Bringing macroeconomics into the lab
Title: Bringing macroeconomics into the lab
Author: RICCIUTI, Roberto
Citation: Journal of Macroeconomics, 2008, 30, 1, 216-237.
This paper reviews experiments in macroeconomics, pointing out the theoretical justifications, the strengths and weaknesses of this approach. We identify two broad classes of experiments: general equilibrium and partial equilibrium experiments, and emphasize the idea of theory testing that is behind these. A large number of macroeconomic issues have been analyzed in the laboratory: monetary economics, fiscal policy, international trade and finance, growth, lifecycle consumption, labor markets, search models and macroeconomic imperfections. In a large number of cases results give support to the theories tested. We also highlight that experimental macroeconomics has increased the number of tools available to experimentalists.
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