Macroeconomic theories have traditionally been tested using nonexperimental field data,
most often national income account data on GDP and its components. This practice follows …

A growing literature in experimental economics examines the conditions under which
cooperation can be sustained in social-dilemma settings. In particular, several recent studies …

Using an experimental approach, we show that inflation expectations respond to gasoline
price fluctuations. The effect, however, is small compared to other goods (food, durable …

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 …

Abstract Shafir et al.(1997) described money illusion as people's inclination to think of
money without taking inflation sufficiently into account, ie, in nominal terms rather than in …

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 …

We develop an experimental framework to investigate the quantity theory of money and the
real effects of inflation in an economy where money serves as a medium of exchange. We …

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

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