Construct · 1 fields · 1 citations

animal spirits hypothesis: a standalone construct

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Macroeconomics

the idea that self-fulfilling shifts in agents' beliefs, rather than fundamental shocks, can drive business cycle fluctuations in models with increasing returns.

In macroeconomics, animal spirits hypothesis refers to the idea that self-fulfilling shifts in agents' beliefs, rather than fundamental shocks, can drive business cycle fluctuations in models with increasing returns. This meaning comes from Farmer (1994) in Journal of Economic Theory.[1]

Unit
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Nearby constructs

business1 fields · 1 citationsanchor · a standalone construct cycle4 fields · 4 citationsjingle · one word, four constructs drive2 fields · 2 citationsjingle · one word, two constructs

References

Farmer, R. E. A., & Guo, J. (1994). Real Business Cycles and the Animal Spirits Hypothesis. Journal of Economic Theory, 63(1), 42-72. https://doi.org/10.1006/jeth.1994.1032

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