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Some Notes on the Scientific Methods of Simon Kuznets
Fogel, Robert W. - 1987
on his approach to measurement and theory. The paper closes with the transcription of a brief autobiographical talk by …
Persistent link: https://www.econbiz.de/10012476606
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Economic Imperialism
Lazear, Edward P. - 1999
theory. Finally, a focus on efficiency leads economists to ask questions that other social sciences ignore. These ingredients …
Persistent link: https://www.econbiz.de/10012471484
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RBC Methodology and the Development of Aggregate Economic Theory
Prescott, Edward C. - 2016
This essay reviews the development of neoclassical growth theory, a unified theory of aggregate economic phenomena that … was first used to study business cycles and aggregate labor supply. Subsequently, the theory has been used to understand … methodology to address various quantitative questions come up with essentially the same answer--evidence that the theory has a …
Persistent link: https://www.econbiz.de/10012456255
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DSGE Models for Monetary Policy Analysis
Christiano, Lawrence J. - 2010
Monetary DSGE models are widely used because they fit the data well and they can be used to address important monetary policy questions. We provide a selective review of these developments. Policy analysis with DSGE models requires using data to assign numerical values to model parameters. The...
Persistent link: https://www.econbiz.de/10012462581
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Decomposition Methods in Economics
Fortin, Nicole - 2010
This chapter provides a comprehensive overview of decomposition methods that have been developed since the seminal work of Oaxaca and Blinder in the early 1970s. These methods are used to decompose the difference in a distributional statistic between two groups, or its change over time, into...
Persistent link: https://www.econbiz.de/10012462607
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Instruments of development : Randomization in the tropics, and the search for the elusive keys to economic development
Deaton, Angus S. - 2009
randomized controlled trials (RCTs) to accumulate credible knowledge of what works, without over-reliance on questionable theory …
Persistent link: https://www.econbiz.de/10012463957
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New Keynesian Models : Not Yet Useful for Policy Analysis
Chari, V.V. - 2008
Macroeconomists have largely converged on method, model design, reduced-form shocks, and principles of policy advice. Our main disagreements today are about implementing the methodology. Some think New Keynesian models are ready to be used for quarter-to-quarter quantitative policy advice; we do...
Persistent link: https://www.econbiz.de/10012464338
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Modeling the Long Run : Valuation in Dynamic Stochastic Economies
Hansen, Lars Peter - 2008
I explore the equilibrium value implications of economic models that incorporate reactions to a stochastic environment. I propose a dynamic value decomposition (DVD) designed to distinguish components of an underlying economic model that influence values over long horizons from components that...
Persistent link: https://www.econbiz.de/10012464404
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Will Monetary Policy Become More of a Science?
Mishkin, Frederic S. - 2007
This paper reviews the progress that the science of monetary policy has made over recent decades. This progress has significantly expanded the degree to which the practice of monetary policy reflects the application of a core set of "scientific principles". However, there remains, and will...
Persistent link: https://www.econbiz.de/10012465081
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Methodological Frontiers of Public Finance Field Experiments
Kling, Jeffrey R. - 2007
The purpose of this article is to demonstrate how a rich array of methods can be applied to increase the relevance of field experiments in public economics. Two cross-cutting themes are important in multiple phases of the research. First, greater statistical sophistication can draw more value...
Persistent link: https://www.econbiz.de/10012465725