AbstractMacroeconomics is at a crossroads. The call of real science isdrawing it forward to a degree that is without precedent in thehistory of the field. But the field s origins are related to theexceptional policy relevance of macroeconomics, and the fieldcontinues to be pressed for answers to difficult policy problems thatsometimes are beyond the current capabilities of the field.Continuing tensions exist between policy demands and the constraintsof systematic, rigorous scientific development. A commonly mentionedexample is the increasing size of structural macroeconometric models.While highly regarded in many governments, those massive models aregreeted with skepticism by the best economics journals.
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Bibliographic InfoArticle provided by Cambridge University Press in its journal Macroeconomic Dynamics.
Volume (Year): 1 (1997)
Issue (Month): 01 (January)
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