All economists say that they want to take their models to the data. But with incomplete and highly imperfect data, doing so is difficult and requires carefully matching the assumptions of the model with the statistical properties of the data. The cointegrated VAR (CVAR) offers a way of doing so....

This paper provides an empirical investigation of the wage, price and unemployment dynamics that have taken place in Spain during the last two decades. The aim of this paper is to shed light on the impact of the European economic integration on Spanish labour market and the convergence to a...

Two methodological approaches to empirical economics which are labelled 'theory first' versus 'reality first' are introduced building the background for the discussion of the individual contributions to this special issue.

This survey paper discusses the Cointegrated Vector AutoRegressive (CVAR) methodology and how it has evolved over the past 30 years. It describes major steps in the econometric development, discusses problems to be solved when confronting theory with the data, and, as a solution, proposes a...

This paper argues that the DSGE approach to macroeconometrics is the dominant approach because it meets the institutional needs of the replicator dynamics of the profession, not because it is necessarily the best way to do macroeconometrics. It further argues that this 'DSGE theory-first'...

The paper discusses the impact of the financial crisis on macroeconomics and on research into financial markets. The cornerstones of the economic mainstream were made obsolete by actual developments in recent years, and there are now signs that a fundamental paradigm shift is possible. After the...

This paper presents a generalization of Varian's original contribution on disequilibrium models characterized by sequential trading. By building up the model on the differentiation of regimes we make the subject more easily comparable to standard disequilibrium models. Compared to the latter...

In this paper an inflationary regime is added to the Metzlerian inventory cycle model. It is shown that for all originally instable parameter values the time paths are stabilized to limit cycle oscillations between the Keynesian and the inflationary regimes. This result is due to the fact that...

Bundeswirtschaftsministerin Brigitte Zypries hat beklagt, dass die Gesundheitswirtschaft zu den am wenigsten digitalisierten Branchen gehört, obwohl schon im Januar 2016 ein E-Health-Gesetz in Kraft getreten ist. Die Digitalisierung umfasst dabei verschiedene Bereiche: von der elektronischen...