Behavioural Macroeconomics
Modern macroeconomics has been based on the paradigm of the rational individual capable of understanding the complexity of the world. Behavioural Macroeconomics: Theory and Policy uses a different paradigm. This has created a very shallow theory of the business cycle in which not… Celý popis ↓
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Behavioural Macroeconomics
Modern macroeconomics has been based on the paradigm of the rational individual capable of understanding the complexity of the world. Behavioural Macroeconomics: Theory and Policy uses a different paradigm. This has created a very shallow theory of the business cycle in which nothing happens in the macroeconomy unless shocks occur from outside.
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 assumes that individual agents experience cognitive limitations preventing them from having rational expectations. 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.
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