The M2 monetary aggregate is monitored by the Federal Reserve, using a broad brush theoretical analysis and an informal empirical analysis. This paper illustrates empirical identification of an eleven-variable system, in which M2 and the factors that the Fed regards as causes and effects are...

"Microfoundations for macroeconomics" has become the ideological banner of macroeconomics since the 1970s. While often associated with methodological individualism, the paper argues that the true impetus is ontological - a fear that economics that does link aggregate behavior tightly to...

In 'The Vanity of the Philosophers,' David Levy and Sandra Peart reconsider "post-classical" economics from the vantage point of Adam Smith's "analytical" egalitarianism. Analytical egalitarianism is assumed, not proved; and Levy and Peart's criticisms of many 19th- and early 20th-century...

Each chapter of Macroeconometrics is written by respected econometricians in order to provide useful information and perspectives for those who wish to apply econometrics in macroeconomics. The chapters are all written with clear methodological perspectives, making the virtues and limitations of...

Modern growth theory derives mostly from Robert Solow's “A Contribution to the Theory of Economic Growth” (1956). Solow's own interpretation locates the origins of his “Contribution” in his view that the growth model of Roy Harrod implied a tendency toward progressive collapse of the...

The paper provides a careful, analytical account of Trygve Haavelmo's unsystematic, but important, use of the analogy between controlled experiments common in the natural sciences and econometric techniques. The experimental analogy forms the linchpin of the methodology for passive observation...