Workshop: Theoretical and Experimental Macroeconomics
Dates: June 9-10, 2014
This is the fifth workshop to promote an active exchange and interaction of ideas and work on macroeconomic issues from behavioral, experimental, and/or theoretical approaches, and therefore seek a good mix of theory and experimental papers, jointly organized by Barcelona GSE and Leex (Experimental Economics Lab at Universitat Pompeu Fabra).
For over 30 years, macroeconomic models have had explicit micro foundations about the behavior of firms, consumers and government agencies, leading to closer ties between micro/game theorists and macro theorists. On the applied side, the assumptions and predictions of macroeconomic models have historically been tested using non-experimental field data as collected by government agencies. An alternative empirical approach attracting increased attention is to evaluate these models using controlled laboratory settings with human subjects, minimizing noisy and confounding factors present in field data. The experimental findings can be informative about questions like equilibrium selection or the efficacy of various government policies.
Some researchers are still skeptical whether macro experiments are possible. A recent survey on macro experiments can be found in "Macroeconomics: A Survey of Laboratory Research."
- Cars Hommes (Center for Nonlinear Dynamics in Economics and Finance (CeNDEF), University of Amsterdam)
- George Evans (University of Oregon)
The organizers gratefully acknowledge financial support from the Spanish Ministry of Economy and Competitiveness, through the “Severo Ochoa” Programme for Centres of Excellence in R&D” (SEV- 2011-0075).