Modeling, Evaluation, and Methodology in the New Century
AbstractThe modern world has influenced the approach to empirical modeling and consequently the approach to methodology in general. The question of whether to base a model on an economic theory is easier when several models can be constructed, but an empirical evaluation analysis is required. Starting with a widely specified model and using a reduction procedure is currently a popular process; it is unclear if the reduction should be to a single or to a few alternatives. New methodologies are required for conditional predictive distributions, which are the models of the future. (JEL B41, C50) Copyright 2005, Oxford University Press.
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Bibliographic InfoArticle provided by Western Economic Association International in its journal Economic Inquiry.
Volume (Year): 43 (2005)
Issue (Month): 1 (January)
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Find related papers by JEL classification:
- B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
- C50 - Mathematical and Quantitative Methods - - Econometric Modeling - - - General
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- Jumah, Adusei & Kunst, Robert M., 2008. "Optimizing Time-series Forecasts for Inflation and Interest Rates Using Simulation and Model Averaging," Economics Series 231, Institute for Advanced Studies.
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