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Macroeconomics and Methodology

Author

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  • Christopher A. Sims

Abstract

Probabilistic reasoning is essential to discourse in economics. This is true in any discipline in which, as in economics, data collection is constrained and beliefs about the phenomena being studied are crucial to decisions that cannot be delayed. Some economists have recently turned away from form probabilistic inference, in part because of legitimate discontent with the prescriptions of specialized econometricians. However, this turning away has gone in mutually inconsistent directions and is in the long run unsustainable. It should be more widely recognized that careful applied work in macroeconomics, using steadily advancing probabilistic modeling techniques, has been steadily increasing.

Suggested Citation

  • Christopher A. Sims, 1996. "Macroeconomics and Methodology," Journal of Economic Perspectives, American Economic Association, vol. 10(1), pages 105-120, Winter.
  • Handle: RePEc:aea:jecper:v:10:y:1996:i:1:p:105-20
    Note: DOI: 10.1257/jep.10.1.105
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    File URL: http://www.aeaweb.org/articles.php?doi=10.1257/jep.10.1.105
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    References listed on IDEAS

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    1. Martin Eichenbaum & Charles Evans, 1992. "Some empirical evidence on the effects of monetary policy shocks on exchange rates," Working Paper Series, Macroeconomic Issues 92-32, Federal Reserve Bank of Chicago.
    2. Watson, Mark W, 1993. "Measures of Fit for Calibrated Models," Journal of Political Economy, University of Chicago Press, vol. 101(6), pages 1011-1041, December.
    3. McCloskey, Donald N, 1983. "The Rhetoric of Economics," Journal of Economic Literature, American Economic Association, vol. 21(2), pages 481-517, June.
    4. Sims, Christopher A., 1988. "Bayesian skepticism on unit root econometrics," Journal of Economic Dynamics and Control, Elsevier, vol. 12(2-3), pages 463-474.
    5. Christopher A. Sims, 1989. "Models and Their Uses," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 71(2), pages 489-494.
    6. Bernanke, Ben S & Blinder, Alan S, 1992. "The Federal Funds Rate and the Channels of Monetary Transmission," American Economic Review, American Economic Association, vol. 82(4), pages 901-921, September.
    7. Sims, Christopher A, 1972. "Money, Income, and Causality," American Economic Review, American Economic Association, vol. 62(4), pages 540-552, September.
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    More about this item

    JEL classification:

    • C50 - Mathematical and Quantitative Methods - - Econometric Modeling - - - General
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology

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