Here.

We conduct experiments with human subjects in a model with a positive production externality in which productivity is a nondecreasing function of the average level of employment of other firms. The model has three steady states and a sunspot equilibrium that fluctuates between the high and low steady states. Steady states are payoff ranked: low values give lower profits than higher values. We investigate whether subjects can learn a sunspot equilibrium. We observe coordination on the extrinsic announcements in our experimental economies. Cases of apparent convergence to the low and high steady states are also observed.

From:

Jasmina Arifovic
George Evans
Olena Kostyshyna
​

Here.

We develop a tractable model of out-of-equilibrium dynamics in a general equilibrium economy with cash-in-advance constraints. The dynamics emerge from local interactions between firms governed by the production network underlying the economy. We analytically characterise the influence of network structure on the propagation of monetary shocks. In the long run, the model converges to general equilibrium and the quantity theory of money holds. In the short run, monetary shocks propagate upstream via nominal demand changes and downstream via real supply changes. Lags in the evolution of supply and demand at the micro level can give rise to arbitrary dynamics of the distribution of prices. Our model explains the long standing Price Puzzle: a temporary rise in the price level in response to monetary contractions. The Price Puzzle emerges under two assumptions about downstream firms: they are disproportionally aected by monetary contractions and they account for a suciently small share of the wage bill. Empirical evidence supports the two assumptions for the US economy. Our model calibrated to the US economy using a data set of more than fifty thousand firms generates the empirically observed magnitude of the price level rise after monetary contractions.

From:

Antoine Mandel
​Vipin P. Veetil

Here.

The Federal Reserve Bank of St. Louis Economic Education department requests proposals for concurrent session presentations at its Annual Professors Conference.
The conference will begin at 1:30 p.m. Thursday, Nov. 5, and conclude at 1 p.m. Friday, Nov. 6. It includes a reception on Thursday evening and breakfast and lunch on Friday. The conference is free, but all presenters must be registered and are responsible for their own transportation and accommodations.
Concurrent sessions are 75 minutes, with three presenters assigned to each session. Please plan on limiting your presentation to 20 minutes, which will allow 20 minutes for each of the other presentations, and 15 minutes at the end for questions from the audience.
Audiovisual equipment (a screen, projector, computer, and sound) will be provided in each room. The number of conference attendees typically is about 120.
Concurrent Session Tracks

• Effective Use of Technology in Instruction
• Teaching and Learning with Data
• Engaging Students in the Large Lecture Classroom
• Active Learning for the College Classroom
• Multidisciplinary Collaborations
• Designing and Grading Writing Assignments

Submissions
To submit a proposal to be part of a session, please provide the following information via email by 5 p.m. Aug. 7, 2020, to Diego Mendez-Carbajo at Diego.Mendez-Carbajo@stls.frb.org:

• Presentation title
• Contact information for the person submitting the proposal and each additional presenter
  • Name
  • Title
  • Institution name
  • Institution address (city, state, ZIP code)
  • Email address
  • Phone number
• Abstract
  A 100-word or less abstract
• Presentation Description
  Please describe the following:
  (i) Objectives: Clearly state your goals for this presentation. What session track are you applying for? What do you hope to accomplish?
  (ii) Content/Skills: Describe in detail what participants will learn by attending this presentation. What new skills, teaching methods, content, lesson ideas, or applications of technology will they come away with?
  (iii) Presentation Strategies: Tell us how you intend to present your material. Indicate opportunities for audience participation. Describe any materials you plan to hand out. If you are proposing an active learning session, please provide a detailed description of how you will demonstrate your activity, and the time requirements.

Proposals will be reviewed by a committee including professors, and you will be notified of selection by Aug. 28.



​

Here.

Experimental finance stuff including link to GIMS software.

​

Here.

​The Society for Experimental Finance is an organization for scientists who use controlled experiments to understand human behavior on financial markets.Upcoming EventsEF2020 North American Regional Conference
February 4-5, 2020, in Utah
Utah
Keynotes: Samuel Hartzmark (University of Chicago) and Peter Bossaerts (University of Melbourne)

EF2020 Conference
June 10-12, 2020, in Innsbruck
Keynotes: Annamaria Lusardi (George Washington University School of Business) and Stefan Nagel (University of Chicago Booth School of Business)

EF Summer School 2020
June 8-9, 2020, in Innsbruck
Lecturers: Mark DeSantis (Chapman University), Felix Holzmeister (University of Innsbruck), Stefan Nagel (University of Chicago Booth School of Business), and Sébastien Pouget (Toulouse School of Economics)
Recent papers

• Glaser, M., Iliewa, Z., Weber, M., 2019. Thinking about Prices versus Thinking about Returns in Financial Markets, Journal of Finance 74(6), 2997–3039. [EF2016, University of Mannheim]
• Angerer, M., Szymczak, W., 2019. The impact of endogenous and exogenous cash inflows in experimental asset markets, Journal of Economic Behavior & Organization 166, 216–238. [EF2016, University of Mannheim]
• Hurwitz, A., Sade, O., Winter, E., Forthcoming. Unintended consequences of minimum annuity laws: An experimental study, Journal of Economic Behavior & Organization. [EF2019, University of Copenhagen]

(All listed papers were previously presented at an EF conference, given in square brackets. See published EF papers for more papers.)


