Behavioral Macro and Complexity
August 24-28, 2020. Zuidas Amsterdam
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.
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
C.H. Hommes (2013). Behavioral Rationality and Heterogeneous Expectations in Complex Economic Systems, Cambridge University Press,
C.H. Hommes (2020), Behavioral & experimental macroeconomics and policy analysis: a complex systems approach, Journal of Economic Literature, forthcoming
The summer course welcomes (research) master students, PhD students and post-docs with a quantitative background and who are interested in learning state-of-the art complex systems and behavioral macroeconomic modeling. We also welcome professionals from policy institutions such as central banks or international firms and institutions.
Some background in quantitative studies (mathematics, statistics, econometrics, engineering, etc.) and knowledge of dynamical systems is useful (at the level of a first year course in a Master study), but no formal background will be required.
|Academic Director||Prof. Cars Hommes|
|Credits||Participants who joined at least 80% of all sessions will receive a certificate of participation stating that the summer school is equivalent to a work load of 3 ECTS. Note that it is the student’s own responsibility to get these credits registered at their university.|
|Venue||Tinbergen Institute Amsterdam, Gustav Mahlerplein 117, 1082 MS Amsterdam|
|Application deadline||July 27, 2020|
|Apply here||Registration form|