Behavioural Macroeconomics
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Behavioural Macroeconomics
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Author : Paul De Grauwe
language : en
Publisher:
Release Date : 2019
Behavioural Macroeconomics written by Paul De Grauwe and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with Business & Economics categories.
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. Behavioural 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. The 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.
Behavioural Economics And Finance
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Author : Michelle Baddeley
language : en
Publisher: Routledge
Release Date : 2013
Behavioural Economics And Finance written by Michelle Baddeley and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with Business & Economics categories.
Standard models in economics and finance usually assume that people are rational, self-interested maximisers, effectively co-ordinated via the invisible hand of the price mechanism. Whilst these approaches produce tractable, simple models, they cannot fully capture the uncertainties and instabilities that affect everyday choices in today's complex world. Insights from the other social and behavioural sciences can help to fill the gap and behavioural economics is the subject which brings economics and finance together with psychology, neuroscience and sociology. Behavioural Economics and Finance introduces the reader to some of the key concepts and insights from this rich, inter-disciplinary approach to real-world decision-making.
Lectures On Behavioral Macroeconomics
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Author : Paul De Grauwe
language : en
Publisher: Princeton University Press
Release Date : 2012-10-14
Lectures On Behavioral Macroeconomics written by Paul De Grauwe and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-10-14 with Business & Economics categories.
6.2 Introducing Asset Prices in the Behavioral Model -- 6.3 Simulating the Model -- 6.4 Should the Central Bank Care about Stock Prices? -- 6.5 Inflation Targeting and Macroeconomic Stability -- 6.6 The Trade-off between Output and Inflation Variability -- 6.7 Conclusion -- 7 Extensions of the Basic Model -- 7.1 Fundamentalists Are Biased -- 7.2 Shocks and Trade-offs -- 7.3 Further Extensions of the Basic Model -- 7.4 Conclusion -- 8 Empirical Issues -- 8.1 Introduction -- 8.2 The Correlation of Output Movements and Animal Spirits -- 8.3 Model Predictions: Higher Moments -- 8.4 Transmission of Monetary Policy Shocks -- 8.5 Conclusion -- References -- Index
Behavioural Economics
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Author : Michelle Baddeley
language : en
Publisher: Oxford University Press
Release Date : 2017
Behavioural Economics written by Michelle Baddeley and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with Business & Economics categories.
Economics and behaviour -- Motivation and incentives -- Social lives -- Quick thinking -- Risky choices -- Taking time -- Personalities, moods, and emotions -- Behaviour in the macroeconomy -- Economic behaviour and public policy
Behavioural Macroeconomics
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Author : Paul De Grauwe
language : en
Publisher: Oxford University Press
Release Date : 2019-10-25
Behavioural Macroeconomics written by Paul De Grauwe and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-10-25 with Business & Economics categories.
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. Behavioural 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. The 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.
Social And Behavioural Macroeconomics
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Author : Christopher Tsoukis
language : en
Publisher: Springer Nature
Release Date : 2025-03-28
Social And Behavioural Macroeconomics written by Christopher Tsoukis and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2025-03-28 with Business & Economics categories.
Despite significant theoretical advances in social and behavioural macroeconomics, little has been done to synthesise the disparate developments in these fields and point the way forward to future research directions and policy implications. This book reviews, unifies and extends diverse strands of thinking and shows how these theories can be used to improve macroeconomic modelling for policy development in a range of spheres. The book explores how the most empirically relevant socio-behavioural traits can widen the scope of macroeconomics to fruitfully address new issues and challenges, such as rising inequality, the change in the functional distribution of income (labour and capital shares), and a further understanding of the government spending multiplier. Chapters also address more traditional topics such as macroeconomic policy effectiveness, growth, saving and labour supply. Other, more open-ended themes of the book include whether the concept of individual rationality should be complemented by collective rationality; whether socio-behavioural traits underlie socially inefficient outcomes such as tragedies-of-the-commons, rat races, financial crises and global warming; and whether such traits can provide new foundations for (New) Keynesian macroeconomics. This book will be essential reading for advanced researchers and students working in macroeconomics and other social sciences, including psychology and politics, as well as those working on the theoretical end of public policy.
Regulatory Policy And Behavioural Economics
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Author : Pete Lunn
language : en
Publisher: OCDE
Release Date : 2014
Regulatory Policy And Behavioural Economics written by Pete Lunn and has been published by OCDE this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with Business & Economics categories.
Over the past five years, behavioural economics has been rapidly propelled from the margins of economic analysis towards the policy mainstream. In this context, this study offers an international review of the initial applications of behavioural economics to policy, with a particular focus on regulatory policy. It describes the extent to which behavioural findings have begun to influence public policy in a number of OECD countries, referring to a total of more than 60 instances, the majority of which concern regulatory policy.
Advances In Behavioral Economics
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Author : Colin F. Camerer
language : en
Publisher: Princeton University Press
Release Date : 2004
Advances In Behavioral Economics written by Colin F. Camerer and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Business & Economics categories.
Today, behavioral economics has become virtually mainstream.
Behavioral Economics For Dummies
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Author : Morris Altman
language : en
Publisher: John Wiley & Sons
Release Date : 2012-03-05
Behavioral Economics For Dummies written by Morris Altman and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-03-05 with Business & Economics categories.
A guide to the study of how and why you really make financial decisions While classical economics is based on the notion that people act with rational self-interest, many key money decisions—like splurging on an expensive watch—can seem far from rational. The field of behavioral economics sheds light on the many subtle and not-so-subtle factors that contribute to our financial and purchasing choices. And in Behavioral Economics For Dummies, readers will learn how social and psychological factors, such as instinctual behavior patterns, social pressure, and mental framing, can dramatically affect our day-to-day decision-making and financial choices. Based on psychology and rooted in real-world examples, Behavioral Economics For Dummies offers the sort of insights designed to help investors avoid impulsive mistakes, companies understand the mechanisms behind individual choices, and governments and nonprofits make public decisions. A friendly introduction to the study of how and why people really make financial decisions The author is a professor of behavioral and institutional economics at Victoria University An essential component to improving your financial decision-making (and even to understanding current events), Behavioral Economics For Dummies is important for just about anyone who has a bank account and is interested in why—and when—they spend money.
Handbook Of Research Methods In Behavioural Economics
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Author : Morris Altman
language : en
Publisher: Edward Elgar Publishing
Release Date : 2023-03-02
Handbook Of Research Methods In Behavioural Economics written by Morris Altman and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-03-02 with Business & Economics categories.
This comprehensive Handbook addresses a wide variety of methodological approaches adopted and developed by behavioural economists, exploring the implications of such innovations for analysis and policy.