Structuralist and behavioral macroeconomics:
"This book presents an empirically grounded alternative to prevailing macroeconomic orthodoxy. Using evidence from behavioral economics and insights from Keynesian and institutionalist traditions, it is essential reading for graduate students, researchers and professional economists who have be...
Saved in:
| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Cambridge, United Kingdom ; New York, NY
Cambridge University Press
2023
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| Subjects: | |
| Online Access: | Inhaltsverzeichnis Klappentext |
| Summary: | "This book presents an empirically grounded alternative to prevailing macroeconomic orthodoxy. Using evidence from behavioral economics and insights from Keynesian and institutionalist traditions, it is essential reading for graduate students, researchers and professional economists who have become critical of graduate-level macroeconomic theory"-- |
| Physical Description: | xii, 384 Seiten Diagramme |
| ISBN: | 9781009367301 9781009367325 |
Staff View
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List of Figures Preface and Acknowledgments 1 Introduction: The State of Macroeconomics 1.1 1.2 1.3 2 The Lucas Critique and Representative Agents 2.1 2.2 2.3 2.4 2.5 2.6 3 Aims and Themes Background Overview 1.3.1 Behavior 1.3.2 Structure 1.3.3 Instability, Cycles, and Economic Growth 1.3.4 Core Models 1.3.5 Terminology and Notation Background The Lucas Critique and Contemporary Macroeconomics The Representative Agent 2.3.1 The Sonnenschein-Debreu-Mantel Results 2.3.2 A Pragmatic Defense? Welfare and Inequality 2.4.1 The Representative-Agent Approach 2.4.2 An Intrinsic Distributional Bias 2.4.3 Discussion A Lucas Critique of the Lucas Solution Conclusion Household Consumption and Saving 3.1 3.2 3.3 Introduction Expectations, Present Bias, and Credit Constraints 3.2.1 Expectations and Learning 3.2.2 Present Bias, Credit Rationing, and Mental Accounts ‘Social Preferences’ 3.3.1 Welfare Analysis 3.3.2 Differences in Average Saving Rates page ix xi 1 1 3 8 8 10 12 14 14 16 16 17 20 20 23 29 29 30 33 34 35 41 41 42 42 46 49 50 53
3.4 3.5 3.6 4 Saving in a Corporate Economy 4.1 4.2 4.3 4.4 4.5 4.6 5 5.5 Introduction Phillips Curves OECD Evidence Theoretical Fragility: Unions and ‘Inflation Bias’ 5.4.1 A Model with a Central Union 5.4.2 Implications 5.4.3 Phillips Curves Conclusion Fairness, Money Illusion, and Path Dependency 6.1 6.2 6.3 6.4 6.5 6.6 7 Introduction Saving and Portfolio Decisions 4.2.1 Differential Saving Rates 4.2.2 The Neo-Pasinetti Theorem 4.2.3 An Aside: The Pasinetti Theorem and DSGE Models Feedback Effects on Firms’ Financial Decisions Wealth and Portfolio Effects Household Heterogeneity Conclusion Phillips Curves and the Natural Rate of Unemployment 5.1 5.2 5.3 5.4 6 Aggregate Consumption 3.4.1 Income Distribution and Aggregate Consumption 3.4.2 A Hybrid Aggregate Consumption Function A More Radical Perspective Conclusion Introduction Fairness and Unemployment Money Illusion and Downward Rigidity of Nominal Wages Endogenous Norms and Path Dependency Inflation in a Developing Economy 6.5.1 A Structuralist Model of ‘Natural Underemployment’ 6.5.2 Endogenous Norms and Aspirations Conclusion Earnings Inequality, Power Bias, and Mismatch 7.1 7.2 7.3 Introduction Coordination, Control, and thePower of Workers 7.2.1 Technology, Coordination, and Institutions 7.2.2 Agency and Power A Model of Power-Biased Change 7.3.1 Assumptions 57 57 59 61 64 70 70 73 73 76 81 82 87 91 95 102 102 104 112 116 118 121 122 123 131 131 133 136 145 155 157 161 165 173 173 178 178 181 182 182
7.4 7.5 7.6 8 Macroeconomic Adjustment and Keynes’s Instability Argument 8.1 8.2 8.3 8.4 8.5 8.6 9 Introduction IS-LM Changes in Money Wages Kalecki Taylor Rules and the ZLB Conclusion Growth and Cycles 9.1 9.2 9.3 9.4 9.5 9.6 10 7.3.2 Power-Biased Technological Change 7.3.3 Power-Biased Institutional Change Power, Skill, and Mismatch CEO Pay 7.5.1 Firm-Level Volatility 7.5.2 Contingencies and Implications 7.5.3 Fairness Norms, Reference Groups,and Ratchet Effects Conclusion Introduction Harrod’s Problems and the Solow Solution 9.2.1 A Harrodian Benchmark Model 9.2.2 The Solow Solution The Neoclassical Production Function 9.3.1 The Choice of Technique and the Elasticity of Substitution 9.3.2 Aggregation and the Cambridge Capital Controversy 9.3.3 Pragmatic Defenses and EmpiricalEvidence Reconciling Warranted and Natural GrowthRates without a Neoclassical Production Function 9.4.1 A Kaldor-Solow Solution 9.4.2 A Marx-Goodwin Solution Endogenous and Exogenous Growth Cycles Conclusion Endogenous Growth Cycles with or without Price Flexibility 10.1 Introduction 10.2 Are Prices Flexible? 10.3 A Model with Sticky Outputand Flexible Prices 10.3.1 Output and Employment 10.3.2 Investment 10.3.3 Saving 10.3.4 A Baseline Model 10.4 Analysis 10.5 Empirical Evidence and the Baseline Model 184 186 188 192 192 194 196 198 203 203 207 214 219 220 225 228 228 229 229 230 232 233 235 239 242 244 245 249 252 256 256 258 262 262 266 268 268 269 275
