Keynesian Behavioral Macroeconomics

AvTheodore Koutsobinas

Häftad, Engelska, 2026

Del i serien Perspectives in Behavioral Economics and the Economics of Behavior

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Beskrivning

Keynesian Behavioral Macroeconomics analyzes Keynes’s landmark contributions in behavioral economics and develops a new and fresh genre of macroeconomic analysis. It compels us to consider seriously the earlier-generation warnings about the impact of investors’ animal spirits and financiers’ liquidity-presence using cognitive-based and social psychology heuristics. Innovative in its subject matter, approach, theoretical development and policy prescriptions, this constructivist pluralist approach can contribute to important debates. This fresh look in macroeconomics can fruitfully be applied by macroeconomists, policymakers, and market participants to prevent effective demand shortages, stimulate the economy, preserve job creation, and impact redistribution, sustainability and social inclusion.

In this timely book, Theodore Koutsobinas develops a synthesis of Keynes’s macroeconomic theory with contemporary developments in behavioral macroeconomics to analyze urgent real-world challenges, and he proposes successful solutions for macroeconomic policy. This volume uniquely explains how Keynes’s magnificent, crucial, but long-forgotten dynamics can be analyzed on the basis of behavioral foundations to explain amplified global finance cycles, booms and busts, and macroeconomic instability with harmful effects on incomes and jobs.

Demonstrates the dynamics of asset yields in financial markets for global macroeconomic modeling in a standard model by re-generating Keynes’s liquidity-preference theory as a liquidity-premium approach in a financial portfolio and macroeconomic equilibrium framework
Showcases for the first time the implications of radical Keynesian uncertainty through attribute-heuristic substitution and intuitive judgment
Proposes and utilizes highly relevant cognitive-based heuristics and attributes in cognitive and social psychology as agents’ behavioral expectations in macroeconomic modeling for better diagnosis and forecasting in difficult macroeconomic situations, compared to only probability-based techniques

Produktinformation

Utgivningsdatum:2026-03-27
Mått:152 x 229 x 24 mm
Vikt:450 g
Format:Häftad
Språk:Engelska
Serie:Perspectives in Behavioral Economics and the Economics of Behavior
Antal sidor:464
Förlag:Elsevier Science
ISBN:9780443247521

Utforska kategorier

Makroekonomi inom Ekonomi och Ledarskap

Mer om författaren

Theodoros Koutsobinas is an Associate Professor of Economic Theory with an Emphasis on Culture Management at the Department of Management Science and Technology of the University of Peloponnese in Greece. Prior, he taught at several universities in Greece and abroad. He received a PhD in Economics from the New School in New York City, USA and he was a NATO post-doctorate fellow at Cornell University, USA. He has published over 50 articles as chapters in books, conference proceedings and in leading or distinguished international academic journals. Besides academia, his extensive professional experience spans over 30 years. Also, he served as Advisor to the Minister of National Economy (1994-1995), member of the Board of Directors of several Greek public organizations and banks for strategic forecasting in the Balkans and Eastern Europe. His international experience also includes executive and consulting assignments for EU in finance, management, strategy and international business.

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Innehållsförteckning

1. Introduction: The Case for Keynesian Behavioural MacroeconomicsSection 1: Keynes, the Neoclassical Response, and the Cambridge-UK Keynesian Tradition2. Keynes and the General Theory3. Alternative Lines in the Neoclassical Criticism4. The Concept of Money Rate of Interest5. Concluding Discussion: Old Debates, New Theories?Section 2: The Development of Behavioural Economics of Keynes6. Conventional Expectations7. From Expectations to Economic Psychology8. Keynes as the First Behavioural Economist9. Concluding Discussion: Keynes’s Behavioural Micro-EconomicsSection 3: Keynes’s Monetary and Financial Macroeconomics10. Behavioural Macroeconomics and Portfolio Finance Equilibria11. The Contributions of Tobin and Kahn: A Synthesis12. Beyond the Standard View of Keynesian Macroeconomics13. Towards a New View: The ISLRMP Framework14. Concluding Discussion: Some Critical Keynesian Elements for Behavioral MacroeconomicsSection 4: Keynesian Behavioural Macroeconomics in Modern Theory15. Standard Behavioral Macroeconomics: An Overview16. Keynesian Behavioural Macroeconomics17. Concluding Discussion: Towards a New SynthesisSection 5: The Way Ahead for Behavioral Macroeconomics18. Modern Keynesian Approaches19. Modern and Future Quantitative ResearchSection 6: Keynesian Behavioural Policies20. The Relevance of Sustainability21. The Impact of Global Trends22. The Political Economy fo Keynesian Behavioral Macroeconomics23. Concluding Discussion: Behavioral Macroeconomics for the Next Generation24. Book Conclusions: An Afterthought Bibliography, Endnotes, Appendix

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