Disinflation can be implemented gradually or via Cold Turkey - an immediate change of policy - with the latter being mainly recommended by theory and empirical literature. But Cold Turkey may only be superior because it is endogenously selected for favorable environments. To eliminate this...

LIONESS Lab is a free web-based platform for interactive online experiments. It provides solutions for the methodological challenges of interactive online experimentation, including ways to reduce waiting time, form groups on-the-fly and deal with participant dropout. The intuitive,...

We run a gift-exchange experiment under conditions of monetary neutrality: aggregate changes in nominal wages leave aggregate real wages unchanged. To achieve this, an employee's real wage is determined by the nominal wage divided by the price level (the average wages paid to others). Recent...