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Does economics add up? An introduction to meta-regression analysis

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  • T.D. Stanley

    (Hendrix College)

Abstract

Meta-analysis is the statistical analysis of an entire empirical literature. It seeks to summarize, evaluate and analyse what we know about a given empirical question, phenomenon, or effect. Meta-regression analysis (MRA) is meta-econometrics, uses the very tools that produce economics research, and provides a rigorous, objective alternative to conventional narrative reviews in economics. MRA often reveals surprising truths about economics. To illustrate these methods, I discuss meta-analyses of the employment effect of the minimum wage, efficiency wages, the natural rate hypothesis and unemployment hysteresis, the last two of which provide a rigorous, empirical falsification of the natural rate hypothesis.

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Bibliographic Info

Article provided by Edward Elgar in its journal European Journal of Economics and Economic Policies: Intervention.

Volume (Year): 10 (2013)
Issue (Month): 2 ()
Pages: 207-220

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Handle: RePEc:elg:ejeepi:v:10:y:2013:i:2:p207-220

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Web page: http://www.elgaronline.com/ejeep

Related research

Keywords: meta-regression analysis; empirical economics; minimum wage; efficiency wage; natural rate hypothesis;

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References

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  1. Nijkamp, Peter & Poot, Jacques, 2004. "Meta-analysis of the effect of fiscal policies on long-run growth," European Journal of Political Economy, Elsevier, vol. 20(1), pages 91-124, March.
  2. Olivier J. Blanchard & Lawrence H. Summers, 1986. "Hysteresis and the European Unemployment Problem," Working papers 427, Massachusetts Institute of Technology (MIT), Department of Economics.
  3. Akerlof, George A, 1982. "Labor Contracts as Partial Gift Exchange," The Quarterly Journal of Economics, MIT Press, vol. 97(4), pages 543-69, November.
  4. Tomáš Havránek, 2010. "Rose effect and the euro: is the magic gone?," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 146(2), pages 241-261, June.
  5. Marek Rusnák & Tomáš Havránek & Roman Horváth, 2011. "How to Solve the Price Puzzle? A Meta-Analysis," Working Papers IES 2011/24, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised Jul 2011.
  6. T.D. Stanley & Hristos Doucouliagos & Margaret Giles & Jost H. Heckemeyer & Robert J. Johnston & Patrice Laroche & Jon P. Nelson & Martin Paldam & Jacques Poot & Geoff Pugh & Randall S. Rosenberger & , 2013. "Meta-Analysis Of Economics Research Reporting Guidelines," Journal of Economic Surveys, Wiley Blackwell, vol. 27(2), pages 390-394, 04.
  7. Jeroen Klomp & Jakob de Haan, 2010. "Inflation And Central Bank Independence: A Meta-Regression Analysis," Journal of Economic Surveys, Wiley Blackwell, vol. 24(4), pages 593-621, 09.
  8. Card, David & Krueger, Alan B, 1995. "Time-Series Minimum-Wage Studies: A Meta-analysis," American Economic Review, American Economic Association, vol. 85(2), pages 238-43, May.
  9. Eric Krassoi Peach & T. Stanley, 2009. "Efficiency Wages, Productivity and Simultaneity: A Meta-Regression Analysis," Journal of Labor Research, Springer, vol. 30(3), pages 262-268, September.
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