An Extended Model: Economic Policy, Investment Dynamics, Credit Constraints, and Okun’s Law 10.7 A Model with Flexible Output 10.8 Conclusion 10.6 11 Secular Stagnation and Functional Finance 11.1 Introduction 11.2 Some Simple Algebra for a Mature Economy 11.3 Possible Answers 11.3.1 Dynamic Stochastic General Equilibrium 11.3.2 Finite Lives and Overlapping Generations 11.4 Functional Finance 11.5 Implications 11.5.1 Public Debt and Economic Growth 11.5.2 Secular Stagnation and‘Equilibrium Interest Rates’ 11.5.3 Austerity 11.5.4 Income Distribution and Saving 11.5.5 Negative Effects of Public Debt 11.5.6 Empirical Relevance of Functional Finance 11.6 Functional Finance in Developing Economies 11.6.1 A Two-Sector Model 11.6.2 Discussion 11.6.3 Japanese Growth and Stagnation 11.7 Conclusion 12 279 285 289 299 299 301 302 302 303 305 309 309 312 315 316 317 318 320 321 325 328 329 Concluding Comments: Evidence-Based Macroeconomics and Economic Theory 336 References Author Index Subject Index 342 375 381
Mainstream macroeconomics is founded on the idea of perfectly rational representative agents. Yet there is a growing realization that economic theories based on such agents are inadequate guides to real-world decision-making. The behavioral evidence has had significant impacts on microeconomics, but the same cannot be said of macroeconomics. This book is part of the movement to do for macroeconomics what behavioral thinking has done for microeconomics. Using behavioral evidence and insights from Keynesian and institutionalist traditions, it presents an empirically grounded alternative to the paradigm that currently dominates macroeconomic theory. It highlights how dynamic interactions across markets can generate instability, endogenous cycles, and secular stagnation. It fully engages with macroeconomic theory, provides a multifaceted view that explains how and why it is time to rethink its foundations, and offers a path forward. |
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| index_date | 2024-07-03T22:15:22Z |
| indexdate | 2024-07-10T09:53:10Z |
| institution | BVB |
| isbn | 9781009367301 9781009367325 |
| language | English |
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| spelling | Skott, Peter Verfasser (DE-588)170392368 aut Structuralist and behavioral macroeconomics Peter Skott Cambridge, United Kingdom ; New York, NY Cambridge University Press 2023 xii, 384 Seiten Diagramme txt rdacontent n rdamedia nc rdacarrier "This book presents an empirically grounded alternative to prevailing macroeconomic orthodoxy. Using evidence from behavioral economics and insights from Keynesian and institutionalist traditions, it is essential reading for graduate students, researchers and professional economists who have become critical of graduate-level macroeconomic theory"-- Makroökonomie (DE-588)4037174-8 gnd rswk-swf Macroeconomics Makroökonomie (DE-588)4037174-8 s DE-604 Erscheint auch als Online-Ausgabe 978-1-009-36734-9 Digitalisierung UB Augsburg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=034289871&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis Digitalisierung UB Augsburg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=034289871&sequence=000003&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA Klappentext |
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| title | Structuralist and behavioral macroeconomics |
| title_auth | Structuralist and behavioral macroeconomics |
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| title_full | Structuralist and behavioral macroeconomics Peter Skott |
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| title_full_unstemmed | Structuralist and behavioral macroeconomics Peter Skott |
| title_short | Structuralist and behavioral macroeconomics |
| title_sort | structuralist and behavioral macroeconomics |
| topic | Makroökonomie (DE-588)4037174-8 gnd |
| topic_facet | Makroökonomie |
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