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Home | People | Cars Hommes
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Cars Hommes

Research Fellow

University
University of Amsterdam
Research field
Complexity
Interests
Experimental Economics, Learning

Biography

CV Cars Hommes August 2019

 

Current Research Interests

Behavioural macroeconomics; experimental macroeconomics & finance; behavioural finance, complex systems; bounded rationality; expectation formation and learning; heterogeneous agent modelling.

Positions

Two recent publications: 

• Anufriev, M., Hommes, C.H. and Makarewicz, T. (2019), Simple forecasting heuristics that make us smart: evidence from different market experiments, Journal European Economic Association 17(5), October 2019, in press. 
• Hommes, C.H. and Lustenhouwer, J. (2019), Inflation targeting and liquidity traps under endogenous credibility, Journal of Monetary Economics 107, November 2019, in press. https://doi.org/10.1016/j.jmoneco.2019.01.027

Key publications

List of publications

Assenza, T., Heemeijer, P., Hommes, C.H. and Massaro, D. (2020). Managing self-organization of expectations through monetary policy: A macro experiment Journal of Monetary Economics, :.

Cornea-Madeira, A., Hommes, C. and Massaro, D. (2019). Behavioral Heterogeneity in U.S. Inflation Dynamics Journal of Business and Economic Statistics, 37(2):288--300.

Bao, T. and Hommes, C. (2019). When speculators meet suppliers: Positive versus negative feedback in experimental housing markets Journal of Economic Dynamics and Control, 107:.

Diks, C., Hommes, C. and Wang, J. (2019). Critical slowing down as an early warning signal for financial crises? Empirical Economics, 57(4):1201--1228.

Jump, R.C., Hommes, C. and Levine, P. (2019). Learning, heterogeneity, and complexity in the New Keynesian model Journal of Economic Behavior and Organization, 166:446--470.

Hommes, C. and Lustenhouwer, J. (2019). Inflation targeting and liquidity traps under endogenous credibility Journal of Monetary Economics, 107:48--62.

Hommes, C. and Vroegop, J. (2019). Contagion between asset markets: A two market heterogeneous agents model with destabilising spillover effects Journal of Economic Dynamics and Control, 100:314--333.

Bolt, W., Demertzis, M., Diks, C., Hommes, C. and van der Leij, M. (2019). Identifying booms and busts in house prices under heterogeneous expectations Journal of Economic Dynamics and Control, 103:234--259.

Hommes, C. and Lustenhouwer, J. (2019). Managing unanchored, heterogeneous expectations and liquidity traps Journal of Economic Dynamics and Control, 101:1--16.

Arifovic, J., Hommes, C. and Salle, I. (2019). Learning to believe in simple equilibria in a complex OLG economy - evidence from the lab Journal of Economic Theory, 183:106--182.

Bao, T., Hennequin, M., Hommes, C. and Massaro, D. (2019). Coordination on bubbles in large-group asset pricing experiments Journal of Economic Dynamics and Control, :.

Hommes, C., Massaro, D. and Weber, M. (2019). Monetary policy under behavioral expectations: Theory and experiment European Economic Review, 118:193--212.

Hommes, C., Massaro, D. and Salle, I. (2019). Monetary and Fiscal Policy Design at the Zero Lower Bound: Evidence from the Lab Economic Inquiry, 57(2):1120--1140.

Hommes, C. (2018). Carl's nonlinear cobweb Journal of Economic Dynamics and Control, 91:7--20.

Hommes, C., Lustenhouwer, J. and Mavromatis, K. (2018). Fiscal consolidations and heterogeneous expectations Journal of Economic Dynamics and Control, 87:173--205.

Bao, T., Hommes, C. and Makarewicz, T. (2017). Bubble formation and (in)efficient markets in learning-to-forecast and optimise experiments Economic Journal, 127(605):F581--F609.

Assenza, T., Brock, W. and Hommes, C. (2017). Animal spirits, heterogeneous expectations and the amplification and duration of crises Economic Inquiry, 55(1):542--564.

