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Aggregate structural macroeconomic analysis: a reconsideration and defence


  • Mark Setterfield
  • Shyam Gouri Suresh


Aggregate structural macroeconomic analysis (ASMA) is frequently criticised for being ad hoc and justified (if at all) only as a pragmatic expedient. This paper argues instead that ASMA is consistent with the principles of well-established bodies of social theory. Appeal to these principles reveals that ASMA is adequate and likely even necessary for the successful prosecution of macroeconomic inquiry.

Suggested Citation

  • Mark Setterfield & Shyam Gouri Suresh, 2014. "Aggregate structural macroeconomic analysis: a reconsideration and defence," Working Papers 14-02, Davidson College, Department of Economics.
  • Handle: RePEc:dav:wpaper:14-02

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    Cited by:

    1. Galanis, Giorgos & Veneziani, Roberto & Yoshihara, Naoki, 2016. "Growth, Exploitation and Class Inequalities," Discussion Paper Series 636, Institute of Economic Research, Hitotsubashi University.
    2. Mark Setterfield, 2015. "Won’t Get Fooled Again – Or Will We? Monetary Policy, Model Uncertainty, and ‘Policy Model Complacency’," Working Papers 1516, New School for Social Research, Department of Economics, revised Jan 2016.
    3. George Liagouras, 2017. "The challenge of Evo-Devo: implications for evolutionary economists," Journal of Evolutionary Economics, Springer, vol. 27(4), pages 795-823, September.

    More about this item


    Macroeconomics; Microfoundations; Macrofoundations; Aggregate structural relations;
    All these keywords.

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology

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