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Economists, Incentives, Judgement and Empirical Work

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Dave Colander ()

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Abstract

This paper asks the question: Why has the “general-to-specific” cointegrated VAR approach as developed in Europe had only limited success in the US as a tool for doing empirical macroeconomics, where what might be called a “theory comes first” approach dominates? The reason this paper highlights is the incompatibility of the European approach with the US focus on the journal publication metric for advancement. Specifically, the European “general-to specific” cointegrated VAR approach requires researcher judgment to be part of the analysis, and the US focus on a journal publication metric discourages such research methods. The US “theory comes first” approach fits much better with the journal publication metric.

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File URL: http://www.middlebury.edu/services/econ/repec/mdl/ancoec/0806.pdf
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Paper provided by Middlebury College, Department of Economics in its series Middlebury College Working Paper Series with number 0806.

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Length: 13 pages
Date of creation: Jun 2008
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Handle: RePEc:mdl:mdlpap:0806

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  1. Deirdre N. McCloskey & Stephen T. Ziliak, 1996. "The Standard Error of Regressions," Journal of Economic Literature, American Economic Association, vol. 34(1), pages 97-114, March. [Downloadable!] (restricted)
  2. Cooley, Thomas F & LeRoy, Stephen F, 1981. "Identification and Estimation of Money Demand," American Economic Review, American Economic Association, vol. 71(5), pages 825-44, December. [Downloadable!] (restricted)
  3. Kirman, Alan & Dahl, Mogens, 1994. "Economic research in Europe," European Economic Review, Elsevier, vol. 38(3-4), pages 505-522, April. [Downloadable!] (restricted)
  4. Colander, David & Klamer, Arjo, 1987. "The Making of an Economist," Journal of Economic Perspectives, American Economic Association, vol. 1(2), pages 95-111, Fall. [Downloadable!] (restricted)
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  5. Leamer, Edward E, 1983. "Let's Take the Con Out of Econometrics," American Economic Review, American Economic Association, vol. 73(1), pages 31-43, March. [Downloadable!] (restricted)
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  6. Sauer, Raymond D, 1988. "Estimates of the Returns to Quality and Coauthorship in Economic Academia," Journal of Political Economy, University of Chicago Press, vol. 96(4), pages 855-66, August. [Downloadable!] (restricted)
  7. Dewald, William G & Thursby, Jerry G & Anderson, Richard G, 1986. "Replication in Empirical Economics: The Journal of Money, Credit and Banking Project," American Economic Review, American Economic Association, vol. 76(4), pages 587-603, September. [Downloadable!] (restricted)
  8. Frey, Bruno S & Eichenberger, Reiner, 1993. "American and European Economics and Economists," Journal of Economic Perspectives, American Economic Association, vol. 7(4), pages 185-93, Fall. [Downloadable!] (restricted)
  9. Julia Campos & Neil R. Ericsson & David F. Hendry, 2005. "General-to-specific modeling: an overview and selected bibliography," International Finance Discussion Papers 838, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
  10. Peter N. Ireland, 1999. "A method for taking models to the data," Working Paper 9903, Federal Reserve Bank of Cleveland. [Downloadable!]
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  11. Colander, David, 1989. "Research on the Economics Profession," Journal of Economic Perspectives, American Economic Association, vol. 3(4), pages 137-48, Fall. [Downloadable!] (restricted)
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  1. Spanos, Aris, 2008. "The 'Pre-Eminence of Theory' versus the 'General-to-Specific' Cointegrated VAR Perspectives in Macro-Econometric Modeling," Economics Discussion Papers 2008-25, Kiel Institute for the World Economy. [Downloadable!]
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