Hommes, C., Makarewicz, T., Massaro, D. and Smits, T. (2017). Genetic algorithm learning in a New Keynesian macroeconomic setup Journal of Evolutionary Economics, 27(5):1133–1155.

Hommes, C. and in ‘t Veld, D. (2017). Booms, busts and behavioural heterogeneity in stock prices Journal of Economic Dynamics and Control, 80:101--124.

da Gama Batista, J., Massaro, D., Bouchaud, J., Challet, D. and Hommes, C. (2017). Do investors trade too much?: A laboratory experiment Journal of Economic Behavior and Organization, 140:18--34.

Agliari, A., Hommes, C. and Pecora, N. (2016). Path dependent coordination of expectations in asset pricing experiments: a behavioral explanation Journal of Economic Behavior and Organization, 121:15--28.

Hommes, C. and Iori, G. (2015). Introduction special issue crises and complexity Journal of Economic Dynamics and Control, 50:1--4.

Hommes, C. (2015). [Review of: (2014) Rethinking housing bubbles: the role of household and bank balance sheets in modeling economic cycles] Journal of Economic Psychology, 50:138--142.

Hommes, C. (2015). Journal of Economic Dynamics & Control (vol. 50, issue Special Issue Crisis & Complexity, January 2015) Journal of Economic Dynamics and Control, 50(Special Issue Crisis & Complexity, January 2015):.

Assenza, T., Grazzini, J., Hommes, C. and Massaro, D. (2015). PQ strategies in monopolistic competition: some insights from the lab Journal of Economic Dynamics and Control, 50:62--77.

Hommes, C. and Zhu, M. (2014). Behavioral learning equilibria Journal of Economic Theory, 150:778--814.

Hommes, C. and Zeppini, P. (2014). Innovate or imitate? Behavioural technological change Journal of Economic Dynamics and Control, 48:308--324.

Hommes, C. (2014). A reply to Rosser and Kirman Journal of Economic Methodology, 21(3):317--321.

Anufriev, M., Hommes, C. and Philipse, R. (2013). Evolutionary selection of expectations in positive and negative feedback markets Journal of Evolutionary Economics, 23(3):663--688.

Hommes, C. and Lux, T. (2013). Individual expectations and aggregate behavior in learning-to-forecast experiments Macroeconomic Dynamics, 17(2):373--401.

Anufriev, M., Assenza, T., Hommes, C. and Massaro, D. (2013). Interest Rate Rules and Macroeconomic Stability under Heterogeneous Expectations Macroeconomic Dynamics, 17(8):1574--1604.

Bao, T., Duffy, J. and Hommes, C. (2013). Learning, forecasting and optimizing: an experimental study European Economic Review, 61:186--204.

Hüsler, A., Sornette, D. and Hommes, C. (2013). Super-exponential bubbles in lab experiments: evidence for anchoring over-optimistic expectations on price Journal of Economic Behavior and Organization, 92:304--316.

Hommes, C. (2013). Reflexivity, expectations feedback and almost self-fulfilling equilibria: economic theory, empirical evidence and laboratory experiments Journal of Economic Methodology, 20(4):406--419.

Heemeijer, P., Hommes, C., Sonnemans, J. and Tuinstra, J. (2012). An experimental study on expectations and learning in overlapping generations models Studies in Nonlinear Dynamics and Econometrics, 16(4):.

Hommes, C., Kiseleva, T., Kuznetsov, Y. and Verbic, M. (2012). Is more memory in evolutionary selection (de)stabilizing? Macroeconomic Dynamics, 16(3):335--357.

Anufriev, M. and Hommes, C. (2012). Evolutionary selection of individual expectations and aggregate outcomes in asset pricing experiments American Economic Journal: Microeconomics, 4(4):35--64.

Hommes, C. and Ochea, M. (2012). Multiple equilibria and limit cycles in evolutonary games with Logit Dynamics Games and Economic Behavior, 74(1):434--441.

