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.

中文翻译：

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实验动态随机一般均衡经济中的摩擦

我们构建了具有人类主体的实验经济体，具有不同的制度特征，这些特征具有与动态随机一般均衡模型相似的结构和激励机制。具有垄断竞争且没有菜单成本的实验经济所产生的经验模式比模拟或其他实验环境更接近美国经济。与垄断竞争的待遇相比，在商品是完美替代品的情况下，我们观察到更大的福利和更大的产出。与自动工具规则相比，全权委托的人类中央银行产生的产出和福利较低。菜单成本减少了通胀波动。