Opening Remarks

Governor Stephen S. Poloz (Bank of Canada)

Session 1: Monetary Policy

Chair: Gabriele Camera (Chapman University and University of Bologna)

Inflation and Welfare in the Laboratory

Janet Hua Jiang (Bank of Canada), Daniela Puzzello (Indiana University) and Cathy Zhang (Purdue University)

Price Level versus Inflation Targeting under Heterogeneous Expectations: a Laboratory Experiment

Cars Hommes (University of Amsterdam and Tinbergen Institute) and Tomasz Makarewicz (Otto-Friedrich-Universitat Bamberg)

Session 2: Banking

Chair: Jonathan Chiu (Bank of Canada)

Are Sunspots Effective in a Large Crowd? Evidence from a Large-scale Bank Run Experiment

Jasmina Arifovic (Simon Fraser University), Cars Hommes (University of Amsterdam and Tinbergen Institute), Anita Kopányi-Peuker (University of Amsterdam and Tinbergen Institute), and Isabelle Salle (Bank of Canada)

Liquidity Requirements and the Interbank Loan Market: An Experimental Investigation

Douglas Davis (Virginia Commonwealth University), Oleg Korenok (Virginia Commonwealth University), John Lightle (Virginia Commonwealth University), and Edward S. Prescott (Federal Reserve Bank of Cleveland)

Keynote Presentation

Chair: John Duffy (University of California, Irvine)

Leverage, Asset Prices, and Default in the Laboratory

Marco Cipriani (Federal Reserve Bank of New York), Ana Fostel (University of Virginia), and Daniel Houser (George Mason University)

Session 3: Central Bank Communication

Chair: Jeremy Harrison (Bank of Canada)

Vague Talk in ECB Press Conference: News or Noise?

Nan Hu (Goethe University Frankfurt) and Zexi Sun (Goethe University Frankfurt)

Enhancing Central Bank Communications Using Simple and Relatable Information

David Bholat (Bank of England), Nida Broughton (The Behavioral Insights Team)), Alice Parker (Bank of England), Janna Ter Meer (The Behavioral Insights Team) and Eryk Walczak (Bank of England)

Panel Discussion: The Future of Experimental Macroeconomics

Moderator: Luba Petersen (Simon Fraser University)

Panelists: Jasmina Arifovic (Simon Fraser University), John Duffy (University of California, Irvine), Cars Hommes (University of Amsterdam and Tinbergen Institute), Damjan Pfajfar (Board of Governors of the Federal Reserve System)

Session 4: Labor Decisions and Bounded Rationality

Chair: Olena Kostyshyna (Bank of Canada)

Wealth Effects and Labor Supply: An Experimental Study

Deniz Nebioglu (MEF University, Bilgi Economics Lab of Istanbul) and Ayça Ebru Giritligil (Istanbul Bilgi University, Bilgi Economics Lab of Istanbul)

Bounded rationality in Keynesian Beauty Contest: A lesson for Central Bankers

John Duffy (University of California, Irvine), Jess Benhabib (New York University), and Rosemarie Nagel (ICREA, Universitat Pompeu Fabra, and Barcelona GSE)

Session 5: Behavioral Theory and Evidence

Chair: Rosemarie Nagel (ICREA, Universitat Pompeu Fabra, and Barcelona GSE)

Economic Agents as Imperfect Problem Solvers

Cosmin Ilut (Duke University and NBER) and Rosen Valchev (Boston College)

Do You Know That I Know That You Know…? Higher Order Beliefs in Survey Data

Olivier Coibion (University of Texas Austin and NBER), Yuriy Gorodnichenko (University of California Berkeley and NBER), Saten Kumar (Auckland University of Technology), and Jane Ryngaert (Wake Forest University)

Keynote Presentation

Chair: Oleksiy Kryvtsov (Bank of Canada)

Optimal Taxation in a Global Economy

Varadarajan Chari (University of Minnesota and Federal Reserve Bank of
Minneapolis), Juan Pablo Nicolini (Federal Reserve Bank of Minneapolis and Universidad Di Tella) and Pedro Teles (Banco de Portugal, Catolica Lisbon SBE, and CEPR)

Session 6: Behavioral Theory and Evidence

Chair: Lerby Ergun (Bank of Canada)

Long-Horizon Expectations: a Lab Experiment

George Evans (University of Oregon and University of St Andrews), Cars Hommes (University of Amsterdam and Tinbergen Institute), Bruce McGough (University of Oregon), and Isabelle Salle (Bank of Canada)

Expectations and Stock Market Participation: Theory and Evidence

Michael Shin (University of California, Irvine)

Session 7: Price Dynamics

Chair: Olga Rud (RMIT University)

Market concentration and the dynamics of prices and mark-ups

Curtis Kephart (New York University, Abu Dhabi) and David Munro (Middlebury College)

Organizers:
Robert Amano (Bank of Canada)
Gabriele Camera (Chapman University and University of Bologna)
John Duffy (University of California, Irvine)
Janet Jiang (Bank of Canada)
Rosemarie Nagel (ICREA, Universitat Pompeu Fabra, and Barcelona GSE)
Luba Petersen (Simon Fraser University)
Shyam Sunder (Yale University)