Experiments in Macroeconomics

Tiziana Assenza, Domenico Massaro, Cars Hommes, Te Bao

Risultato della ricerca: Contributo in libroChapter

33 Citazioni (Scopus)

Abstract

Expectations play a crucial role in finance, macroeconomics, monetary economics, and fiscal policy. In the last decade a rapidly increasing number of laboratory experiments have been performed to study individual expectation formation, the interactions of individual forecasting rules, and the aggregate macro behavior they co-create. The aim of this article is to provide a comprehensive literature survey on laboratory experiments on expectations in macroeconomics and finance. In particular, we discuss the extent to which expectations are rational or may be described by simple forecasting heuristics, at the individual as well as the aggregate level.
Lingua originaleEnglish
Titolo della pubblicazione ospiteExperiments in Macroeconomics
EditorJ Duffy
Pagine11-70
Numero di pagine60
DOI
Stato di pubblicazionePubblicato - 2014

Keywords

  • Expectation feedback, self-fulfilling beliefs, heuristic switching model, experimental economics

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