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theory. Finally, a focus on efficiency leads economists to ask questions that other social sciences ignore. These ingredients …
Persistent link: https://www.econbiz.de/10014174221
theory. Finally, a focus on efficiency leads economists to ask questions that other social sciences ignore. These ingredients …
Persistent link: https://www.econbiz.de/10013311631
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/10013237578
For a long while after the explosion of macroeconomics in the 1970s, the field looked like a battlefield. Over time however, largely because facts do not go away, a largely shared vision both of fluctuations and of methodology has emerged. Not everything is fine. Like all revolutions, this one...
Persistent link: https://www.econbiz.de/10012770587
This essay examines the idea and potential of a computational approach to theory,' discusses methodological issues … and the exposition of computational results. We argue that the study of a theory need not be confined to proving theorems …
Persistent link: https://www.econbiz.de/10013217963
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 …—evidence that the theory has a life of its own, directing researchers to essentially the same conclusions when they apply its …
Persistent link: https://www.econbiz.de/10012986686
abandonment of economic theory in applied work in the “experimentalist paradigm.” We document the changes implied by the changing …-55, 1974-75 and 2007-08. We also show that, despite the partial abandonment of theory by applied microeconomists, the labor …
Persistent link: https://www.econbiz.de/10012992138
Does an observation constitute stronger evidence for a theory if it was made after rather than before the theory was … formulated, when it may have influenced the theory's construction? Philosophers have discussed this question (of quot … and then constructs a theory) versus structural models with formal econometric tests (where a model is constructed before …
Persistent link: https://www.econbiz.de/10012776741
randomized controlled trials (RCTs) to accumulate credible knowledge of what works, without over-reliance on questionable theory …
Persistent link: https://www.econbiz.de/10012757925
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/10012758420