Economists, Incentives, Judgement and Empirical Work
AbstractThis 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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Bibliographic InfoPaper provided by Middlebury College, Department of Economics in its series Middlebury College Working Paper Series with number 0806.
Length: 13 pages
Date of creation: Jun 2008
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Other versions of this item:
- Colander, David C., 2008. "Economists, Incentives, Judgment, and Empirical Work," Economics Discussion Papers 2008-12, Kiel Institute for the World Economy.
- B4 - Schools of Economic Thought and Methodology - - Economic Methodology
This paper has been announced in the following NEP Reports:
- NEP-ALL-2008-07-14 (All new papers)
- NEP-ECM-2008-07-14 (Econometrics)
- NEP-HPE-2008-07-14 (History & Philosophy of Economics)
- NEP-SOG-2008-07-14 (Sociology of Economics)
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