ESMEE FAIRBAIRN LECTURE : Paul De Grauwe (LSE)
Tuesday 6 November 2018, 6:00pm to 8:00pm
Venue
LT1, LUMSOpen to
Public, StaffRegistration
Registration not required - just turn upEvent Details
This Seminar is hosted by the Economics Department
Paul De Grauwe will present “Behavioural Macroeconomics. Towards a New Paradigm”
Abstract: There is a need to provide for an alternative to the standard macroeconomic models. Thatis what I do in this lecture. I present a behavioral macroeconomic model in which agents experience cognitive limitations preventing them from having Rational Expectations. Instead they use simple heuristics to forecast and they evaluate the performance of these simple rules. They are willing to switch to the better performing rule. I discuss the functioning of the model and its main results. I show how it provides for a true endogenous business cycle theory based on a dynamics of “animal spirits”, and contrast this with the standard macroeconomic models. I also analyse some policy implications
Contact Details
Name | Caren Wareing |
Telephone number |
+44 1524 594222 |