This paper integrates theory and experiments to explore how policy rules related to
government interventions can affect economic allocations and the international status of a …

We evaluate the Friedman rule for optimal monetary policy in a laboratory economy based
on Lagos–Wright (Journal of Economic Theory 145 (2010), 1508–24). We explore two …

Experimental work in monetary economics is usually based on theory that incorporates an
infinite horizon. Yet, hard constraints on laboratory sessions lead to finite times when the …

China's constantly rapid economic growth accompanying by a low overall inflation has long
been mysterious in macroeconomics. The core purpose of this paper is to solve this puzzle …

We compare three implementation schemes of an infinite-horizon monetary economy with
discounting. Under the standard random termination scheme and its block variation, the …

Andrade et al. analyze the data from a large panel of firms and show how sector-specific
shocks erroneously influence firms' outlooks about the aggregate economy. This paper is …

We integrate theory and experimental evidence to study the emergence of different
international monetary arrangements based on the circulation of two intrinsically worthless …

This study employs the Auto-Regressive Distributed Lag (ARDL) bounds approach to
investigate the relationship between Real GDP, which serves as an estimator of a nation's …

We report on an experiment in which buyers and sellers engage in semi-structured
bargaining in two dimensions: how much of a good the seller will produce and how much …

Abstract In a Kiyotaki-Wright model, we generate equilibria characterized by the partial or full
acceptability of fiat money and by fundamental or speculative trading strategies. In a …