Entire
book (448
pp., 1.07 MB)  |
September
2007
Editors: Christopher L. Foote, Lorenz Goette, and
Stephan Meier
Conference volume published in 2009.
Behavioral economics is motivated by a range of empirical facts that are at apparent odds with assumptions of standard economic theory. But while behavioral approaches are becoming common in academia, it is unclear how behavioral models should inform economic policymaking in general, and central banking in particular. This conference, entitled “Implications of Behavioral Economics for Economic Policy,” discussed the implications of behavioral economics for macroeconomic policy, with special attention to the regulatory and monetary policy responsibilities of central banks.
Contents
1. Introduction
Behavioral Economics:
Its Prospects and Promises for Policymakers
Christopher L. Foote, Lorenz Goette, and
Stephan Meier
2. Behavioral Aspects of Price Setting
Behavioral Aspects
of Price Setting and Their Policy Implications
Julio J. Rotemberg, with comments by Jonas
D. M. Fisher and John Leahy
3. Household Savings Behavior
Household Savings
Behavior in the United States: The Role
of Literacy, Information, and Financial
Education Programs
Annamaria Lusardi, with comments by Alan
S. Blinder and David I. Laibson
4. Fairness and the Labor Market
The Behavioral Economics
of the Labor Market: Central Findings and
Their Policy Implications
Ernst Fehr, Lorenz Goette, and Christian
Zehnder, with comments by George P. Baker
and John A. List
5. Behavioral Economics and the Housing
Market
U.S. House Price Dynamics
and Behavioral Economics
Christopher J. Mayer and Todd Sinai, with
comments by Andrew Caplin and Robert J. Shiller
6. Should Central Banks Maximize Happiness?
Happiness, Contentment,
and Other Emotions for Central Banks
Rafael Di Tella and Robert MacCulloch, with
comments by Alan B. Krueger and N. Gregory
Mankiw
7. Behavioral Economics and Economic
Policy in the Past and in the Future
Behavioral Economics
and Public Policy: Reflections on the Past
and Lessons for the Future
James M. Poterba
Implications of Behavioral
Economics for Monetary Policy
Janet L. Yellen
Behavioral
Economics as "Psychologically
Informed" Economic Inquiry
Lawrence H. Summers
Contributors |