Recent newsletters
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2020/01 January 13, 2020 View Download 
2019/05 December 18, 2019 View Download 
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SEF discussion group

Here.

​The University of Innsbruck’s Department of Banking and Finance and the Society for Experimental Finance (SEF) would like to invite you to the conference Experimental Finance 2020 to be held in Innsbruck from June 10-12, 2020. The conference also serves as the 11th annual meeting of the Society for Experimental Finance.
Our two keynote speakers are:

• Annamaria Lusardi (George Washington University School of Business)
• Stefan Nagel (University of Chicago Booth School of Business)

In addition, two Talks with a View will be given by:

• Roberto Weber (University of Zürich)
• Michael Kirchler (University of Innsbruck)

​Vernon L. Smith Young Talent Award in Experimental Finance

If you are a junior scientist, we also invite you to apply for the Vernon L. Smith Young Talent Award in Experimental Finance for the best conference paper. This prize is awarded by the SEF and Chapman University and amounts to 8000 USD. More information can be found on the conference website.



Important Dates
February 28: Submission deadline
March 28: Notification of acceptance

April 30: Early registration cutoff



Organizers
Jürgen Huber (University of Innsbruck)
Zwetelina Iliewa (Max Planck Institute, Bonn)
Christian König-Kersting (University of Innsbruck)
Matthias Stefan (University of Innsbruck)

Here.

​The International Research Conference Aims and ObjectivesThe International Research Conference is a federated organization dedicated to bringing together a significant number of diverse scholarly events for presentation within the conference program. Events will run over a span of time during the conference depending on the number and length of the presentations. With its high quality, it provides an exceptional value for students, academics and industry researchers.
ICEFA 2020: 14. International Conference on Experimental Finance and Advantages aims to bring together leading academic scientists, researchers and research scholars to exchange and share their experiences and research results on all aspects of Experimental Finance and Advantages. It also provides a premier interdisciplinary platform for researchers, practitioners and educators to present and discuss the most recent innovations, trends, and concerns as well as practical challenges encountered and solutions adopted in the fields of Experimental Finance and Advantages
Call for ContributionsProspective authors are kindly encouraged to contribute to and help shape the conference through submissions of their research abstracts, papers and e-posters. Also, high quality research contributions describing original and unpublished results of conceptual, constructive, empirical, experimental, or theoretical work in all areas of Experimental Finance and Advantages are cordially invited for presentation at the conference. The conference solicits contributions of abstracts, papers and e-posters that address themes and topics of the conference, including figures, tables and references of novel research materials.
Guidelines for AuthorsPlease ensure your submission meets the conference's strict guidelines for accepting scholarly papers. Downloadable versions of the check list for Full-Text Papers and Abstract Papers.
Please refer to the Paper Submission Guideline, Abstract Submission Guideline and Author Information before submitting your paper.
Conference ProceedingsAll submitted conference papers will be blind peer reviewed by three competent reviewers. The peer-reviewed conference proceedings are indexed in the Open Science Index, Google Scholar, Semantic Scholar, Zenedo, OpenAIRE, BASE, WorldCAT, Sherpa/RoMEO, and other index databases. Impact Factor Indicators.
Special Journal IssuesICEFA 2020 has teamed up with the Special Journal Issue on Experimental Finance and Advantages. A number of selected high-impact full text papers will also be considered for the special journal issues. All submitted papers will have the opportunity to be considered for this Special Journal Issue. The paper selection will be carried out during the peer review process as well as at the conference presentation stage. Submitted papers must not be under consideration by any other journal or publication. The final decision for paper selection will be made based on peer review reports by the Guest Editors and the Editor-in-Chief jointly. Selected full-text papers will be published online free of charge.
Conference Sponsor and Exhibitor OpportunitiesThe Conference offers the opportunity to become a conference sponsor or exhibitor. To participate as a sponsor or exhibitor, please download and complete the Conference Sponsorship Request Form.

Here.

This paper investigates the efficiency of various monetary policy instruments to stabilize asset prices in a liquidity crisis. We propose a macro-finance model featuring both traditional and shadow banks subject to funding risk. When banks are well capitalized, they have access to money markets and efficiently mitigate funding shocks. When aggregate bank capital is low, a vicious cycle arises between declining asset prices and funding risks. The central bank can partially counter these dynamics. Increasing the supply of reserves reduces liquidity risk in the traditional banking sector, but fails to reach the shadow banking sector. When the shadow banking sector is large, as in the US in 2008, the central bank can further stabilize asset prices by directly purchasing illiquid securities.

