Modeling, Evaluation, and Methodology in the New Century
Abstract
The 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.Download Info
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Bibliographic Info
Article provided by Western Economic Association International in its journal Economic Inquiry.
Volume (Year): 43 (2005)
Issue (Month): 1 (January)
Pages: 1-12
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Related research
Keywords: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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Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.Cited by:
- 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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