Research School for Socio-Economic and
Natural Sciences of the Environment
Research School for Socio-Economic and
Natural Sciences of the Environment
Agenda

Behavioral Macro and Complexity

Date: 23 August 2021 - 27 August 2021
Location: Online

This course provides a state of the art overview of complex economic systems with boundedly rational heterogeneous agents. The leading paradigm in macroeconomics assumes that economic agents (households, firms, investors) are perfectly rational in making their decisions. Experimental and empirical evidence indicate that this assumption is too demanding. A central question in the course will be: which emerging macro behavior arises through the interactions of micro decisions of boundedly rational heterogeneous agents and how can policy affect micro and macro behavior.

Topics:

  • Animal spirits and boom and bust cycles
  • Bounded rationality and adaptive learning
  • Complex dynamics, tipping points, chaos and bifurcations
  • Heterogeneous expectations in asset pricing and macroeconomic models
  • Macro laboratory experiments
  • Monetary policy and asset prices under bounded rationality

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