Animal Spirits

By George A. Akerlof, Robert J. Shiller. 2010

913 citations recorded by the source corpus.

Preface to the Paperback Edition vii Preface xxi Acknowledgments xxvii Introduction 1 Part One: Animal Spirits ONE Confidence and Its Multipliers 11 TWO Fairness 19 THREE Corruption and Bad Faith 26 FOUR Money Illusion 41 FIVE Stories 51 Part Two: Eight Questions and Their Answers SIX Why Do Economies Fall into Depression? 59 SEVEN Why Do Central Bankers Have Power over the Economy (Insofar as They Do)? 74 POSTSCRIPT TO CHAPTER SEVEN The Current Financial Crisis: What Is to Be Done? 86 EIGHT Why Are There People Who Cannot Find a Job? 97 NINE Why Is There a Trade-off between Inflation and Unemployment in the Long Run? 107 TEN Why Is Saving for the Future So Arbitrary? 116 ELEVEN Why Are Financial Prices and Corporate Investments So Volatile? 131 TWELVE Why Do Real Estate Markets Go through Cycles? 149 THIRTEEN Why Is There Special Poverty among Minorities? 157 FOURTEEN Conclusion 167 Notes 177 References 199 Index 219

View Paper: https://www.semanticscholar.org/paper/6ffde9fed163d471f51608e39197be772b9dae66

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

Citations in the corpus

A Forensic Analysis of Global Imbalances (2011, background): “Irrationality, or waves of excess optimism and pessimism, is stressed by Akerlof and Shiller (2009).”
Rising inequality as a cause of the present crisis (2015, background): “Third, there is a growing behavioural finance literature that suggests that people, even financial investors, often don’t act rationally and are prone to irrational exuberance (Akerlof and Shiller, 2009).”
Non solus: Toward a psychology of family business (2010, background): “Behavioral finance, a burgeoning area of research in finance, represents the integration of psychology, sociology, and other disciplines, to explain economic and financial phenomena (see Ackert & Deaves, 2010; Akerlof & Shiller, 2009).”
More is different ... and complex! the case for agent-based macroeconomics (2019, background): “But, if this is so, then the modelers should assume that agents behave according to how the psychological and sociological evidence suggests that they actually behave (Akerlof, 2002; Akerlof and Shiller, 2009).”
Herding behavior, market sentiment and volatility : will the bubble resume? (2017, background): “Other recent behavioral finance studies by Gębka andWohar (2013), Akerlof and Shiller (2009), Philippas, Economou, Babalos, and Kostakis (2013) and Olsen (2011) conclude that intentional herding can be dictated by irrational incentives in investor sentiments.”
Global Financial Cycles and Risk Premiums (2018, unknown): “Behavioral theories attribute excess variation in asset prices to systematic mis-judgements in human psychology (Akerlof and Shiller, 2010; Kahneman and Tversky, 1979; Shiller, 2000) and to collective manias and panics (Kindleberger, 1978).”
Research, part of a Special Feature on Compensation and Reward for Environmental Services in the Tropics Principles for Fairness and Efficiency in Enhancing Environmental Services in Asia: Payments, Compensation, or Co-Investment? (2010, background): “Behavioral economics (Ariely 2008) explores how monetary markets and their efficiency concept interact with fairness concepts that refer to social exchanges, image, and identity (Akerlof and Shiller 2009).”