Behavioral and Experimental Analyses in Macro-finance

当前的经济和金融背景表明，迫切需要一种新的经济思维范式，其基础是关于决策者的更现实的行为和认知假设。除了理论上的反思，我们还需要一套更好的经济政策分析工具，将重点从孤立的原子优化主体转移到强调不同的有限理性经济主体之间复杂互动的重要性。为了应对这些挑战，我们的目标是分析(1)货币和财政宏观经济政策，(2)与信息披露相关的法规，以及(3)在基于更现实的行为基础的分析框架内引入金融工具的影响。我们将结合广泛的实验室实验，专注于个人行为和综合结果，以及计算和数学模型。我们的研究成果不仅将通过参加同行评议期刊上的会议和出版物向学术专业人士传达，还将通过各种场合(如AMSE政策讲座)向政策制定者传达，并通过积极参与科学活动向非专业人士传达。我们的项目网站将作为我们的数据、实验软件和工作论文的储存库，这将成为在欧洲建立全球(虚拟)实验宏观经济学和金融研究中心的基础。

The current economic and financial context suggests that there is an urgent need for a new paradigm for economic thinking based on more realistic behavioral and cognitive assumptions about decision makers. Beyond the theoretical rethinking, we need a better set of tools for economic policy analyses that would shift the focus from one based on isolated atomistic optimizing agents to one emphasizing the importance of complex interactions among heterogeneous boundedly rational economic agents.To meet these challenges, we aim to analyze the effects of (1) macroeconomic policies, both monetary and fiscal, (2) regulations related to information disclosure, and (3) introduction of financial instruments within analytical frameworks that are based on more realistic behavioral foundations. We will combine extensive sets of laboratory experiments, focusing both on individual behaviors and aggregate outcomes, and computational and mathematical models. The fruits of our research will be communicated not only to academic professionals through participation in conferences and publications in peer-reviewed journals, but also to policy makers through various occasions (such as AMSE policy lectures) and to non-professionals via active participations in scientific events. Our project website will serve as a depository of our data, experimental software, and working paper, which will be a basis for a global (virtual) research center of experimental macroeconomics and finance in Europe.