Showing 1 - 10 of 35
Modern growth theory derives mostly from Robert Solow's "A Contribution to the Theory of Economic Growth" (1956). Solow's own interpretation locates the origins of his "Contribution" in his view that the growth model of Roy Harrod implied a tendency toward progressive collapse of the economy. He...
Persistent link: https://www.econbiz.de/10011592190
A review essay of Roman Frydman & Michael D. Goldberg's Beyond Mechanical Markets: Asset Price Swings, Risk, and the Role of the State.
Persistent link: https://www.econbiz.de/10011592191
The paper is a keynote lecture from the Tilburg-Madrid Conference on Hypothesis Tests: Foundations and Applications at the Universidad Nacional de EducaciĆ³n a Distancia (UNED) Madrid, Spain, 15-16 December 2011. It addresses the role of tests of statistical hypotheses (specification tests) in...
Persistent link: https://www.econbiz.de/10011592192
Trygve Haavelmo's The Probability Approach in Econometrics (1944) has been widely regarded as the foundation document of modern econometrics. Nevertheless, its significance has been interpreted in widely different ways. Some modern economists regard it as a blueprint for a provocative, but...
Persistent link: https://www.econbiz.de/10011592193
The potted histories of macroeconomics textbooks are typically Keynes-centric. Keynes is credited with founding macroeconomics, and the central developments in the field through the early 1970s, including large-scale macroeconometric models are usually termed "Keynesian." The story of...
Persistent link: https://www.econbiz.de/10011592196
Modern growth theory derives mostly from Robert Solow's "A Contribution to the Theory of Economic Growth" (1956). Solow's own interpretation locates the origins of his "Contribution" in his view that the growth model of Roy Harrod implied a tendency toward progressive collapse of the economy. He...
Persistent link: https://www.econbiz.de/10011592200
From its flow tide, fueled by the Cold War, to its ebbing with the anti-growth movement and the economic crises of the early 1970s, the "growthmen" of MIT stood at the center of the dominant field in macroeconomics. The history of MIT growth economics is traced from Solow's seminal neoclassical...
Persistent link: https://www.econbiz.de/10011592202
Although Cournot's mathematical economics was generally neglected until the mid- 1870s, he was taken up and carefully studied by the Scientific Club of Cambridge, Massachusetts even before his "discovery" by Walras and Jevons. The episode is reconstructed from fragmentary manuscripts of the...
Persistent link: https://www.econbiz.de/10011592210
A review of J.E. King's The Microfoundations Delusion: Metaphor and Dogma in the History of Macroeconomics.
Persistent link: https://www.econbiz.de/10011592211
Modern empirical macroeconomic models, known as structural autoregressions (SVARs) are dynamic models that typically claim to represent a causal order among contemporaneously valued variables and to merely represent non-structural (reduced-form) co-occurence between lagged variables and...
Persistent link: https://www.econbiz.de/10011592213