Lectures on Behavioral Macroeconomics

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9780691147390: Lectures on Behavioral Macroeconomics

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

Le informazioni nella sezione "Riassunto" possono far riferimento a edizioni diverse di questo titolo.

From the Inside Flap:


"De Grauwe voices the concerns of many macroeconomists regarding the empirical plausibility of the rational expectations assumption. He shows how a parsimonious, boundedly rational approach can improve the fit of sticky price macro models to the data in a number of important dimensions."--John Duffy, University of Pittsburgh


About the Author:

Paul De Grauwe is professor of international economics at the London School of Economics and Political Science. He is the author or coauthor of several books, including The Exchange Rate in a Behavioral Finance Framework (Princeton) and Economics of Monetary Union.

Le informazioni nella sezione "Su questo libro" possono far riferimento a edizioni diverse di questo titolo.

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1.

Paul De Grauwe
Editore: Princeton University Press, United States (2012)
ISBN 10: 0691147396 ISBN 13: 9780691147390
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Descrizione libro Princeton University Press, United States, 2012. Hardback. Condizione libro: New. Language: English . Brand New Book. 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. Codice libro della libreria AAU9780691147390

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Paul de Grauwe
Editore: Princeton University Press
ISBN 10: 0691147396 ISBN 13: 9780691147390
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Descrizione libro Princeton University Press. Hardback. Condizione libro: new. BRAND NEW, 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 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. Codice libro della libreria B9780691147390

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De Grauwe, Paul
Editore: Princeton University Press (2012)
ISBN 10: 0691147396 ISBN 13: 9780691147390
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Descrizione libro Princeton University Press, 2012. Condizione libro: New. Explains the fluctuations of economic activity that are an endemic feature of market economies. This title argues for a different macroeconomics model - one that works with an internal explanation of the business cycle and factors in agents limited cognitive abilities. Num Pages: 152 pages, 64 line illus. 4 tables. BIC Classification: GPQ; KCB; KCK. Category: (P) Professional & Vocational; (U) Tertiary Education (US: College). Dimension: 240 x 161 x 17. Weight in Grams: 390. . 2012. Hardcover. . . . . . Codice libro della libreria V9780691147390

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Paul De Grauwe
Editore: Princeton University Press, United States (2012)
ISBN 10: 0691147396 ISBN 13: 9780691147390
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Descrizione libro Princeton University Press, United States, 2012. Hardback. Condizione libro: New. Language: English . Brand New Book. 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. Codice libro della libreria AAU9780691147390

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ISBN 10: 0691147396 ISBN 13: 9780691147390
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Descrizione libro Princeton University Press 2012-10-16, Princeton [N.J.], 2012. hardback. Condizione libro: New. Codice libro della libreria 9780691147390

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Descrizione libro Princeton University Press. Condizione libro: New. Explains the fluctuations of economic activity that are an endemic feature of market economies. This title argues for a different macroeconomics model - one that works with an internal explanation of the business cycle and factors in agents limited cognitive abilities. Num Pages: 152 pages, 64 line illus. 4 tables. BIC Classification: GPQ; KCB; KCK. Category: (P) Professional & Vocational; (U) Tertiary Education (US: College). Dimension: 240 x 161 x 17. Weight in Grams: 390. . 2012. Hardcover. . . . . Books ship from the US and Ireland. Codice libro della libreria V9780691147390

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Descrizione libro Condizione libro: New. Depending on your location, this item may ship from the US or UK. Codice libro della libreria 97806911473900000000

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Descrizione libro Princeton University Press, 2012. HRD. Condizione libro: New. New Book. Shipped from UK in 4 to 14 days. Established seller since 2000. Codice libro della libreria BB-9780691147390

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