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Experimental macroeconomics encompasses several strands of research. Their common feature is that the methodology of experimentation is applied to a topic that is generally considered to be within the domain of macroeconomics. While experimental work has not had the impressive impact on macroeconomics that it has had on decision or game theory, it retains the potential to do so. Here, we argue that experimental economics is a flexible methodology which can be applied in different ways to numerous macroeconomic research questions and because it is useful for improving theory and designing macroeconomic policy. Indeed, experimental methods have already been used to study several classes of macroeconomic models. This introduction discusses the rationale for conducting macroeconomic experiments, some considerations of experimental design, and the possibilities of what can be learned from the method. It introduces the four contributions that comprise the remainder of this symposium. These contributions are examples that illustrate the breadth of the areas with macroeconomics on which experimental methods can be brought to bear.
From:
Frank Heinemann
Technische Universität Berlin
Charles Noussair
Tilburg University
Experimental macroeconomics encompasses several strands of research. Their common feature is that the methodology of experimentation is applied to a topic that is generally considered to be within the domain of macroeconomics. While experimental work has not had the impressive impact on macroeconomics that it has had on decision or game theory, it retains the potential to do so. Here, we argue that experimental economics is a flexible methodology which can be applied in different ways to numerous macroeconomic research questions and because it is useful for improving theory and designing macroeconomic policy. Indeed, experimental methods have already been used to study several classes of macroeconomic models. This introduction discusses the rationale for conducting macroeconomic experiments, some considerations of experimental design, and the possibilities of what can be learned from the method. It introduces the four contributions that comprise the remainder of this symposium. These contributions are examples that illustrate the breadth of the areas with macroeconomics on which experimental methods can be brought to bear.
From:
Frank Heinemann
Technische Universität Berlin
Charles Noussair
Tilburg University