Bao, T., Hommes, C., Sonnemans, J. and Tuinstra, J. (2012). Individual expectations, limited rationality and aggregate outcomes Journal of Economic Dynamics and Control, 36(8):1101--1120.

Hommes, C. (2011). The heterogeneous expectations hypothesis: Some evidence from the lab Journal of Economic Dynamics and Control, 35(1):1--24.

Hommes, C. and Wagener, F. (2010). Does eductive stability imply evolutionary stability? Journal of Economic Behavior and Organization, 75(1):25--39.

Brock, W., Hommes, C. and Wagener, F. (2009). More hedging instruments may destabilize markets Journal of Economic Dynamics and Control, 33(11):1912--1928.

Gardini, L., Hommes, C., Tramontana, F. and de Vilder, R. (2009). Forward and backward dynamics in implicitly defined overlapping generations models Journal of Economic Behavior and Organization, 71(2):110--129.

Heemeijer, P., Hommes, C., Sonnemans, J. and Tuinstra, J. (2009). Price stability and volatility in markets with positive and negative expectations feedback: an experimental investigation Journal of Economic Dynamics and Control, 33(5):1052--1072.

Gaunersdorfer, A., Hommes, C. and Wagener, F. (2008). Bifurcation routes to volatility clustering under evolutionary learning Journal of Economic Behavior and Organization, 67(1):27--47.

Diks, C., Hommes, C., Panchenko, V. and van der Weide, R. (2008). E&F Chaos: a user friendly software package for nonlinear economic dynamics Computational Economics, 32(1-2):221--244.

Hommes, C., Sonnemans, J., Tuinstra, J. and van de Velden, H. (2008). Expectations and bubbles in asset pricing experiments Journal of Economic Behavior and Organization, 67(1):116--133.

Hommes, C., Sonnemans, J., Tuinstra, J. and van de Velden, H. (2007). Learning in cobweb experiments Macroeconomic Dynamics, 11(S1):8--33.

Boswijk, H., Hommes, C. and Manzan, S. (2007). Behavioral heterogeneity in stock prices Journal of Economic Dynamics and Control, 31(6):1938--1970.

Brock, W., Dindo, P. and Hommes, C. (2006). Adaptive rational equilibrium with forward looking agents International Journal of Economic Theory, 2(3-4):241--278.

Chiarella, C., He, X. and Hommes, C. (2006). A dynamic analysis of moving average rules Journal of Economic Dynamics and Control, 30(9-10):1729--1753.

Hommes, C. and Manzan, S. (2006). Comments on 'Testing for nonlinear structure and chaos in economic time series' Journal of Macroeconomics, 28:169--174.

Brock, W., Hommes, C. and Wagener, F. (2005). Evolutionary dynamics in markets with many trader types Journal of Mathematical Economics, 41(1/2):7--42.

Hommes, C., Sonnemans, J., Tuinstra, J. and van de Velden, H. (2005). Coordination of expectations in asset pricing experiments Review of Financial Studies, 18(3):955--980.

Hommes, C., Huang, H. and Wang, D. (2005). A robust rational route to randomness in a simple asset pricing model Journal of Economic Dynamics and Control, 29(6):1043--1072.

Hommes, C., Sonnemans, J., Tuinstra, J. and van de Velden, H. (2005). A strategy experiment in dynamic asset pricing Journal of Economic Dynamics and Control, 29(4):823--843.

Sonnemans, J., Hommes, C., Tuinstra, J. and van de Velden, H. (2004). The instability of a heterogeneous cobweb economy: a strategy experiment on expectation formation Journal of Economic Behavior and Organization, 54(4):453--481.

Droste, E., Hommes, C. and Tuinstra, J. (2002). Endogenous Fluctuations under Evolutionary Pressure in Cournot competition Games and Economic Behavior, 40:232--269.

Hommes, C.H. (2001). Financial markets as nonlinear adaptive evolutionary systems Quantitative Finance, 1(1):149--167.

Hommes, C. and Rosser Jr, J.B. (2001). Consistent expectations equilibria and complex dynamics in renewable resource markets Macroeconomic Dynamics, 5:180--203.

