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Behavioural Macroeconomics

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Behavioural Macroeconomics

9781781002582 Edward Elgar Publishing
Edited by Ian M. McDonald, Professor of Economics, University of Melbourne, Joint Editor, Australian Economic Review and Fellow of the Academy of Social Sciences, Australia
Publication Date: 2012 ISBN: 978 1 78100 258 2 Extent: 528 pp
This invaluable volume brings together seminal articles with a significant behavioural content on various areas in macroeconomics. The topics covered include a historical perspective on psychology and economics, social norms and macroeconomics, the nature of unemployment, unemployment and inflation, consumption and saving, the causes of the global financial crisis, economic growth and happiness and income distribution and the underclass.

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Critical Acclaim
Contributors
Contents
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This invaluable volume brings together seminal articles with a significant behavioural content on various areas in macroeconomics. The topics covered include a historical perspective on psychology and economics, social norms and macroeconomics, the nature of unemployment, unemployment and inflation, consumption and saving, the causes of the global financial crisis, economic growth and happiness and income distribution and the underclass. The collection also covers a broad range of the theories and methods used in behavioural economics.

The comprehensive volume, with an original introduction by the editor, will be an essential compendium for researchers and students interested in behavioural economics.
Critical Acclaim
‘I only wish that Ian McDonald’s Behavioural Macroeconomics had been available when I was preparing A Guide to Behavioral Economics; it certainly would have provided me with material to fill in a number of gaps and cite several additional important concerns!’
– Hugh Schwartz, University of the Republic, Uruguay
Contributors
24 articles, dating from 1988 to 2009
Contributors include: G. Akerlof, T. Bewley, V. Bhaskar, E. Fehr, S. Holden, A. Oswald, M. Rabin, R. Sugden, L. Summers, R. Thaler
Contents
Contents:

Acknowledgements

Introduction Ian M. McDonald

PART I PSYCHOLOGY AND ECONOMICS – A HISTORICAL PERSPECTIVE
1. Luigino Bruni and Robert Sugden (2007), ‘The Road Not Taken: How Psychology was Removed from Economics, and How it Might be Brought Back’

PART II SOCIAL NORMS AND MACROECONOMICS
2. George A. Akerlof (2007), ‘The Missing Motivation in Macroeconomics’

PART III THE NATURE OF UNEMPLOYMENT
3. Andrew E. Clark and Andrew J. Oswald (1994), ‘Unhappiness and Unemployment’
4. M. Daniele Paserman (2008), ‘Job Search and Hyperbolic Discounting: Structural Estimation and Policy Evaluation’

PART IV SOME IMPLICATIONS OF EQUITY FOR UNEMPLOYMENT AND INFLATION
5. George A. Akerlof and Janet L. Yellen (1990), ‘The Fair Wage-Effort Hypothesis and Unemployment’
6. Truman F. Bewley (1995), ‘A Depressed Labor Market as Explained by Participants’
7. Ernst Fehr and Armin Falk (1999), ‘Wage Rigidity in a Competitive Incomplete Contract Market’
8. Ernst Fehr and Georg Kirchsteiger (1994), ‘Insider Power, Wage Discrimination and Fairness’
9. Lawrence H. Summers (1988), ‘Relative Wages, Efficiency Wages and Keynesian Unemployment’

Part V SOME IMPLICATIONS OF LOSS AVERSION FOR UNEMPLOYMENT AND INFLATION
10. V. Bhaskar (1990), ‘Wage Relativities and the Natural Range of Unemployment’
11. Hugh Sibly (2002), ‘Loss Averse Customers and Price Inflexibility’
12. Ian M. McDonald and Hugh Sibly (2005), ‘The Diamond of Macroeconomic Equilibria and the Non-Inflationary Expansion’
13. J.N. Nye, I.M. McDonald and H. Sibly (2001), ‘An Estimate of the Range of Equilibrium Rates of Unemployment for Australia’
14. John C. Driscoll and Steinar Holden (2004), ‘Fairness and Inflation Persistence’

PART VI UNEMPLOYMENT AND INFLATION IN THE SOCIAL WELFARE FUNCTION
15. Rafael Di Tella, Robert J. MacCulloch and Andrew J. Oswald (2001), ‘Preferences Over Inflation and Unemployment: Evidence from Surveys of Happiness’

PART VII CONSUMPTION AND SAVING
16. Richard H. Thaler and Shlomo Bernatzi (2004), ‘Save More Tomorrow™: Using Behavioural Economics to Increase Employee Saving’
17. David Bowman, Deborah Minehart and Matthew Rabin (1999), ‘Loss Aversion in a Consumption-savings Model’
18. Isabelle Brocas and Juan D. Carrillo (2008), ‘The Brain as a Hierarchical Organization’

PART VIII THE GLOBAL FINANCIAL CRISIS
19. Ian M. McDonald (2009), ‘The Global Financial Crisis and Behavioural Economics’

PART IX ECONOMIC GROWTH AND HAPPINESS
20. David G. Blanchflower and Andrew J. Oswald (2004), ‘Well-being Over Time in Britain and the USA’
21. Bruno S. Frey and Alois Stutzer (2002), ‘What Can Economists Learn from Happiness Research?’
22. B. Curtis Eaton and Mukesh Eswaran (2009), ‘Well-being and Affluence in the Presence of a Veblen Good’
23. Jonathan D. Cohen (2005), ‘The Vulcanisation of the Human Brain: A Neural Perspective on Interactions Between Cognition and Emotion’

PART X INCOME DISTRIBUTION AND THE UNDERCLASS
24. Robert J. Oxoby (2004), ‘Cognitive Dissonance, Status and Growth of the Underclass’
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