Behavioural macroeconomics: theory and policy
Modern macroeconomics has been based on the paradigm of the rational individual capable of understanding the complexity of the world. This has created a very shallow theory of the business cycle in which nothing happens in the macroeconomy unless shocks occur from outside. Behavioural Macroeconomics...
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| Main Authors: | , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Oxford
Oxford University Press
2019
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| Edition: | First edition |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Summary: | Modern macroeconomics has been based on the paradigm of the rational individual capable of understanding the complexity of the world. This has created a very shallow theory of the business cycle in which nothing happens in the macroeconomy unless shocks occur from outside. Behavioural Macroeconomics: Theory and Policy uses a different paradigm. It assumes that individual agents experience cognitive limitations preventing them from having rational expectations. Instead these individuals use simple rules of behaviour. 0Behavioural Macroeconomics introduces rationality by allowing individuals to learn from their mistakes and to switch to the rules that perform better. It introduces the idea of endogenously generated "animals spirits" that drive the business cycle and are in turn influenced by it, and applies this model to shed new light on a number of important issues. It analyses the role of fiscal policy in stabilizing the economy while maintaining debt sustainability; expands the model to include a banking sector and show how banks amplify the booms and busts; and explains how animal spirits help to synchronize the business cycles across countries. 0The model set out in Behavioural Macroeconomics leads to very different policy implications from the mainstream macroeconomic model. It shows how policymakers have a responsibility to stabilize an otherwise unstable system |
| Physical Description: | xi, 260 Seiten 25 cm |
| ISBN: | 019883232X 9780198832324 |
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| 520 | 3 | |a Modern macroeconomics has been based on the paradigm of the rational individual capable of understanding the complexity of the world. This has created a very shallow theory of the business cycle in which nothing happens in the macroeconomy unless shocks occur from outside. Behavioural Macroeconomics: Theory and Policy uses a different paradigm. It assumes that individual agents experience cognitive limitations preventing them from having rational expectations. Instead these individuals use simple rules of behaviour. 0Behavioural Macroeconomics introduces rationality by allowing individuals to learn from their mistakes and to switch to the rules that perform better. It introduces the idea of endogenously generated "animals spirits" that drive the business cycle and are in turn influenced by it, and applies this model to shed new light on a number of important issues. It analyses the role of fiscal policy in stabilizing the economy while maintaining debt sustainability; expands the model to include a banking sector and show how banks amplify the booms and busts; and explains how animal spirits help to synchronize the business cycles across countries. 0The model set out in Behavioural Macroeconomics leads to very different policy implications from the mainstream macroeconomic model. It shows how policymakers have a responsibility to stabilize an otherwise unstable system | |
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| adam_text | Table of Contents List of Figures vii Introduction 1 PART I. THE BASICS 1. The Need for a New Approach in Macroeconomic Modelling 5 2. The Basic Behavioural Model 25 3. Inertia in Macroeconomic Variables 50 4. Non-Normality in the Output Gap 72 5. How Are Shocks Transmitted? 86 6. Simple and Complex Rules 101 PART II. APPLICATIONS 7. Optimal Monetary Policies 117 8. Inflation Targets and the Zero Lower Bound 127 9. Monetary Policy and Structural Reforms 147 10. Fiscal Policy, Output Stabilization, and Debt Sustainability 164 11. Banks and Monetary Policy 183 12. Synchronization of Business Cycles 211 References Index 241 249
|
| any_adam_object | 1 |
| author | De Grauwe, Paul 1946- Ji, Yuemei ca. 20./21. Jh |
