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001 206801
003 IT-RoAPU
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008 210830t20122013nju fo d z eng d
020 _a9780691147390
_qprint
020 _a9781400845378
_qPDF
024 7 _a10.1515/9781400845378
_2doi
035 _a(DE-B1597)9781400845378
035 _a(DE-B1597)528181
035 _a(OCoLC)958564496
040 _aDE-B1597
_beng
_cDE-B1597
_erda
072 7 _aBUS039000
_2bisacsh
082 0 4 _a330.019
084 _aonline - DeGruyter
100 1 _aDe Grauwe, Paul
_eautore
245 1 0 _aLectures on Behavioral Macroeconomics /
_cPaul De Grauwe.
264 1 _aPrinceton, NJ :
_bPrinceton University Press,
_c[2012]
264 4 _c©2013
300 _a1 online resource (152 p.) :
_b64 line illus. 4 tables.
336 _atext
_btxt
_2rdacontent
337 _acomputer
_bc
_2rdamedia
338 _aonline resource
_bcr
_2rdacarrier
347 _atext file
_bPDF
_2rda
505 0 0 _tFrontmatter --
_tContents --
_tPreface --
_t1. A Behavioral Macroeconomic Model --
_t2. The Transmission of Shocks --
_t3. Trade-offs between Output and Inflation Variability --
_t4. Flexibility, Animal Spirits, and Stabilization --
_t5. Animal Spirits and the Nature of Macroeconomic Shocks --
_t6. Stock Prices and Monetary Policy --
_t7. Extensions of the Basic Model --
_t8. Empirical Issues --
_tReferences --
_tIndex
506 0 _arestricted access
_uhttp://purl.org/coar/access_right/c_16ec
_fonline access with authorization
_2star
520 _aIn 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
530 _aIssued also in print.
538 _aMode of access: Internet via World Wide Web.
546 _aIn English.
588 0 _aDescription based on online resource; title from PDF title page (publisher's Web site, viewed 30. Aug 2021)
650 0 _aMacroeconomics.
650 7 _aBUSINESS & ECONOMICS / Economics / Macroeconomics.
_2bisacsh
850 _aIT-RoAPU
856 4 0 _uhttps://doi.org/10.1515/9781400845378?locatt=mode:legacy
856 4 0 _uhttps://www.degruyter.com/isbn/9781400845378
856 4 2 _3Cover
_uhttps://www.degruyter.com/cover/covers/9781400845378.jpg
942 _cEB
999 _c206801
_d206801