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Keynesian Behavioral Macroeconomics
- 1st Edition - May 1, 2025
- Author: Theodore Koutsobinas
- Language: English
- Paperback ISBN:9 7 8 - 0 - 4 4 3 - 2 4 7 5 2 - 1
- eBook ISBN:9 7 8 - 0 - 4 4 3 - 2 4 7 5 3 - 8
Keynesian Behavioral Macroeconomics analyzes Keynes’s landmark contributions in behavioral economics and develops a new and fresh genre of macroeconomic analysis. It compels us t… Read more
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Request a sales quoteKeynesian 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.
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 modelling for better diagnosis and forecasting in difficult macroeconomic situations, compared to only probability-based techniques
Academics, other scholars, and graduate and upper undergraduate students in macroeconomics, graduate students of economics, banking and financial economics
1. Introduction: The Case for Keynesian Behavioural Macroeconomics
Section 1: Keynes, the Neoclassical Response, and the Cambridge-UK Keynesian Tradition
2. Keynes and the General Theory
3. Alternative Lines in the Neoclassical Criticism
4. The Concept of Money Rate of Interest
5. Concluding Discussion: Old Debates, New Theories?
Section 2: The Development of Behavioural Economics of Keynes
6. Conventional Expectations
7. From Expectations to Economic Psychology
8. Keynes as the First Behavioural Economist
9. Concluding Discussion: Keynes’s Behavioural Micro-Economics
Section 3: Keynes’s Monetary and Financial Macroeconomics
10. Behavioural Macroeconomics and Portfolio Finance Equilibria
11. The Contributions of Tobin and Kahn: A Synthesis
12. Beyond the Standard View of Keynesian Macroeconomics
13. Towards a New View: The ISLRMP Framework
14. Concluding Discussion: Some Critical Keynesian Elements for Behavioral Macroeconomics
Section 4: Keynesian Behavioural Macroeconomics in Modern Theory
15. Standard Behavioral Macroeconomics: An Overview
16. Keynesian Behavioural Macroeconomics
17. Concluding Discussion: Towards a New Synthesis
Section 5: The Way Ahead for Behavioral Macroeconomics
18. Modern Keynesian Approaches
19. Modern and Future Quantitative Research
Section 6: Keynesian Behavioural Policies
20. The Relevance of Sustainability
21. The Impact of Global Trends
22. The Political Economy fo Keynesian Behavioral Macroeconomics
23. Concluding Discussion: Behavioral Macroeconomics for the Next Generation
24. Book Conclusions: An Afterthought Bibliography, Endnotes, Appendix
Section 1: Keynes, the Neoclassical Response, and the Cambridge-UK Keynesian Tradition
2. Keynes and the General Theory
3. Alternative Lines in the Neoclassical Criticism
4. The Concept of Money Rate of Interest
5. Concluding Discussion: Old Debates, New Theories?
Section 2: The Development of Behavioural Economics of Keynes
6. Conventional Expectations
7. From Expectations to Economic Psychology
8. Keynes as the First Behavioural Economist
9. Concluding Discussion: Keynes’s Behavioural Micro-Economics
Section 3: Keynes’s Monetary and Financial Macroeconomics
10. Behavioural Macroeconomics and Portfolio Finance Equilibria
11. The Contributions of Tobin and Kahn: A Synthesis
12. Beyond the Standard View of Keynesian Macroeconomics
13. Towards a New View: The ISLRMP Framework
14. Concluding Discussion: Some Critical Keynesian Elements for Behavioral Macroeconomics
Section 4: Keynesian Behavioural Macroeconomics in Modern Theory
15. Standard Behavioral Macroeconomics: An Overview
16. Keynesian Behavioural Macroeconomics
17. Concluding Discussion: Towards a New Synthesis
Section 5: The Way Ahead for Behavioral Macroeconomics
18. Modern Keynesian Approaches
19. Modern and Future Quantitative Research
Section 6: Keynesian Behavioural Policies
20. The Relevance of Sustainability
21. The Impact of Global Trends
22. The Political Economy fo Keynesian Behavioral Macroeconomics
23. Concluding Discussion: Behavioral Macroeconomics for the Next Generation
24. Book Conclusions: An Afterthought Bibliography, Endnotes, Appendix
- No. of pages: 200
- Language: English
- Edition: 1
- Published: May 1, 2025
- Imprint: Academic Press
- Paperback ISBN: 9780443247521
- eBook ISBN: 9780443247538
TK
Theodore Koutsobinas
Theodoros Koutsobinas is an Assistant 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 in finance, management, strategy and international business.
Affiliations and expertise
Associate Professor, Department of Management Science and Technology, University of Peloponnese, Greece