| author_GND | (DE-588)112453759 (DE-588)1019085533 |
| author_facet | De Grauwe, Paul 1946- Ji, Yuemei ca. 20./21. Jh |
| author_role | aut aut |
| author_sort | De Grauwe, Paul 1946- |
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| bvnumber | BV046231280 |
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| discipline | Wirtschaftswissenschaften |
| edition | First edition |
| format | Book |
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| illustrated | Not Illustrated |
| indexdate | 2024-07-10T08:39:00Z |
| institution | BVB |
| isbn | 019883232X 9780198832324 |
| language | English |
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| physical | xi, 260 Seiten 25 cm |
| publishDate | 2019 |
| publishDateSearch | 2019 |
| publishDateSort | 2019 |
| publisher | Oxford University Press |
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| spelling | De Grauwe, Paul 1946- Verfasser (DE-588)112453759 aut Behavioural macroeconomics theory and policy Paul de Grauwe and Yuemei Ji First edition Oxford Oxford University Press 2019 xi, 260 Seiten 25 cm txt rdacontent n rdamedia nc rdacarrier Modern macroeconomics has been based on the paradigm of the rational individual capable of understanding the complexity of the world. This has created a very shallow theory of the business cycle in which nothing happens in the macroeconomy unless shocks occur from outside. Behavioural Macroeconomics: Theory and Policy uses a different paradigm. It assumes that individual agents experience cognitive limitations preventing them from having rational expectations. Instead these individuals use simple rules of behaviour. 0Behavioural Macroeconomics introduces rationality by allowing individuals to learn from their mistakes and to switch to the rules that perform better. It introduces the idea of endogenously generated "animals spirits" that drive the business cycle and are in turn influenced by it, and applies this model to shed new light on a number of important issues. It analyses the role of fiscal policy in stabilizing the economy while maintaining debt sustainability; expands the model to include a banking sector and show how banks amplify the booms and busts; and explains how animal spirits help to synchronize the business cycles across countries. 0The model set out in Behavioural Macroeconomics leads to very different policy implications from the mainstream macroeconomic model. It shows how policymakers have a responsibility to stabilize an otherwise unstable system Makroökonomie (DE-588)4037174-8 gnd rswk-swf Wirtschaftliches Verhalten (DE-588)4197971-0 gnd rswk-swf Verhaltenssteuerung (DE-588)4187773-1 gnd rswk-swf Macroeconomics / Psychological aspects Macroeconomics / Methodology Makroökonomie (DE-588)4037174-8 s Wirtschaftliches Verhalten (DE-588)4197971-0 s Verhaltenssteuerung (DE-588)4187773-1 s DE-604 Ji, Yuemei ca. 20./21. Jh. Verfasser (DE-588)1019085533 aut Digitalisierung UB Regensburg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=031609781&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | De Grauwe, Paul 1946- Ji, Yuemei ca. 20./21. Jh Behavioural macroeconomics theory and policy Makroökonomie (DE-588)4037174-8 gnd Wirtschaftliches Verhalten (DE-588)4197971-0 gnd Verhaltenssteuerung (DE-588)4187773-1 gnd |
| subject_GND | (DE-588)4037174-8 (DE-588)4197971-0 (DE-588)4187773-1 |
| title | Behavioural macroeconomics theory and policy |
| title_auth | Behavioural macroeconomics theory and policy |
| title_exact_search | Behavioural macroeconomics theory and policy |
| title_full | Behavioural macroeconomics theory and policy Paul de Grauwe and Yuemei Ji |
| title_fullStr | Behavioural macroeconomics theory and policy Paul de Grauwe and Yuemei Ji |
| title_full_unstemmed | Behavioural macroeconomics theory and policy Paul de Grauwe and Yuemei Ji |
| title_short | Behavioural macroeconomics |
| title_sort | behavioural macroeconomics theory and policy |
| title_sub | theory and policy |
| topic | Makroökonomie (DE-588)4037174-8 gnd Wirtschaftliches Verhalten (DE-588)4197971-0 gnd Verhaltenssteuerung (DE-588)4187773-1 gnd |
| topic_facet | Makroökonomie Wirtschaftliches Verhalten Verhaltenssteuerung |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=031609781&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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