In this paper we use an experimental approach to study the decisions of human subjects who are given cash incentives to solve a particular representative agent dynamic model widely studied in macroeconomics. In a representative agent dynamic model, an economy is modelled as a single decision...

The role of open market operations - exchanges of different classes of government liabilities between the government and private sector - are considered in an oft-studied dynamic equilibrium model with money. Open market operation-financed changes in the money supply may have different...