Lectures on Behavioral Macroeconomics

Prijs: € 40,33
Verwachte levertijd: 3 werkdagen

Omschrijving

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 ...
Lees meer

Gerelateerde artikelen

Uitgebreide omschrijving

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.
Uitgever John Wiley & Sons Ltd
Druk 1
ISBN/EAN 9780691147390
Auteur Grauwe, p. de
Vakken economie en ondernemen

Anderen bestelden ook: