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The behavioral economics of inflation expectations : macroeconomics meets psychology / Tobias F. Rötheli.

By: Material type: TextTextPublisher: Cambridge : Cambridge University Press, 2020Description: 1 online resource (xix, 226 pages) : digital, PDF file(s)Content type:
  • text
Media type:
  • computer
Carrier type:
  • online resource
ISBN:
  • 9781316987056 (ebook)
Subject(s): Additional physical formats: Print version: : No titleDDC classification:
  • 332.4/1019 23
LOC classification:
  • HB3731 .R67 2020
Online resources:
Contents:
Patterns and expectations -- Extrapolation and expectations -- Eliciting expectations under laboratory conditions -- Features of the laboratory data -- Similarity matching and scaling the experimental data -- Pattern extrapolation and expectations measured by consumer surveys -- Heterogeneity and uncertainty of inflation expectations -- Inflation dynamics -- Explaining the course of interest rates -- Generalizing the pattern-based approach -- A detour to income expectations -- The Fisher effect in historical times -- Expectations of high inflation -- The Fisher effect in Asian economies -- The Fisher effect in African economies -- Estimates of expected inflation for major economies -- Estimates of expected real interest rates for major economies.
Summary: As one of the first texts to take a behavioral approach to macroeconomic expectations, this book introduces a new way of doing economics. Rötheli uses cognitive psychology in a bottom-up method of modeling macroeconomic expectations. His research is based on laboratory experiments and historical data, which he extends to real-world situations. Pattern extrapolation is shown to be the key to understanding expectations of inflation and income. The quantitative model of expectations is used to analyze the course of inflation and nominal interest rates in a range of countries and historical periods. The model of expected income is applied to the analysis of business cycle phenomena such as the great recession in the United States. Data and spreadsheets are provided for readers to do their own computations of macroeconomic expectations. This book offers new perspectives in many areas of macro and financial economics.
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Title from publisher's bibliographic system (viewed on 17 Jul 2020).

Patterns and expectations -- Extrapolation and expectations -- Eliciting expectations under laboratory conditions -- Features of the laboratory data -- Similarity matching and scaling the experimental data -- Pattern extrapolation and expectations measured by consumer surveys -- Heterogeneity and uncertainty of inflation expectations -- Inflation dynamics -- Explaining the course of interest rates -- Generalizing the pattern-based approach -- A detour to income expectations -- The Fisher effect in historical times -- Expectations of high inflation -- The Fisher effect in Asian economies -- The Fisher effect in African economies -- Estimates of expected inflation for major economies -- Estimates of expected real interest rates for major economies.

As one of the first texts to take a behavioral approach to macroeconomic expectations, this book introduces a new way of doing economics. Rötheli uses cognitive psychology in a bottom-up method of modeling macroeconomic expectations. His research is based on laboratory experiments and historical data, which he extends to real-world situations. Pattern extrapolation is shown to be the key to understanding expectations of inflation and income. The quantitative model of expectations is used to analyze the course of inflation and nominal interest rates in a range of countries and historical periods. The model of expected income is applied to the analysis of business cycle phenomena such as the great recession in the United States. Data and spreadsheets are provided for readers to do their own computations of macroeconomic expectations. This book offers new perspectives in many areas of macro and financial economics.

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