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Aggregate Structural Macroeconomic Modelling: A Reconsideration and Defence

Author

Listed:
  • Mark Setterfield

    () (Department of Economics, Trinity College)

  • Shyam Gouri Suresh

    () (Department of Economics, Davidson College)

Abstract

Aggregate structural macroeconomic modelling (ASMM) is frequently criticized for being ad hoc and justified (if at all) only as a pragmatic expedient. This paper argues instead that ASMM is consistent with the principles of well-established bodies of social theory. Appeal to these principles reveals that aggregate-level analysis of the type exemplified by ASMM is likely necessary and (in some circumstances) certainly sufficient for the successful prosecution of macroeconomic enquiry.

Suggested Citation

  • Mark Setterfield & Shyam Gouri Suresh, 2012. "Aggregate Structural Macroeconomic Modelling: A Reconsideration and Defence," Working Papers 1207, Trinity College, Department of Economics.
  • Handle: RePEc:tri:wpaper:1207
    as

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    File URL: http://internet2.trincoll.edu/repec/WorkingPapers2012/WP12-07.pdf
    File Function: First version, 2012
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    More about this item

    Keywords

    Macroeconomics; microfoundations; macrofoundations; aggregate structural models;

    JEL classification:

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

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