Behavioural Economics is Useful Also in Macroeconomics: The Role of Animal Spirits

被引：0
|
作者：
Paul De Grauwe
Yuemei Ji
机构：
[1] The London School of Economics and Political Science,
[2] University College London,undefined
来源：
Comparative Economic Studies | 2018年 / 60卷 / 2期
关键词：
Animal spirits; Behavioural macroeconomics; Monetary policy; Inflation target; Zero lower bound; Business cycles; E32; E58; E7; F42; F44;
D O I：
10.1057/s41294-018-0061-9
中图分类号：
学科分类号：
摘要：
Dynamic stochastic general equilibrium models are still dominant in mainstream macroeconomics, but they are only able to explain business cycle fluctuations as the result of exogenous shocks. This paper uses concepts from behavioural economics and discusses a New Keynesian macroeconomic model that generates endogenous business cycle fluctuations driven by animal spirits. Our discussion includes two applications. One is on the optimal level of inflation targeting under a zero lower bound constraint. The other is on the role of animal spirits in explaining the synchronization of business cycles across countries.
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页码：203 / 216
页数：13
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