Experiments in macroeconomics: methods and applications

dc.contributor.authorCornand, Camille
dc.contributor.authorHeinemann, Frank
dc.date.accessioned2019-11-08T16:19:13Z
dc.date.available2019-11-08T16:19:13Z
dc.date.issued2019-07-26
dc.description.abstractThis chapter lays out in what ways laboratory experiments can be useful for macroeconomics and discusses some of the methods used in such experiments. Among the main advantages are: bench-testing of alternative policies, capturing strategic uncertainty and biases from standard preferences or Bayesian updating, and accounting for heterogeneity in agents’ expectations and behavior. It is explained how DSGE models are implemented in laboratory experiments and how heuristic switching models can be used to analyze expectations out of equilibrium. A short literature review provides some results from direct tests of the various elements of microfoundation on which DSGE models are built. The methods of testing consumption smoothing and informational frictions are discussed in more detail. While experimental macroeconomics is a growing field, which has been useful in many respects, this chapter also discusses its challenges and limitations.en
dc.identifier.isbn978-1-78811-056-3
dc.identifier.isbn978-1-78811-055-6
dc.identifier.urihttps://depositonce.tu-berlin.de/handle/11303/10269
dc.identifier.urihttp://dx.doi.org/10.14279/depositonce-9231
dc.language.isoenen
dc.rights.urihttp://rightsstatements.org/vocab/InC/1.0/en
dc.subject.ddc330 Wirtschaftde
dc.subject.othermacroeconomicsen
dc.subject.otherlaboratory experimentsen
dc.subject.otherDSGE modelen
dc.subject.othermethodologyen
dc.titleExperiments in macroeconomics: methods and applicationsen
dc.typeBook Parten
dc.type.versionacceptedVersionen
dcterms.bibliographicCitation.booktitleHandbook of research methods and applications in experimental economicsen
dcterms.bibliographicCitation.doi10.4337/9781788110563.00024en
dcterms.bibliographicCitation.editorSchram, Arthur
dcterms.bibliographicCitation.editorUle, Aljaž
dcterms.bibliographicCitation.originalpublishernameEdward Elgar Publishingen
dcterms.bibliographicCitation.originalpublisherplaceCheltenham, UK ; Northampton, MA, USAen
dcterms.bibliographicCitation.pageend294en
dcterms.bibliographicCitation.pagestart269en
tub.accessrights.dnbfreeen
tub.affiliationFak. 7 Wirtschaft und Management::Inst. Volkswirtschaftslehre und Wirtschaftsrecht (IVWR)::FG Makroökonomikde
tub.affiliation.facultyFak. 7 Wirtschaft und Managementde
tub.affiliation.groupFG Makroökonomikde
tub.affiliation.instituteInst. Volkswirtschaftslehre und Wirtschaftsrecht (IVWR)de
tub.publisher.universityorinstitutionTechnische Universität Berlinen
Files
Original bundle
Now showing 1 - 1 of 1
Loading…
Thumbnail Image
Name:
cornand_heinemann_2019.pdf
Size:
285.2 KB
Format:
Adobe Portable Document Format
Description:
Accepted manuscript
License bundle
Now showing 1 - 1 of 1
Loading…
Thumbnail Image
Name:
license.txt
Size:
5.75 KB
Format:
Item-specific license agreed upon to submission
Description:
Collections