Experiments on Expectations in Macroeconomics and Finance

Tiziana Assenza, Te Bao, Domenico Massaro and Cars Hommes

No 14-05, CeNDEF Working Papers from Universiteit van Amsterdam, Center for Nonlinear Dynamics in Economics and Finance

Abstract: Expectations play a crucial role in nance, macroeconomics, monetary economics and fiscal policy. In the last decade a rapidly increasing number of laboratory experiments have been performed to study individual expectation formation, the interactions of individual forecasting rules and the aggregate macro behavior they co-create. The aim of this chapter is to provide a comprehensive literature survey on laboratory experiments on expectations in macroeconomics and finance. In particular, we discuss the extent to which expectations are rational or may be described by simple forecasting heuristics, at the individual as well as the aggregate level.

Date: 2014
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Chapter: Experiments on Expectations in Macroeconomics and Finance (2014)
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