An explication of the key ideas behind the Cointegrated Vector Autoregression Approach. The CVAR approach is related to Haavelmo's famous quot;Probability Approach in Econometricsquot; (1944). It insists on careful stochastic specification as a necessary groundwork for econometric inference and...

Standard histories of economics usually treat the “marginal revolution” of the midnineteenth century as both supplanting the “classical” economics of Smith and Ricardo and as advancing the idea of economics as a mathematical science. The marginalists – especially Jevons and Walras –...

Economic methodology typically focuses on microeconomic theory. The Methodology of Empirical Macroeconomics breaks new ground by focusing instead on the genuine problems that arise for macroeconomists trying to relate theory to data