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Item Details
Title:
LECTURES ON BEHAVIORAL MACROECONOMICS
By:
Paul de Grauwe
Format:
Hardback
List price:
£45.00
Our price:
£36.00
Discount:
20
% off
You save:
£9.00
ISBN 10:
0691147396
ISBN 13:
9780691147390
Availability:
Usually dispatched within 1-3 weeks.
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Stock:
Currently
0
available
Publisher:
PRINCETON UNIVERSITY PRESS
Pub. date:
14 October, 2012
Pages:
152
Description:
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.
Synopsis:
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
Illustrations:
64 line illus. 4 tables.
Publication:
US
Imprint:
Princeton University Press
Returns:
Returnable
Some other items by this author:
CHOOSING AN EXCHANGE RATE REGIME (PB)
DIMENSIONS OF COMPETITIVENESS (HB)
ECONOMICS OF MONETARY UNION (PB)
ECONOMICS OF MONETARY UNION (PB)
ECONOMICS OF MONETARY UNION (PB)
ECONOMICS OF MONETARY UNION (PB)
ECONOMICS OF THE MONETARY UNION
ECONOMICS OF THE MONETARY UNION 14E
EUROPEAN CURRENCY UNIT AND EUROPEAN MONETARY INTEGRATION (HB)
EXCHANGE RATE ECONOMICS (HB)
EXCHANGE RATE ECONOMICS (PB)
EXCHANGE RATES AND GLOBAL FINANCIAL POLICIES (HB)
EXCHANGE RATES IN MULTICOUNTRY ECONOMETRIC MODELS (HB)
EXCHANGE RATES, MONEY AND OUTPUT (HB)
ILLICIT TRADE AND THE GLOBAL ECONOMY (HB)
INCLUSION OF CENTRAL EUROPEAN COUNTRIES IN THE EUROPEAN MONETARY UNION (HB)
INCLUSION OF CENTRAL EUROPEAN COUNTRIES IN THE EUROPEAN MONETARY UNION (PB)
INTERNATIONAL MONEY (PB)
LECTURES ON BEHAVIORAL MACROECONOMICS
LIMITS OF THE MARKET
PROSPECTS FOR MONETARY UNIONS AFTER THE EURO (HB)
SURVIVING THE SLOWDOWN (PB)
THE ECB (PB)
THE ECU AND EUROPEAN MONETARY INTEGRATION (PB)
THE EXCHANGE RATE IN A BEHAVIORAL FINANCE FRAMEWORK (HB)
THE LIMITS OF THE MARKET (HB)
THE POLITICAL ECONOMY OF MONETARY UNION (HB)
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