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Barcelona LeeX Experimental Economics Summer
School in Macroeconomics in Universitat Pompeu Fabra.
June 15-19, 2009: Program
An intensive 5-day summer school devoted to instructing macroeconomists in experimental methods will be offered on the main campus of the Universitat Pompeu Fabra from June 15-19, 2009. The aim of the summer school will be both to promote experimental methods among macroeconomists and to assist with and critique participants' proposals for macroeconomic experiments.
There are many insights to be gained from controlled laboratory experimentation that cannot be obtained using standard macroeconometric approaches, i.e., econometric analyses of the macroeconomic data reported by government agencies. Often the data most relevant to testing a macroeconomic model are simply unavailable. There may also be identification, endogeneity and equilibrium selection issues that cannot be satisfactorily addressed using econometric methods. Indeed, Nobel Laureate Robert Lucas (1986) was among the first macroeconomist to make such observations and he invited laboratory tests of rational expectations macroeconomic models. The summer school will review the experimental literature in macroeconomics that has arisen in the 20 years since Lucas's invitation. A tentative schedule of topics to be covered is given below.
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Day 1: Introduction
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09:00-09:30
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Welcome |
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09:30-11:00
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Basic Experimental Methodology (Rosemarie
Nagel) |
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Key Readings: Samuelson (2005), Smith
(2002) [View Lectures] |
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11:30-13:00
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Participation in Double Oral Auction Experiment;
introduction of participants |
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Lunch |
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14:30-16:00
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Overview of Macroeconomic Experiments
(John Duffy) |
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Key Readings: Ochs (1995), Duffy (2008),
Ricciuti (2005). [View
Lectures] |
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16:30-18:00
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Participate in Asset Pricing/Bubble Experiment;
Form Groups to work on Projects |
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Day 2: Financial Markets and Stabilization Policies
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09:00-10:30
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Asset Pricing, Bubbles and Crashes |
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Key reading: Smith Suchaneck and Williams (1998), Lei Noussair and Plott (2001), Hommes et al. (2005) Crockett and Duffy (2009) [View
Lectures] |
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11:00-13:00
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Group session: work on project |
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Lunch |
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14:30-16:00
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Stabilizing Inflation and Employment (Frank
Heinemann) |
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Key readings: Clarida, R., J. Gali, and
M. Gertler (1999). Blinder, Alan, and John Morgan (2005).
[View Lectures] |
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16:30-17:45
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Participation in Money Search Experiment/Policy
Experiment. |
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Day 3: Monetary Theory and Policy
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09:00-10:30
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Monetary Theory (John Duffy) |
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Key Readings: Kiyotaki and Wright (1989);
Duffy and Ochs (1999, 2002) [View
Lectures] |
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11:00-13:00
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Group Session: work on project |
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Lunch |
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14:30-16:00
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Monetary Policy and Expectations (Frank
Heinemann) |
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Key Readings: Kydland and Prescott (1977);
Arifovic and Sargent (2003) [View
Lectures] |
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Day 4: Rational and Bounded Rational Reasoning
and Sunspots
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09:00-10:30
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Sunspots (John Duffy) |
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Key Readings: Dwyer, Jr., G.P., A.W. Williams,
R.C. Battalio and T.I. Mason (1993), Nagel (1995),
Camerer (2003) chapter; [View
Lectures] |
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11:00-13:00
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Group Session |
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Lunch |
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14:30-16:00
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Rational expectations, level-k thinking
models (Rosemarie Nagel) |
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Marimon, Spear and Sunder (1993); Duffy
and Fisher (2005). [View
Lectures] |
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16:30-17:30
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Participate in a Global Game Experiment |
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Day 5: Global Games and Student Presentations
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09:00-10:30
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Speculative Attacks and the Theory of
Global Games (Frank Heinemann) |
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Key Readings: Carlsson and van Damme (1993);
Morris and Shin (1998); Heinemann (2000) [View
Lectures] |
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11:00-12:30
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Experimental Tests of Global Game Predictions |
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Key Readings: Nagel, Heinemann and Ockenfels
(2004, 2006) |
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Lunch |
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14:30-16:00
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Student Presentations of Projects |
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17:00-19:00
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Student Presentations of Projects |
| Last update: 03/March/2009 |
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