Structural Modeling under Challenge
It is interesting to note that nearly three decades of new paradigms in macroeconomic theory and policy have hardly gone beyond the ivory towers of the academic world. The extent to which a scientific discipline is open to new ideas and approaches is a measure of its health. The enrichment of econometric methodology in recent decades leading to what is some times called "new econometrics" is not only natural but also welcome. The critical question however, is whether the new ideas are an outgrowth of earlier wisdom or a total negation of it. Since this is largely a matter of subjective assessment views would be considerably different.
References listed on IDEAS
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- Cheng Hsiao, 1997. "Statistical Properties of the Two-Stage Least Squares Estimator Under Cointegration," Review of Economic Studies, Oxford University Press, vol. 64(3), pages 385-398.
- Martin Eichenbaum, 1996.
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Federal Reserve Bank of Chicago, issue Jan, pages 22-31.
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- Martin Eichenbaum, 1990. "Real business cycle theory: wisdom or whimsy?," Working Paper Series, Macroeconomic Issues 90-13, Federal Reserve Bank of Chicago.
- Leamer, Edward E, 1983. "Let's Take the Con Out of Econometrics," American Economic Review, American Economic Association, vol. 73(1), pages 31-43, March.
- Edward E. Leamer, 1982. "Let's Take the Con Out of Econometrics," UCLA Economics Working Papers 239, UCLA Department of Economics.
- Benassy, Jean-Pascal, 1990. "Non-Walrasian equilibria, money, and macroeconomics," Handbook of Monetary Economics, in: B. M. Friedman & F. H. Hahn (ed.), Handbook of Monetary Economics, edition 1, volume 1, chapter 4, pages 103-169 Elsevier.
- Benassy Jean-pascal, 1987. "Non-walrasian equilibria money and macroeconomics," CEPREMAP Working Papers (Couverture Orange) 8725, CEPREMAP.
- Sargent, Thomas J. & Wallace, Neil, 1976. "Rational expectations and the theory of economic policy," Journal of Monetary Economics, Elsevier, vol. 2(2), pages 169-183, April.
- Thomas J. Sargent & Neil Wallace, 1974. "Rational expectations and the theory of economic policy," Working Papers 29, Federal Reserve Bank of Minneapolis.
- Sims, Christopher A, 1980. "Macroeconomics and Reality," Econometrica, Econometric Society, vol. 48(1), pages 1-48, January.
- Francis X. Diebold, 1998. "The Past, Present, and Future of Macroeconomic Forecasting," Journal of Economic Perspectives, American Economic Association, vol. 12(2), pages 175-192, Spring.
- Francis X. Diebold, 1997. "The Past, Present, and Future of Macroeconomic Forecasting," NBER Working Papers 6290, National Bureau of Economic Research, Inc.
- Francis X. Diebold, 1997. "The past, present, and future of macroeconomic forecasting," Working Papers 97-20, Federal Reserve Bank of Philadelphia.
- Taylor, John B, 1993. "The Use of the New Macroeconometrics for Policy Formulation," American Economic Review, American Economic Association, vol. 83(2), pages 300-305, May.
- Wojciech W. Charemza & Derek F. Deadman, 1997. "New Directions In Econometric Practice, Second Edition," Books, Edward Elgar Publishing, number 1139.
- Ronald G. Bodkin & Lawrence R. Klein & Kanta Marwah, 1991. "A History of Macroeconometric Model-Building," Books, Edward Elgar Publishing, number 51.
- Cheng Hsiao, 1997. "Cointegration and Dynamic Simultaneous Equations Model," Econometrica, Econometric Society, vol. 65(3), pages 647-670, May. Full references (including those not matched with items on IDEAS)
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