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The methodology of modern macroeconomics and the descriptive approach to discounting
Vermeylen, Koen - 2013
Critics of modern macroeconomics often raise concerns about unwarranted welfare conclusions and data mining. This paper illustrates these concerns with a thought experiment, based on the debate in environmental economics about the appropriate discount rate in climate change analyses: I set up an...
Persistent link: https://www.econbiz.de/10010226540
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The Methodology of Modern Macroeconomics and the Descriptive Approach to Discounting
Vermeylen, Koen - 2013
Critics of modern macroeconomics often raise concerns about unwarranted welfare conclusions and data mining. This paper illustrates these concerns with a thought experiment, based on the debate in environmental economics about the appropriate discount rate in climate change analyses: I set up an...
Persistent link: https://www.econbiz.de/10014150718
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Recent Developments in Macroeconomics : The DSGE Approach to Business Cycle in Perspective
Garcia Duarte, Pedro - 2017
I survey the so-called "new neoclassical synthesis" literature (that emerged allegedly as a synthesis between the real business cycle and the new Keynesian literatures) and its ubiquitous dynamic stochastic general equilibrium (DGSE) model, emphasizing the current practices in it. This includes...
Persistent link: https://www.econbiz.de/10012976188
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Reassessing contemporary macroeconomics on methodological grounds : a Weberian approach
Galbács, Peter - 2016
Through this paper I try to join the lively debate around mainstream economics with a view to calling attention to some methodological aspects. It is aimed at outlining an interpretation based on Max Weber's traditional neoclassical methodology that can help us to find the adequate territory of...
Persistent link: https://www.econbiz.de/10011609829
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It Is Not Possible to Fix the Misleading Analysis Contained in the History of Economic Thought Website of the Hicks -Hansen Version of the IS-LM Model If One Is Seeking to Grasp Ke...
Brady, Michael Emmett - 2021
Keynes’s IS-LM model in the General Theory, defined in (r,Y) space and contained in chapter 21 in Part IV on pp. 298 …-299 of the General Theory, was derived from the underlying D-Z model of Chapter 20 that incorporated expectations and … ASC occurs two times in the General Theory. The first derivation is contained in ft. 2 of pp. 55-56 of the General Theory …
Persistent link: https://www.econbiz.de/10013250962
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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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Allowing the Data to Speak Freely : The Macroeconometrics of the Cointegrated Vector Autoregression
Hoover, Kevin D. - 2008
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...
Persistent link: https://www.econbiz.de/10012726093
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Economics and reality
Uhlig, Harald - In: Journal of Macroeconomics 34 (2012) 1, pp. 29-41
thinking and theory. In particular, which role do calibration, statistical inference, and structural change play? What is the …
Persistent link: https://www.econbiz.de/10010574762
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Between Walras and Marshall : Menger's Third Way
Glasner, David - 2021
. Given the failure of neoclassical theory to explain the Great Depression, Keynes proposed an explanation of involuntary …. Lacking microfoundations consistent with Walrasian theory, the neoclassical synthesis collapsed. But Walrasian GE theory …
Persistent link: https://www.econbiz.de/10013313855
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Emigration with a pulled handbrake : Friedrich A. Lutz's internal Methodenstreit
Grudev, Lachezar - 2021
Zurich, where he taught history and theory of socioeconomics for the rest of his life, that Lutz could reconcile this …
Persistent link: https://www.econbiz.de/10012522554