This survey discusses behavioral and experimental macroeconomics, emphasizing a
complex systems perspective. The economy consists of boundedly rational heterogeneous …

This paper reviews the recent development and new findings of the literature on learning-to-
forecast experiments (LtFEs). In general, the stylized finding in the typical LtFEs, namely the …

Abstract The New Keynesian theory of inflation determination is tested in this paper by
means of laboratory experiments. We find that the Taylor principle is a necessary condition …

To reach the “30· 60” decarbonization target (where carbon emissions start declining in
2030 and reach net zero in 2060), China is restructuring its power system to a new energy …

We develop an emission permits trading model where covered firms can (1) utilize rolling
planning horizons to deal with uncertainty and (2) exhibit bounded responsiveness to supply …

Using laboratory experiments within a New Keynesian framework, we explore the interaction
between the formation of inflation expectations and monetary policy design. The central …

Abstract We use a New Keynesian behavioral macroeconomic model to analyze how
structural reforms affect the economy. There are two types of structural reforms. The first one …

Understanding how the degree of information frictions varies among economic agents is of
utmost importance for macroeconomic dynamics. We document and compare the frequency …

This paper reports results of laboratory markets for a risky asset with a “flat” fundamental
value that equates expected dividends to the return on a safe asset. Subjects were sorted by …

This study examines the trade-offs that central banks would face if they began addressing
climate change. The various instruments available to address climate-related risks overlap …