Program

Barcelona LeeX Experimental Economics Summer School in Macroeconomics in Universitat Pompeu Fabra.
June 8-14, 2015:

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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 8-14, 2015. 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.

Additionally students of the summer school are invited to the 2-day 5th LeeX International Workshop co-organized with Barcelona GSE Summer Forum on Theoretical and Experimental Macroeconomics  from June 8 -14, 2015

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.

 

Files

June 7: Reception 19.00


June 8: Introduction

09:00-09:30

Welcome

09:30-11:00

Basic Experimental Methodology (Rosemarie Nagel)


Key Readings: Samuelson (2005), Smith (2002) [View Lectures]

11:30-13:00

Participation in Experiment; introduction of participants


Lunch

14:30-16:00

Overview of Macroeconomic Experiments (John Duffy)


[View Lectures]

16:30-18:00

Participate in Experiment, Form Groups to work on Projects

 

June 9: Designing Macro experiments

09:00-10:30 

Complexity and Abstraction: Designing Macro Experiments (Shyam Sunder)


Key readings: Sunder (2006), Lim et al. (1994),  Marimon, Sunder, (1993), (1994), Huber, Shubik, Sunder. (2011a), (2011b).    [View Lectures]

11:00-13:00

Group session: work on project


Lunch

14:30-16:00

Experiments with Minimally Institutions and Minimally Intelligent Agents

(Shyam Sunder)


Key readings: Gode, Sunder (1993), (1997), (2004), Huber, Shubik, Sunder (2010). Angerer, Huber, Shubik, Sunder (2010), Huber, Shubik, Sunder (2011).    [View Lectures]

16:30-17:45

Participation in Experiment


June 10: Financial Markets and Stabilization Policies  

09:00-10:30

Asset Pricing, Bubbles and Crashes (John Duffy)


Key reading: Smith Suchaneck and Williams (1998), Lei Noussair and Plott (2001),Hommes et al. (2005), Hussam et al (2008), Crockett and Duffy (2010).[View Lectures]

11:00-13:00

Group session: work on project


Lunch

14:30-16:00

Search Models of Money (John Duffy)


Key Readings: Kiyotaki and Wright (1989); Duffy and Ochs (1999, 2002); Lagos and Wright (2005); Duffy and Puzzello (2011) [View Lectures]

16:30-17:45

Participation in Experiment.

 

June 11 and 12: Attendance of conference


June 13: Growth and Coordination

09:00-10:30

Understanding Financial Crises: The Contribution of Experimental Economics  (Frank Heinemann) 


Key readings: Brunnermeier, M, and J. Morgan (2008), Kübler, D. and G. Weizsäcker (2004), Heinemann, F., R.Nagel, and P. Ockenfels (2009) [View Lectures]

11:00-13:00

Group session: work on project


Lunch

14:30-16:00

Speculative Attacks and the Theory of Global Games (Frank Heinemann 


Key Readings: Morris, S., and H.S. Shin (1998), Heinemann, Frank (2000), Heinemann, F., R. Nagel, and P. Ockenfels (2004) [View Lectures]

16:30-17:45

Participation in Experiment.

 

June 14: Growth and Coordination 

09:00-10:30

Experimental Studies on Economic Growth and DSGE models (Charles Noussair) 


Key Readings: Vivian Lei and Charles Noussair (2002), C. Monica Capra, Colin Camerer, Tomomi Tanaka, Lauren Feiler, Veronica Sovero, and Charles Noussair (2009), Charles Noussair, Damjan Pfajfar, and Janos Zsiros (2011).[View Lectures]

11:00-13:00

Group session: work on project


Lunch

14:30-16:30

Student Presentations of Projects