Towards a behavioural foundation of macroeconomics [Elektronische Ressource] / vorgelegt von Johannes Kaiser

Towards a BehaviouralFoundation of MacroeconomicsInaugural-Dissertationzur Erlangung des Grades eines Doktorsder Wirtschafts- und Gesellschaftswissenschaftendurch dieRechts- und Staatswissenschaftliche Fakult¨atder Rheinischen Friedrich-Wilhelms-Universit¨at Bonnvorgelegt vonDiplom-Wirtschaftsingenieur Johannes Kaiseraus Frankfurt am Main2009Tag der mu¨ndlichen Pru¨fung: . .2009Dekan: Prof. Dr. Christian HillgruberErstreferent: Prof. Dr. Dr. h. c. mult. Reinhard SeltenZweitreferent: Prof. Dr. Armin FalkDiese Dissertation ist auf dem Hochschulschriftenserver der ULB Bonn unterhttp://hss.ulb.uni-bonn.de/diss_online elektronisch publiziert.IIIIIIVExecutive SummaryThis thesis strives to enrich macroeconomic theories with behavioural components.For this purpose, laboratory experiments are conducted to investigate effects ofindividual decision making in a macroeconomic context. First, the interlinksbetween economic policy and the labour market are investigated. Employmentand wages react on policy changes mainly according to theory. Fiscal policyis applied adequately if employment goals are not met, price policy focuses onstability goals. A behavioural explanation for a relatedness of inflation andemployment is derived. The second emphasis lies on exchange rate uncertainty andcurrency trade in a laboratory experiment. Subjects fail to predict the direction ofexchange rate movements with more than random accuracy.