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Does economics add up? An introduction to meta-regression analysis

  • T.D. Stanley

    (Hendrix College)

Meta-analysis is the statistical analysis of an entire empirical literature. It seeks to summarize, evaluate and analyse what we know about a given empirical question, phenomenon, or effect. Meta-regression analysis (MRA) is meta-econometrics, uses the very tools that produce economics research, and provides a rigorous, objective alternative to conventional narrative reviews in economics. MRA often reveals surprising truths about economics. To illustrate these methods, I discuss meta-analyses of the employment effect of the minimum wage, efficiency wages, the natural rate hypothesis and unemployment hysteresis, the last two of which provide a rigorous, empirical falsification of the natural rate hypothesis.

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Article provided by Edward Elgar Publishing in its journal European Journal of Economics and Economic Policies: Intervention.

Volume (Year): 10 (2013)
Issue (Month): 2 ()
Pages: 207-220

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Handle: RePEc:elg:ejeepi:v:10:y:2013:i:2:p207-220
Contact details of provider: Web page: http://www.elgaronline.com/ejeep

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  1. Marek Rusnak & Tomas Havranek & Roman Horvath, 2011. "How to Solve the Price Puzzle? A Meta-Analysis," CERGE-EI Working Papers wp446, The Center for Economic Research and Graduate Education - Economics Institute, Prague.
  2. T. D. Stanley & Stephen B. Jarrell, 2005. "Meta-Regression Analysis: A Quantitative Method of Literature Surveys," Journal of Economic Surveys, Wiley Blackwell, vol. 19(3), pages 299-308, 07.
  3. Akerlof, George A., 2001. "Behavioral Macroeconomics and Macroeconomic Behavior," Nobel Prize in Economics documents 2001-4, Nobel Prize Committee.
  4. T. D. Stanley, 2005. "Integrating the Empirical Tests of the Natural Rate Hypothesis: A Meta-Regression Analysis," Kyklos, Wiley Blackwell, vol. 58(4), pages 611-634, November.
  5. T.D. Stanley & Stephen B. Jarrell & Hristos Doucouliagos, 2009. "Could It Be Better to Discard 90% of the Data? A Statistical Paradox," Economics Series 2009_13, Deakin University, Faculty of Business and Law, School of Accounting, Economics and Finance.
  6. Jeroen Klomp & Jakob de Haan, 2010. "Inflation And Central Bank Independence: A Meta-Regression Analysis," Journal of Economic Surveys, Wiley Blackwell, vol. 24(4), pages 593-621, 09.
  7. Eric Krassoi Peach & T. Stanley, 2009. "Efficiency Wages, Productivity and Simultaneity: A Meta-Regression Analysis," Journal of Labor Research, Springer, vol. 30(3), pages 262-268, September.
  8. Havranek, Tomas, 2009. "Rose Effect and the Euro: Is the Magic Gone?," MPRA Paper 18479, University Library of Munich, Germany, revised 07 Nov 2009.
  9. Hristos Doucouliagos & T. D. Stanley, 2009. "Publication Selection Bias in Minimum-Wage Research? A Meta-Regression Analysis," British Journal of Industrial Relations, London School of Economics, vol. 47(2), pages 406-428, 06.
  10. Nijkamp, Peter & Poot, Jacques, 2004. "Meta-analysis of the effect of fiscal policies on long-run growth," European Journal of Political Economy, Elsevier, vol. 20(1), pages 91-124, March.
  11. Olivier J. Blanchard & Lawrence H. Summers, 1986. "Hysteresis and the European Unemployment Problem," NBER Chapters, in: NBER Macroeconomics Annual 1986, Volume 1, pages 15-90 National Bureau of Economic Research, Inc.
  12. Avi J. Cohen, 2003. "Retrospectives: Whatever Happened to the Cambridge Capital Theory Controversies?," Journal of Economic Perspectives, American Economic Association, vol. 17(1), pages 199-214, Winter.
  13. T. D. Stanley, 2001. "Wheat from Chaff: Meta-analysis as Quantitative Literature Review," Journal of Economic Perspectives, American Economic Association, vol. 15(3), pages 131-150, Summer.
  14. T.D. Stanley & Hristos Doucouliagos & Margaret Giles & Jost H. Heckemeyer & Robert J. Johnston & Patrice Laroche & Jon P. Nelson & Martin Paldam & Jacques Poot & Geoff Pugh & Randall S. Rosenberger & , 2013. "Meta-analysis of Economics Research Reporting Guidelines," Post-Print hal-01369455, HAL.
  15. Card, David & Krueger, Alan B, 1995. "Time-Series Minimum-Wage Studies: A Meta-analysis," American Economic Review, American Economic Association, vol. 85(2), pages 238-43, May.
  16. T. D. Stanley, 2004. "Does unemployment hysteresis falsify the natural rate hypothesis? a meta-regression analysis," Journal of Economic Surveys, Wiley Blackwell, vol. 18(4), pages 589-612, 09.
  17. T. D. Stanley, 2002. "When all are NAIRU: hysteresis and behavioural inertia," Applied Economics Letters, Taylor & Francis Journals, vol. 9(11), pages 753-757.
  18. T. D. Stanley, 2008. "Meta-Regression Methods for Detecting and Estimating Empirical Effects in the Presence of Publication Selection," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 70(1), pages 103-127, 02.
  19. George A. Akerlof, 1982. "Labor Contracts as Partial Gift Exchange," The Quarterly Journal of Economics, Oxford University Press, vol. 97(4), pages 543-569.
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