Expectations play a crucial role in finance, 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 article 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.
Assenza, T., Bao, T., Hommes, C., Massaro, D., Experiments in Macroeconomics, in Duffy, J. (ed.), Experiments in Macroeconomics, Duffy John, Bingley 2014: 11- 70. 10.1108/S0193-230620140000017002 [http://hdl.handle.net/10807/74608]
Experiments in Macroeconomics
Assenza, Tiziana;Hommes, Cars;Massaro, Domenico
2014
Abstract
Expectations play a crucial role in finance, 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 article 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.
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