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Bringing Macroeconomics into the Lab

  • Roberto Ricciuti

    ()

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 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://servizi.sme.unito.it/icer_repec/RePEc/icr/wp2004/Ricciuti26-04.pdf
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Paper provided by ICER - International Centre for Economic Research in its series ICER Working Papers with number 26-2004.

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Length: 42 pages
Date of creation: Dec 2004
Date of revision:
Handle: RePEc:icr:wpicer:26-2004
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