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Conventional Wisdom, Meta-Analysis, and Research Revision in Economics

Author

Listed:
  • Sebastian Gechert
  • Bianka Mey
  • Matej Opatrny
  • Tomas Havranek
  • T.D. Stanley
  • Pedro R.D. Bom
  • Hristos Doucouliagos
  • Philipp Heimberger
  • Zuzana Irsova
  • Heiko J. Rachinger

Abstract

Over the past several decades, meta-analysis has emerged as a widely accepted tool to understand economics research. Meta-analyses often challenge the established conventional wisdom of their respective fields. We systematically review a wide range of influential meta-analyses in economics and compare them to 'conventional wisdom.' After correcting for observable biases, the empirical economic effects are typically much closer to zero and sometimes switch signs. Typically, the relative reduction in effect sizes is 45-60%.

Suggested Citation

  • Sebastian Gechert & Bianka Mey & Matej Opatrny & Tomas Havranek & T.D. Stanley & Pedro R.D. Bom & Hristos Doucouliagos & Philipp Heimberger & Zuzana Irsova & Heiko J. Rachinger, 2024. "Conventional Wisdom, Meta-Analysis, and Research Revision in Economics," FMM Working Paper 95-2024, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
  • Handle: RePEc:imk:fmmpap:95-2024
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    • A14 - General Economics and Teaching - - General Economics - - - Sociology of Economics
    • B40 - Schools of Economic Thought and Methodology - - Economic Methodology - - - General
    • C10 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - General

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