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Recent Developments in Experimental Macroeconomics

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Abstract

This article describes experimental economics, in general, and new developments in experimental macroeconomics, in particular. The approach has a clear niche in providing evidence on economic phenomena that cannot be observed directly or that are difficult to measure. Experimental work conducted by Bank of Canada economists has shed light on a number of issues important to monetary policy, such as the relative efficacy between price-level and inflation targeting, and the nature of inflation expectations formation.

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  • Robert Amano & Oleksiy Kryvtsov & Luba Petersen, 2014. "Recent Developments in Experimental Macroeconomics," Bank of Canada Review, Bank of Canada, vol. 2014(Autumn), pages 1-11.
    • Handle: RePEc:bca:bcarev:v:2014:y:2014:i:autumn14:p:1-11
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    Cited by:

    1. Giamattei, Marcus, 2015. "Cold Turkey vs. Gradualism - Evidence on Disinflation Strategies from a Laboratory Experiment," Passauer Diskussionspapiere, Volkswirtschaftliche Reihe V-67-15, University of Passau, Faculty of Business and Economics.
    2. Arifovic, Jasmina & Petersen, Luba, 2017. "Stabilizing expectations at the zero lower bound: Experimental evidence," Journal of Economic Dynamics and Control, Elsevier, vol. 82(C), pages 21-43.
    3. Mauersberger, Felix & Nagel, Rosemarie & Bühren, Christoph, 2020. "Bounded rationality in Keynesian beauty contests: A lesson for central bankers?," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 14, pages 1-38.
    4. McMahon, Michael & Haldane, Andrew & Macaulay, Alistair, 2020. "The 3 E’s of Central Bank Communication with the Public," CEPR Discussion Papers 14265, C.E.P.R. Discussion Papers.
    5. Fatemeh Mokhtarzadeh & Luba Petersen, 2017. "Coordinating expectations through central bank projections," Discussion Papers dp17-03, Department of Economics, Simon Fraser University.
    6. Mauersberger, Felix, 2021. "Monetary policy rules in a non-rational world: A macroeconomic experiment," Journal of Economic Theory, Elsevier, vol. 197(C).
    7. Haldane, Andrew & Macaulay, Alistair & McMahon, Michael, 2020. "The 3 E’s of central bank communication with the public," Bank of England working papers 847, Bank of England.
    8. Petersen, Luba & Rholes, Ryan, 2022. "Macroeconomic expectations, central bank communication, and background uncertainty: A COVID-19 laboratory experiment," Journal of Economic Dynamics and Control, Elsevier, vol. 143(C).
    9. Fatemeh Mokhtarzadeh & Luba Petersen, 2021. "Coordinating expectations through central bank projections," Experimental Economics, Springer;Economic Science Association, vol. 24(3), pages 883-918, September.
    10. Marcus Giamattei & Johann Lambsdorff, 2015. "Balancing the current account: experimental evidence on underconsumption," Experimental Economics, Springer;Economic Science Association, vol. 18(4), pages 670-696, December.

    More about this item

    JEL classification:

    • C - Mathematical and Quantitative Methods
    • C9 - Mathematical and Quantitative Methods - - Design of Experiments
    • E - Macroeconomics and Monetary Economics
    • E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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