After the cancellation of the 2020 workshop due to the COVID-19 pandemic we are pleased to host the Third Behavioral Macroeconomics Workshop on July 7-8, 2021. The workshop take place in virtual form due to the ongoing travel restrictions.

The workshop was open to the public and took place via Zoom. Slides can be found below for most of the presentations and discussions.

Program (all times are in CEST time)

Day 1: Wednesday, July 7, 2021


13: 55               Opening Remarks

Session A - Expectations and Survey Data (Chair: Joep Lustenhouwer, Heidelberg University)

14:00 – 14:40  Selection in Information Acquisition and Monetary Non-Neutrality
                         Hassan Afrouzi (Columbia University), Discussant: Zeno Enders (Heidelberg University) [slides](1.3 MB, 8 Seiten)

14:40 – 15:20 Average Inflation Targeting and Household Expectations [slides](1.5 MB, 51 Seiten)
                         Raphael Schoenle (Brandeis University), Discussant: Kostas Mavromatis (De Nederlandsche Bank) [slides](148.2 KB, 11 Seiten)

15:20 – 16:00 Uncertainty, Expectation Dispersion, and the Reaction to News [slides](1.0 MB, 18 Seiten)
                         Jonas Dovern (University of Erlangen-Nürnberg).
                         Discussant: Wei Qian (Shanghai University of Finance and Economics) [slides](315.8 KB, 8 Seiten)

Session B – Experiments (Chair: Tomasz Makarewicz, Bielefeld University)

16:30 – 17:10  An Experimental Horse Race of Different Monetary Policy Regimes
                         Luba Petersen (Simon Fraser University), Discussant: Isabelle Salle (Bank of Canada) [slides](177.1 KB, 9 Seiten)

17:10 – 17:50  The Role of the End Time in Experimental Asset Markets [slides](470.4 KB, 23 Seiten)
                         Anita Kopanyi-Peuker (Radboud University). Discussant: Tomasz Makarewicz (Bielefeld University)

17:50 – 18:30  Intertemporal Prospect Theory [slides](2.2 MB, 44 Seiten)
                         Matthias Weber (University of St. Gallen), Discussant: Özgür Gürerk (University of Erfurt) [slides](356.2 KB, 3 Seiten)

Session C – Rational Inattention (Chair: Sven Schreiber, FU Berlin and IMK Düsseldorf)

19:00 – 19:40  The Rational Inattention Framework: Recent Developments [slides](248.3 KB, 12 Seiten)
                         Mirko Wiederholt (Sciences Po, Paris). Discussant: Michael Krause, Uni Köln

19:40 – 20:20  The Inattentive Consumer: Sentiment and Expectations [slides](242.1 KB, 32 Seiten)
                         Rupal Kamdar (Indiana University, Bloomington), Discussant: Thomas Theobald, IMK

20:20 – 21:00  A Rational Theory of Limited Attention
                         Alexandre Kohlhas (IIES, Stockholm). Discussant: Jonas Löbbing, LMU München

Day 2: Thursday July 8, 2021


Session D - Expectations in Macroeconomic Models (Chair: Emanuel Gasteiger, TU Wien)

14:00 – 14:40  Boundedly Rational Decision Making in Continuous-Time [slides](340.2 KB, 23 Seiten)
                         Chandler Lester (University of Oregon). Discussant: Mike Shin (University of Sydney)

14:40 – 15:20  Heterogeneous Expectations and the Effective Lower Bound [slides](2.2 MB, 35 Seiten)
                         Tolga Özden (U Amsterdam), Discussant: Jacek Suda (NBP and Warsaw School of Economics) [slides](139.2 KB, 8 Seiten)

15:20 – 16:00  Stagnation and Fiscal Policy: A Nonlinear Analysis [slides](5.8 MB, 40 Seiten)
                         Seppo Honkapohja (Aalto University), Discussant: Alex Grimaud (TU Wien)

Session E – COVID-19 and Economic Behavior (Chair: Christian Proaño, University of Bamberg)

16:30 – 17:10  The Effects of Fiscal Policy on Households during the COVID-19 Pandemic:
                         Evidence from Emerging Economies [slides](721.4 KB, 25 Seiten)

                         Lena Dräger (University of Hannover), Discussant: Sebastian Gechert (IMK Düsseldorf)

17:10 – 17:50  How to Design Virus Containment Polices? A Joint Analysis of Economic and Epidemic Dynamics
                         Under the COVID-19 Pandemic [slides](1.2 MB, 27 Seiten)

                         Herbert Dawid (Bielefeld University), Discussant: Paola D’Orazio (University of Bochum)

17:50 – 18:30  Virus Dynamics with Behavioral Responses [slides](474.8 KB, 36 Seiten)
                         Krishna Dasaratha (Yale University). Discussant: Florian Herold (University of Bamberg)

18:30 – 19:30  Closing Remarks and Informal Social Meeting

Time allocation: 25 minutes for paper presentations, 5 minutes for discussants, 10 minutes for general discussion.

Scientific Committee

Emanuel Gasteiger (TU Wien), Joep Lustenhouwer (Heidelberg University), Tomasz Makarewicz (Bielefeld University), Christian R. Proaño (University of Bamberg), Sven Schreiber (FU Berlin and IMK Düsseldorf) and Frank Westerhoff (University of Bamberg), Juan Carlos Peña (University of Bamberg - technical support)