From:

Adrien d'Avernas
Quentin Vandeweyer
​Matthieu Darracq Pariès

Here.

This is very cool, it allows you to get the detailed short conference papers and associated Blackboard slides for every academic session.

Here.

​AEA Presidential Address: Twenty-first Century Monetary Policy
Ben Bernanke, Brookings Institution, introduced by Janet Yellen, Brookings Institution

Here.

This paper discusses some macro links that are missing from trade models. A multicountry macroeconometric model is used to analyze the effects on the United States of increased import competition from China, an experiment that is common in the recent trade literature. In the macro story a fall in Chinese export prices is stimulative. Domestic prices fall, which increases real wage rates and real wealth, which increases household expenditures. In addition, the Fed may lower the interest rate because of the lower prices, which is stimulative. Trade models do not have these channels, and they likely overestimate the negative effects or underestimate the positive effects on total output and employment from increased Chinese import competition. They lack some important aggregate demand channels, which are not likely second order.

From:
​
Ray C. Fair

Here.

​Federal Reserve Bank of St Louis

Monday, December 2, 2019Tisha Emerson
Baylor University economics professor Tisha Emerson wanted to know why only about 1 in 3 people majoring in economics was female.
Her research on this (along with coauthors) showed that the role model effect—or the notion that fewer female role models in economics leads to fewer women studying economics—wasn’t to blame.
Nor was the quantitative nature of the economics field, as has been suggested. Rather than finding that the quantitative aspect of the discipline was off-putting to women, Emerson and her coauthors found the opposite: Higher quantitative requirements led to higher ratios of women studying economics.
So, what else could have an effect?
“I have found through some research that in principles of microeconomics, there is a gender gap that men tend to outperform women,” Emerson said, “but if you teach with a pedagogy that uses classroom experiments, that women make up much of that gap.”
In this Women in Economics podcast, Emerson discussed how using classroom experiments while teaching helped a wide range of students close the gap.
“I really think that some pedagogies will be perhaps more attractive to people from different backgrounds,” Emerson said, “and that also, for some racial and ethnic minorities, some of the gap between those groups and white students, some of that was made up also when they were exposed to a pedagogy of classroom experiments.”
One example involved teaching supply and demand: Half the class pretended to be buyers of a product, and half were sellers. Each side was given private information about their needs, and they engaged essentially in an auction to settle on prices for the goods.
“We’re able to show that … they will accurately predict the equilibrium price in the market and the quantity of the good traded that we actually see in the experiment which the students participate in themselves.”

Here.


Technische Universität BerlinThe Eleventh International Workshop on Theoretical and Experimental Macroeconomics will be held June 23-24, 2020 at Technische Universität Berlin, Germany.
Call for papers open now.
The goal of this workshop is to promote an active exchange and interaction of ideas and work on macroeconomic issues using behavioral, experimental, and/or theoretical approaches, and therefore we seek a good mix of theory and experimental papers.  The workshop is jointly organized by Technische Universität Berlin and by the BES Lab (Behavioral and Experimental Sciences Lab, (formerly LEEX) at Universitat Pompeu Fabra). For more information, please visit our website https://www.upf.edu/web/beslab/conference-program-2020.
The keynote speakers for the 2020 workshop are Jasmina Arifovic (Simon Fraser University) and Dirk Krueger (University of Pennsylvania).
Researchers working on behavioral, experimental and theoretical approaches to addressing macroeconomic questions are invited to submit a paper for this two-day conference. The deadline for submissions is January 26, 2020. Submissions should include either a full paper or an extended abstract including the main results.
To submit a paper, please send to mailto:exp.macro2020@upf.edu one attached file: File should be your Paper or extended abstract in an e-mail with the following subject: EM2020_lastname_firstname. Please also fill the short application form.
Authors chosen to present papers will be notified approximately mid of February, and the deadline for workshop registration is March 30. In addition to the workshop, the organizers invite young researchers and graduate students to the 13th BESLab Experimental Economics Summer School in Macroeconomics also held at Technische Universität Berlin from June 21-27, 2020. Summer school participants can also attend the workshop.
Information about previous workshops is available here.
Please forward this announcement to all interested parties.
Workshop Organizers

• Gabriele Camera (Chapman University and University of Bologna)
• John Duffy (University of California, Irvine)
• Frank Heinemann (Technische Universität Berlin)
• Rosemarie Nagel (ICREA, Universitat Pompeu Fabra, and  Barcelona GSE )
• Luba Petersen (Simon Fraser University)
• Shyam Sunder (Yale University)