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Causality in macroeconometrics: some considerations about reductionism and realism

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Alessio Moneta

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Abstract

This paper investigates the varieties of reductionism and realism about causal relations in macroeconometrics. There are two issues, which are kept distinct in the analysis but which are interrelated in the development of econometrics. The first one is the question of the reducibility of causal relations to regularities, measured in statistics by correlations. The second one is the question of the reducibility of causes among macroeconomic aggregates to microeconomic behaviour. It is argued that there is a continuum of possible positions between realism and reductionism for both the questions, but, as far as the second question is concerned, the dominant position of mainstream macroeconometrics is strongly reductionist. The paper defends an integrative approach that emphasizes the gradual nature of many real world cases.

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Article provided by Taylor and Francis Journals in its journal Journal of Economic Methodology.

Volume (Year): 12 (2005)
Issue (Month): 3 (September)
Pages: 433-453
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Handle: RePEc:taf:jecmet:v:12:y:2005:i:3:p:433-453

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Keywords: causality realism reductionism econometric models identification problem

References listed on IDEAS
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  1. Christopher A. Sims, 1986. "Are forecasting models usable for policy analysis?," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Win, pages 2-16. [Downloadable!]
  2. Leamer, Edward E., 1985. "Vector autoregressions for causal inference?," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 22, pages 255-304. [Downloadable!] (restricted)
  3. Norman R. Swanson & C. W.J. Granger, 1992. "Impulse Response Functions Based on a Causal Approach to Residual Orthogonalizaton in Vector Autoregressions," University of California at San Diego, Economics Working Paper Series 92-50, Department of Economics, UC San Diego. [Downloadable!]
  4. Lucas, Robert Jr, 1976. "Econometric policy evaluation: A critique," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 1, pages 19-46. [Downloadable!] (restricted)
  5. Kirman, Alan P, 1992. "Whom or What Does the Representative Individual Represent?," Journal of Economic Perspectives, American Economic Association, vol. 6(2), pages 117-36, Spring. [Downloadable!] (restricted)
  6. Selva Demiralp & Kevin D. Hoover, 2003. "Searching for the Causal Structure of a Vector Autoregression," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 65(s1), pages 745-767, December. [Downloadable!] (restricted)
  7. Bernanke, Ben S., 1986. "Alternative explanations of the money-income correlation," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 25, pages 49-99. [Downloadable!] (restricted)
  8. Ben S. Bernanke, 1986. "Alternative Explanations of the Money-Income Correlation," NBER Working Papers 1842, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  9. Titus O. Awokuse & David A. Bessler, 2003. "Vector Autoregressions, Policy Analysis, and Directed Acyclic Graphs: An Application to the U.S. Economy," Journal of Applied Economics, Universidad del CEMA, vol. 0, pages 1-24, May. [Downloadable!]
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Piero Ferri & Anna Maria Variato, 2007. "Macro Dynamics in a Model with Uncertainty," Working Papers 0704, University of Bergamo, Department of Economics. [Downloadable!]
  2. Alexander Coad & Rekha Rao, 2007. "Firm Growth and R&D Expenditure," Papers on Econonmics and Evolution 2007-10, Max Planck Institute of Economics, Evolutionary Economics Group. [Downloadable!]
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