeconomics / |
title_alt |
Frontmatter -- Contents -- Preface -- 1. A Behavioral Macroeconomic Model -- 2. The Transmission of Shocks -- 3. Trade-offs between Output and Inflation Variability -- 4. Flexibility, Animal Spirits, and Stabilization -- 5. Animal Spirits and the Nature of Macroeconomic Shocks -- 6. Stock Prices and Monetary Policy -- 7. Extensions of the Basic Model -- 8. Empirical Issues -- References -- Index |
title_new |
Lectures on Behavioral Macroeconomics / |
title_sort |
lectures on behavioral macroeconomics / |
publisher |
Princeton University Press, |
publishDate |
2012 |
physical |
1 online resource (152 p.) : 64 line illus. 4 tables. Issued also in print. |
contents |
Frontmatter -- Contents -- Preface -- 1. A Behavioral Macroeconomic Model -- 2. The Transmission of Shocks -- 3. Trade-offs between Output and Inflation Variability -- 4. Flexibility, Animal Spirits, and Stabilization -- 5. Animal Spirits and the Nature of Macroeconomic Shocks -- 6. Stock Prices and Monetary Policy -- 7. Extensions of the Basic Model -- 8. Empirical Issues -- References -- Index |
isbn |
9781400845378 9783110442502 9780691147390 |
url |
https://doi.org/10.1515/9781400845378?locatt=mode:legacy https://www.degruyter.com/isbn/9781400845378 https://www.degruyter.com/cover/covers/9781400845378.jpg |
illustrated |
Illustrated |
dewey-hundreds |
300 - Social sciences |
dewey-tens |
330 - Economics |
dewey-ones |
330 - Economics |
dewey-full |
330.019 |
dewey-sort |
3330.019 |
dewey-raw |
330.019 |
dewey-search |
330.019 |
doi_str_mv |
10.1515/9781400845378?locatt=mode:legacy |
oclc_num |
958564496 |
work_keys_str_mv |
AT degrauwepaul lecturesonbehavioralmacroeconomics |
status_str |
n |
ids_txt_mv |
(DE-B1597)528181 (OCoLC)958564496 |
carrierType_str_mv |
cr |
hierarchy_parent_title |
Title is part of eBook package: De Gruyter Princeton University Press eBook-Package Backlist 2000-2013 |
is_hierarchy_title |
Lectures on Behavioral Macroeconomics / |
container_title |
Title is part of eBook package: De Gruyter Princeton University Press eBook-Package Backlist 2000-2013 |
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1806143564755763201 |
fullrecord |
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