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Bringing macroeconomics into the lab

  • Ricciuti, Roberto

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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Article provided by Elsevier in its journal Journal of Macroeconomics.

Volume (Year): 30 (2008)
Issue (Month): 1 (March)
Pages: 216-237

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Handle: RePEc:eee:jmacro:v:30:y:2008:i:1:p:216-237
Contact details of provider: Web page: http://www.elsevier.com/locate/inca/622617

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