| 000 | 02668nam a22002777a 4500 | ||
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| 999 |
_c1805 _d1805 |
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| 003 | OSt | ||
| 005 | 20191011134503.0 | ||
| 008 | 191011b ||||| |||| 00| 0 eng d | ||
| 020 | _a978-0-691-14739-0 | ||
| 040 | _cIZA | ||
| 100 |
_aDe Grauwe, Paul _94806 |
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| 245 | _aLectures on Behavioral Macroeconomics | ||
| 260 |
_aPrinceton, _bPrinceton Univ. Press, _c2012 |
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| 300 | _a136 pages | ||
| 520 | _a Hardcover Price: $47.95 / £37.00 ISBN: Published: 10/13/2012 Copyright: 2013 Pages: 152 Size: 6 x 9.25 in. Illus: 64 line illus. 4 tables. ebook Price: $47.95 / £37.00 ISBN: Published: 10/13/2012 Copyright: 2013 Pages: 152 Size: 6 x 9.25 in. Illus: 64 line illus. 4 tables. Buy This Download Cover Overview Author(s) Reviews 3 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. | ||
| 653 | _amacroeconomics | ||
| 653 | _abehavioral economics | ||
| 653 | _abehavior | ||
| 653 | _amacroeconomic model | ||
| 653 | _abehavioral model | ||
| 653 | _aeconomic fluctuations | ||
| 653 | _abusiness cycle | ||
| 653 | _amacroeconomic dynamics | ||
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_uhttps://press.princeton.edu/books/hardcover/9780691147390/lectures-on-behavioral-macroeconomics _yPublisher's website |
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_2ddc _cBO |
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