Experiments in macroeconomics

Online-Ressource (VIII, 311 S.)

Research in experimental economics. - Bingley : Emerald, ISSN 1875-7537, ZDB-ID 2402560-4. - Vol. v.17

Research in Experimental Economics Ser ; v.17

Description based upon print version of record

Cover; Experiments in Macroeconomics; Copyright page; Contents; List of Contributors; Macroeconomics in the Laboratory; Article Summaries; Notes; References; Experiments on Expectations in Macroeconomics and Finance; Motivation and Introduction; Predicting Exogenous Processes and Field Data; Forecasting Field Data; Forecasting Exogenous Stochastic Time Series; Learning-to-Forecast; Asset Pricing Experiments; Heuristics Switching Model; Positive versus Negative Feedback; Overlapping Generations Economies; New Keynesian DSGE; Formation of Individual Expectations

The Effectiveness of Monetary PoliciesLearning to Optimize; Cobweb Market; Asset Pricing Market; Price-Quantity Setting under Monopolistic Competition; Concluding Remarks; Notes; Acknowledgment; References; Persistence of Shocks in an Experimental Dynamic Stochastic General Equilibrium Economy; Introduction; Experimental Design; Consumers; Producers; The Labor and Output Markets; Monetary Policy; Parameters; Timing within a Period; Timing of Sessions and Subject Payments; Treatments; The Menu Cost treatment; The Low Friction Treatment; The Human Central Banker Treatment; Predictions; Results

ConclusionNotes; Acknowledgment; References; Appendix; Instructions; Overview; Specific Instructions for Consumers; Selling Labor; Buying Products; Saving Money for Later Periods; Your Share of Producer Profits; How You Make Money if You Are a Consumer; Specific Instructions for Producers; Buying Labor; Selling Products; How You Make Money as a Producer; Specific Instructions for Central Bankers; Setting the Interest Rate; How You Make Money as a Central Banker; Additional Information Displayed on Your Screens; Consumers; Producers; Central Bankers; Ending the Experiment

Starting the ExperimentDifferences with the instructions in other treatments; Forecast Error Information and Heterogeneous Expectations in Learning-to-Forecast Macroeconomic Experiments; Introduction; Related Literature; Experimental Design; Forecasting Models; Findings; Forecast Errors; Evaluation of Forecasting Models; Heterogeneity in Forecasts; Macroeconomic Stability; Discussion; Notes; Acknowledgment; References; An Experiment on Consumption Responses to Future Prices and Interest Rates; Introduction; Theory; Design and Experimental Procedure; Results

Benchmark Case: No Change in the Real Interest RateComparative Statics; Anticipation and Impact Effects; Directions of Adjustment; Conclusions; Notes; References; Appendix: Instructions; Experiments on Monetary Policy and Central Banking; Introduction; Channels for Money Non-neutrality; Money Illusion; Sticky Prices and Sticky Information/Monopolistic Competition; Subjects as Experimental Central Bankers; Central Bank Credibility and Inflation Bias; Stabilization Policy; Decision-Making Process in Monetary Policy Committees; Transparency and Communication Issues

Overreaction to Central Bank Disclosures

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