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

We review the main identification strategies and empirical evidence on the role of
expectations in the New Keynesian Phillips curve, paying particular attention to the issue of …

Recognising that the economy is a complex system with boundedly rational interacting
agents, the book presents a theory of behavioral rationality and heterogeneous expectations …

We develop a theory of low-frequency movements in inflation expectations, and use it to
interpret joint dynamics of inflation and inflation expectations for the United States and other …

This paper is a survey of the burgeoning literature that seeks to take the enigmatic concept
of the animal spirits more seriously by building heterodox macro‐dynamic models that can …

Policy implications are derived for an inflation-targeting central bank, whose credibility is
endogenous and depends on its past ability to achieve its targets. This is done in a New …

This paper proposes a general computational framework for empirical estimation of financial
agent-based models, for which criterion functions have unknown analytical form. For this …

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 …

In this paper we address the question of how individuals form expectations and invent,
reinforce, and update their forecasting rules in a complex world. We do so by fitting a novel …

We study the emergence of bubbles in a laboratory experiment with large groups of
individuals. The realized price is the aggregation of the forecasts of a group of individuals …