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Charles N. Noussair, Damjan Pfajfar and Janos Zsiros

We design experimental economies based on a New Keynesian Dynamic Stochastic General Equilibrium (DSGE) model. We apply shocks to tastes, productivity, and interest rate…

Abstract

We design experimental economies based on a New Keynesian Dynamic Stochastic General Equilibrium (DSGE) model. We apply shocks to tastes, productivity, and interest rate policy, and measure the persistence of these shocks. We find that, in a setting where goods are perfect substitutes, there is little persistence of output shocks compared to treatments with monopolistic competition, which perform similarly irrespective of whether or not menu costs are present. Discretionary central banking is associated with greater persistence than automated instrumental rules.

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Experiments in Macroeconomics
Type: Book
ISBN: 978-1-78441-195-4

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Abstract

Details

Experiments in Macroeconomics
Type: Book
ISBN: 978-1-78441-195-4

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Book part

John Duffy

This article discusses the methodology of using laboratory methods to address macroeconomic questions. It also provides summaries of the articles in this volume.

Abstract

This article discusses the methodology of using laboratory methods to address macroeconomic questions. It also provides summaries of the articles in this volume.

Details

Experiments in Macroeconomics
Type: Book
ISBN: 978-1-78441-195-4

Keywords

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