Hommes, C. (2001). Financial markets as complex adaptive evolutionary systems Quantitative Finance, 1:149--167.

Hommes, C. (2001). Bookreview: Nonlinear Dynamics. A primer [Review of: A. Medio, M. Lines (2001) Nonlinear Dynamics. A primer] De Economist, 152:.

Dechert, W. and Hommes, C. (2000). Complex Nonlinear Dynamics and Computational Methods Journal of Economic Dynamics and Control, 24:651--662.

Goeree, W. and Hommes, C. (2000). Heterogeneous beliefs and the non-linear cobweb model Journal of Economic Dynamics and Control, 24:761--798.

Hommes, C. (1999). Book review: Economic Dynamics. Phase diagrams and their economic application [Review of: Economic Dynamics. Phase diagrams and their economic application] De Economist, 147:.

Goeree, J., Hommes, C. and Weddepohl, H. (1998). Stability and complex dynamics in a discrete tatonnement model Journal of Economic Behavior and Organization, 33:395--410.

Hommes, C. (1998). On the consistency of backward looking expectations. The case of the cobweb Journal of Economic Behavior and Organization, 33:333--362.

Brock, W. and Hommes, C. (1998). Heterogeneous beliefs and routes to chaos in a simple asset pricing model Journal of Economic Dynamics and Control, 22:1235--1274.

Hommes, C. and Sorger, G. (1998). Consistent Expectations. Equilibria Macroeconomic Dynamics, 2:287--321.

Feichtinger, G., Hommes, C. and Milik, A. (1997). Chaotic consumption patterns in a simple 2-D addiction model. Economic Theory, 10:147--173.

Brock, W. and Hommes, C. (1997). A rational route to randomness Econometrica, 65:1059--1095.

Hommes, C. (1996). Book review: Chaotic dynamics. Theory and applications to economics [Review of: A. Medio. Chaotic dynamics. Theory and applications to economics] De Economist, 144(4):.

Hommes, C. and van Eekelen, A. (1996). Partial equilibrium analysis in a noisy chaotic market. Economics Letters, 53:275--282.

Hommes, C., Nusse, H. and Simonovits, A. (1995). Cycles and chaos in a socialist economy Journal of Economic Dynamics and Control, 19:155--179.

Hommes, C. (1995). A reconsideration of Hicks' non-linear trade cycle model Structural Change and Economic Dynamics, 6:435--459.

Hommes, C. (1994). Dynamics of the cobweb model with adaptive expectations and non-linear supply and demand Journal of Economic Behavior and Organization, 24(3):315--335.

Hommes, C. (1994). Cobweb dynamics under bounded rationality Journal of Economic Behavior and Organization, 24(3):315--336.

Hommes, C. (1993). Book review: Chaos and order in the capital markets. A new view of cycles, prices andmarket volatility [Review of: E.E. Peters. Chaos and order in the capital markets. A new view of cycles, prices andmarket volatility] De Economist, 141(4):.

Hommes, C. (1993). Periodic, almost periodic and chaotic dynamics in Hicks' nonlinear trade cycle Economics Letters, 41(4):391--397.

Hommes, C. (1993). Periodic, almost periodic and chaotic dynamics in Hicks nonlinear trade cycle model Economics Letters, 41:391--397.

Hommes, C. (1991). Adaptive learning and roads to chaos: the case of the cobweb Economics Letters, 36(2):127--132.

Hommes, C. and Nusse, H. (1991). 'Period three to period two' bifurcation for piecewise linear models Journal of Economics, 54:157--169.

Nusse, H.E. and Hommes, C.H. (1990). Resolution of chaos with application to a modified Samuelson model Journal of Economic Dynamics and Control, 14(1):1--19.

Hommes, C. and Nusse, H. (1989). Does an unstable Keynesian unemployment equilibrium in a non-Walrasian dynamic macromodel imply chaos? The Scandinavian Journal of Economics, 91:161--167.