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Bringing Macroeconomics into the Lab

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Author Info
Roberto Ricciuti () (Department of Economics, Royal Holloway, University of London)
Abstract

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 single-issue experiments, and emphasize the idea of theory testing that is behind these. A large number of macroeconomic issues have been analyzed in the laboratory spanning from monetary economics to fiscal policy, from international trade and finance, to growth 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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File URL: http://www.rhul.ac.uk/economics/Research/WorkingPapers/pdf/dpe0309.pdf
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Paper provided by Department of Economics, Royal Holloway University of London in its series Royal Holloway, University of London: Discussion Papers in Economics with number 03/9.

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Length: 45 pages
Date of creation: Dec 2003
Date of revision: Dec 2003
Handle: RePEc:hol:holodi:0309

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This page was last updated on 2008-8-19.


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