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Experimental Macroeconomics

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Abstract

Experimental macroeconomics is a sub-field of experimental economics that makes use of controlled laboratory methods to understand aggregate economic phenomena and to test the specific assumptions and predictions of macroeconomic models. This article reviews important contributions of experimental macroeconomics research, which include an understanding of when equilibration works, when it fails, and the means by which macro-coordination problems are resolved. It also discusses important methodological issues including the choice of market institution, the implementation of representative agent and overlapping generations models, discounting and infinite horizons, and the external validity of experimental macroeconomic findings.

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  1. http://link.springer.com/referencework/10.1007/978-1-349-95189-5

    John Duffy

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  1. John Duffy
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Duffy, J. (2018). Experimental Macroeconomics. In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95189-5_2224

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