Why macroeconomics needs experimental evidence

John Duffy

The Japanese Economic Review, 2022, vol. 73, issue 1, No 2, 5-29

Abstract: Abstract This paper discusses how macroeconomics can and already has begun to make use of controlled experimental methods to address the assumptions and predictions of macroeconomic models as well as to evaluate the impacts of macroeconomic policy interventions. Specific issues addressed include rational expectations and alternatives, intertemporal optimization with an application to household consumption and savings decisions and the efficacy of various monetary policies.

Keywords: Experimental economics; Macroeconomics; Rational expectations; Intertemporal optimization; Monetary policies (search for similar items in EconPapers)
JEL-codes: B40 C90 E00 E30 E50 (search for similar items in EconPapers)
Date: 2022
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DOI: 10.1007/s42973-021-00090-y

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