Conference on Experiments in Macroeconomics and Financial Economics

Sponsored by Columbia University’s Program for Economic Research

Faculty House, Columbia University

Friday, March 1, 2013

Organized by Ricardo Reis and Michael Woodford

While experimental methodologies --- both laboratory experiments and field experiments --- have become an important addition to the methods of empirical inquiry in various branches of microeconomics, they are less common in macroeconomics and finance, perhaps because of the greater complexity of the systems studied. However, experimental methods have important advantages in these areas as well, particularly as ways of understanding better the role of expectations and information in determining market outcomes, a central issue for both macroeconomics and finance. This conference brings together leading contributors to the new area of experimental macroeconomics and finance, on the occasion of the inauguration of the new Columbia Experimental Laboratory for the Social Sciences.

Full Schedule

8:30

Arrival and breakfast

9:00

Andrew Caplin and Mark Dean, “An Experimental Test of Rational Inattention”
                Discussant: Alisdair McKay (Boston University)

10:00

Break

10:20

Olivier Armentier, Wandi Bruine de Bruin, Giorgio Topa, Wilbert van der Klaauw, and Basit Zafar, “Inflation Expectations and Behavior: Do Survey Respondents Act on Their Beliefs?”
                Discussant: Rosemarie Nagel (Universitat Pompeu Fabra)

11:20

Break

11:40

Sean Crockett and John Duffy, “A Dynamic General Equilibrium Approach to Asset Pricing Experiments”
                Discussant: Gur Huberman (Columbia)

12:40

Lunch

13:40

John Beshears, James J. Choi, David Laibson, and Brigitte C. Madrian, “Self Control and Liquidity: How to Design a Commitment Contract”
                Discussant: Patrick Bolton (Columbia)

14:40

Jasmina Arifovic, Janet Hua Jiang, and Yiping Xu, “Experimental Evidence of Bank Runs as Pure Coordination Failures”
                Discussant: Martin Oehmke (Columbia)

15:40

Break

16:00

Damjan Pfajfar and Blaz Zakelj, “Inflation Expectations and Monetary Policy Design: Evidence from the Laboratory”

 

Tiziana Assenza, Peter Heemeijer, Cars Hommes, Domenico Massaro, “Individual Expectations and Aggregate Macro Behavior" (Background material 1 2)
                

Discussant: Tim Cogley (NYU)

18:00

Dinner

20:00

Adjourn

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Directions to Faculty House

Faculty House is located on Columbia University's East Campus on Morningside Drive, north of 116th Street. Enter campus through gates at 116th and Broadway. Follow College Walk across Amsterdam Avenue towards Morningside Drive. After passing Jerome Greene Hall on the left, enter Wien courtyard through the gates. Follow courtyard around to the right. Faculty House will be the last building on the right. View full campus map online.

Download directions.

 

Subway

Take the #1 train to 116th Street (Columbia University) stop.  Walk across campus towards Amsterdam Avenue, and continue past Jerome Greene Hall. Enter the Wien courtyard to the left, and Faculty House is located on the right.

Bus

Four bus lines (M4, M11, M5 and M104) serve the Columbia/Morningside Heights area. View city bus map.

Car

From South

Exit the Henry Hudson Parkway at 96th Street and proceed east, crossing Broadway, and turn left (north) at the next light, Amsterdam Avenue. Proceed north on Amsterdam for 20 blocks to campus. In addition to street parking on Broadway and Amsterdam Avenue (metered), on Morningside Drive and on side streets, there is a garage on 114th Street between Broadway and Amsterdam Avenue (close to Amsterdam) on the south side of the street.

From North

Exit the Henry Hudson Parkway at 125th Street and proceed east, crossing Broadway, and turn right (south) at the next light, Amsterdam Avenue. Proceed south on Amsterdam for nine blocks to campus. See above for parking recommendations.