Experimental Evidence on Monetary Policies: Experimental Instructions

Instructions used in the four main treatments of the study.

• Instructions used in the baseline, constant money supply (Constant M) treatment.
• Instructions used in the deflationary Friedman rule (FR-DFL) treatment.
• Instructions used in the interest on money Friedman rule (FR-IOM) treatment.
• Instructions used in the constant, k-percent money growth rate (k-PCT) treatment.

Instructions used in the additional sessions involving two centralized markets.

• Instructions used in the baseline, constant money supply (Constant M) treatment with 2 centralized markets.
• Instructions used in the deflationary Friedman rule (FR-DFL) treatment with 2 centralized markets.
• Instructions used in the interest on money Friedman rule (FR-IOM) treatment with 2 centralized markets.
• Instructions used in the constant, k-percent money growth rate (k-PCT) treatment with 2 centralized markets.

Researchers: John Duffy and Daniela Puzzello.