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Man and machine in macroeconomics
Hoover, Kevin D. - 2012
The potted histories of macroeconomics textbooks are typically Keynes-centric. Keynes is credited with founding … classical macroeconomics) to Keynes. The real story is more complicated and involves at least two distinct threads. Keynes was … central. Keynes's vision of macroeconomics is better described as "medical." It is based in human psychology and individual …
Persistent link: https://www.econbiz.de/10011708002
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Microfoundational programs
Hoover, Kevin D. - 2010 - Revised, 16 May 2010
distinction was drawn quite independently of Keynes, yet Keynes's General Theory led to its widespread adoption. The question of … directly in Keynes's own theorizing in the General Theory; a fixed-price general-equilibrium theory, which includes some work …
Persistent link: https://www.econbiz.de/10011603312
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Macroeconometric modeling as a "photographic description of reality" or as an "engine for the discovery of concrete truth"? : Friedman and Klein on statistical illusions
Pinzón-Fuchs, Erich - 2016
This paper discusses a longstanding debate between two empirical approaches to macroeconomics: the econometrics program represented by Lawrence R. Klein, and the statistical economics program represented by Milton Friedman. I argue that the differences between these two approaches do not consist...
Persistent link: https://www.econbiz.de/10011609690
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Macroeconometric modeling and the SSRC's Committee on Economic Stability, 1959-1963
Acosta, Juan; Pinzón-Fuchs, Erich - 2018
We study the construction of the macroeconometric model of the Committee on Economic Stability (CES) of the Social Science Research Council (SSRC) in the early 1960s using the CES's archival records. Building this model was central not only to set the bases for the subsequent construction of...
Persistent link: https://www.econbiz.de/10011843348
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A macroeconometric model for Russia
Bolatbayeva, Aizhan; Tolepbergen, Alisher; Abilov, Nurdaulet - In: Russian journal of economics 6 (2020) 2, pp. 114-143
The paper outlines a structural macroeconometric model for the economy of Russia. The aim of the research is to analyze how the domestic economy functions, generate forecasts for important macroeconomic indicators and evaluate the responses of main endogenous variables to various shocks. The...
Persistent link: https://www.econbiz.de/10012265606
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Aggregate Structural Macroeconomic Modelling : A Reconsideration and Defence
Setterfield, Mark - 2012
Aggregate structural macroeconomic modelling (ASMM) is frequently criticized for being ad hoc and justified (if at all) only as a pragmatic expedient. This paper argues instead that ASMM is consistent with the principles of well-established bodies of social theory. Appeal to these principles...
Persistent link: https://www.econbiz.de/10013101801
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Household Heterogeneity in Macroeconomic Models : A Historical Perspective
Cherrier, Beatrice; Garcia Duarte, Pedro; Saïdi, Aurélien - 2022
In this paper, we trace the rise of heterogeneous household models in mainstream macroeconomics from the turn of the 1980s to the early 2000s, at the moment when this set of models became an identifiable consistent literature. We show that different communities across the US and Europe...
Persistent link: https://www.econbiz.de/10014243388
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A model to "make decisions and take actions"
Halsmayer, Verena - 2017 - Draft version
The 1960s were the glorious age of large-scale, "economy-wide" macroeconometric models, which enabled forecasts and simulations of the quantitative effects of certain policy changes within systems of simultaneous equations. This paper is concerned (1) with the form and character of the kind of...
Persistent link: https://www.econbiz.de/10011610699
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Models, truth, and analytic inference in economics
Hoover, Kevin D. - 2019 - Revised, 31 December 2018
A popular view of models among economists and philosophers alike is that all models are false, but some are useful. Models are frequently treated as convenient fictions, idealizations, stories about credible worlds, or "near enough" to the truth. But such a understandings pose serious questions,...
Persistent link: https://www.econbiz.de/10011950334
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A Macroeconometric Model for Kazakhstan
Abilov, Nurdaulet - 2019
The paper builds a structural macroeconometric model for Kazakhstan to generate short-term and medium-term forecasts for main macroeconomic variables and conduct scenario analyses based on dynamic simulation of the model. Due to the poor quality of quarterly data on GDP and its expenditure...
Persistent link: https://www.econbiz.de/10012858537