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Reconsidering macroeconomic policy prescriptions with meta-analysis

Author

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  • Sebastian Gechert

    (Department of Economics, Chemnitz University of Technology)

Abstract

This paper investigates recent developments in meta-analysis, the tool to quantitatively synthesize research in a certain body of literature. After providing a brief overview on how to do a meta-analysis and discussing recent methodological advancements in the field, I review applied contributions to the field of macroeconomics. It turns out that meta-analyses have often questioned the conventional wisdom and established new consensuses in fiscal, monetary and labor market policies by uncovering substantial publication bias and unexpected determining factors in many bodies of literature – in particular those dominated by policy conclusions in the neoclassical tradition like minimum wages, financial regulation and the relative effects of tax and spending policies.

Suggested Citation

  • Sebastian Gechert, 2022. "Reconsidering macroeconomic policy prescriptions with meta-analysis," Chemnitz Economic Papers 053, Department of Economics, Chemnitz University of Technology, revised Jan 2022.
    • Handle: RePEc:tch:wpaper:cep053
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    File URL: https://www.tu-chemnitz.de/wirtschaft/vwl1/RePEc/download/tch/wpaper/CEP053_Gechert.pdf
    File Function: First version, 2022
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    Cited by:

    1. is not listed on IDEAS
    2. Fernández Romero, Daniel, 2025. "The fiscal multiplier in presence of unconventional monetary policy: Evidence for 17 OECD countries," Economic Modelling, Elsevier, vol. 147(C).
    3. Heimberger, Philipp, 2023. "The cyclical behaviour of fiscal policy: A meta-analysis," Economic Modelling, Elsevier, vol. 123(C).
    4. Rodolfo Campos & Mario Larch & Jacopo Timini & Elena Vidal & Yoto Yotov, 2024. "Does the WTO Promote Trade? A Meta-analysis," School of Economics Working Paper Series 2024-11, LeBow College of Business, Drexel University.
    5. Villamizar-Villegas, Mauricio & Arango-Lozano, Lucía & Castelblanco, Geraldine & Fajardo-Baquero, Nicolás & Ruiz-Sánchez, María Alejandra, 2022. "The effects of Monetary Policy on Capital Flows A Meta-Analysis," Working papers 93, Red Investigadores de Economía.
    6. McCartney, Gerry & Hill O'Connor, Clementine & Laughlin, Sue & Robertson, Tony & Bunse, Lukas & Crighton, Matthew & McLeod, Aileen & Cochrane, Phoebe & Stuart, Francis & Black, Iain & McMaster, Robert, 2025. "Evidence review to support the development of a Wellbeing Economy strategy in Scotland," Working Paper Series 01/2025, Post-Growth Economics Network (PEN).
    7. Sebastian Gechert & Bianka Mey & Matej Opatrny & Tomas Havranek & T. D. Stanley & Pedro R. D. Bom & Hristos Doucouliagos & Philipp Heimberger & Zuzana Irsova & Heiko J. Rachinger, 2025. "Conventional wisdom, meta‐analysis, and research revision in economics," Journal of Economic Surveys, Wiley Blackwell, vol. 39(3), pages 980-999, July.
    8. Gechert, Sebastian & Heimberger, Philipp, 2022. "Do corporate tax cuts boost economic growth?," European Economic Review, Elsevier, vol. 147(C).
    9. Philipp Heimberger, 2023. "Do higher public debt levels reduce economic growth?," Journal of Economic Surveys, Wiley Blackwell, vol. 37(4), pages 1061-1089, September.
    10. Villamizar-Villegas, Mauricio & Arango-Lozano, Lucía & Castelblanco, Geraldine & Fajardo-Baquero, Nicolás & Ruiz-Sanchez, Maria A., 2024. "The Effects of Monetary Policy on Capital Flows: An Emerging Market Survey," Emerging Markets Review, Elsevier, vol. 62(C).

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    Keywords

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    JEL classification:

    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
    • J30 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - General

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