Frictions in an Experimental Dynamic Stochastic General Equilibrium Economy
通过构建人类被试参与的实验经济体，模拟动态随机一般均衡模型，发现垄断竞争且无菜单成本的设定更贴近美国经济数据，而人类央行行长相比自动化规则导致更低产出和福利。
Abstract We construct experimental economies, populated with human subjects, with different institutional features that have a structure and incentives similar to a dynamic stochastic general equilibrium model. An experimental economy with monopolistic competition and no menu costs generates empirical patterns that are closer to the U.S. economy than simulations or the other experimental environments. We observe greater welfare and output in a setting where goods are perfect substitutes compared to treatments with monopolistic competition. Discretionary human central bankers produce lower output and welfare compared to an automated instrumental rule. Menu costs reduce inflation volatility.