Economists, Incentives, Judgment, 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 Kiel Institute for the World Economy in its series Economics Discussion Papers with number 2008-12.
Date of creation: 2008
Date of revision:
Incentives; empirical work; econometrics; methodology; cointegration; VAR;
Other versions of this item:
- Dave Colander, 2008. "Economists, Incentives, Judgement and Empirical Work," Middlebury College Working Paper Series 0806, Middlebury College, Department of Economics.
- B4 - Schools of Economic Thought and Methodology - - Economic Methodology
This paper has been announced in the following NEP Reports:
- NEP-ALL-2008-04-29 (All new papers)
- NEP-CBA-2008-04-29 (Central Banking)
- NEP-ECM-2008-04-29 (Econometrics)
- NEP-HPE-2008-04-29 (History & Philosophy of Economics)
- NEP-PKE-2008-04-29 (Post Keynesian Economics)
- NEP-SOG-2008-04-29 (Sociology of Economics)
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