Format du dépôt |
Fichier |
Type de dépôt |
Pré-publication, Document de travail |
Titre |
en
Publish and Perish: Creative Destruction and Macroeconomic Theory
|
Résumé |
en
A number of macroeconomic theories, very popular in the 1980s, seem to have completely disappeared and been replaced by the dynamic stochastic general equilibrium (DSGE) approach. We will argue that this replacement is due to a tacit agreement on a number of assumptions, previously seen as mutually exclusive, and not due to a settlement by ‘nature’. As opposed to econometrics and microeconomics and despite massive progress in the access to data and the use of statistical software, macroeconomic theory appears not to be a cumulative science so far. Observational equivalence of different models and the problem of identification of parameters of the models persist as will be highlighted by examining two examples: one in growth theory and a second in testing inflation persistence.
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Auteur(s)
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Jean-Bernard Chatelain
1, 2
, Kirsten Ralf
3
1
PJSE -
Paris Jourdan Sciences Economiques
( 1171428 )
- 48 boulevard Jourdan 75014 Paris
- France
-
Université Paris 1 Panthéon-Sorbonne UMR8545 ( 7550 )
;
-
École normale supérieure - Paris ( 59704 )
;
-
Université Paris Sciences et Lettres ( 564132 )
;
-
Institut National de la Recherche Agronomique UMR1393 ( 92114 )
;
-
École des hautes études en sciences sociales ( 99539 )
;
-
École des Ponts ParisTech ( 301545 )
;
-
Centre National de la Recherche Scientifique ( 441569 )
2
PSE -
Paris School of Economics
( 301309 )
- 48 boulevard Jourdan 75014 Paris
- France
-
Université Paris 1 Panthéon-Sorbonne ( 7550 )
;
-
École normale supérieure - Paris ( 59704 )
;
-
Université Paris Sciences et Lettres ( 564132 )
;
-
École des hautes études en sciences sociales ( 99539 )
;
-
École des Ponts ParisTech ( 301545 )
;
-
Centre National de la Recherche Scientifique ( 441569 )
;
-
Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement ( 577435 )
3
Ecole Supérieure du Commerce Extérieur - ESCE
( 185640 )
- 10 rue Sextiius Michel, 75015 Paris
- France
-
International business school ( 353200 )
|
Langue du document |
Anglais
|
Date de production/écriture |
2019-09
|
Domaine(s) |
-
Sciences de l'Homme et Société/Economies et finances
|
Mots-clés (JEL) |
-
B - History of Economic Thought, Methodology, and Heterodox Approaches/B.B2 - History of Economic Thought since 1925/B.B2.B22 - Macroeconomics
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B - History of Economic Thought, Methodology, and Heterodox Approaches/B.B2 - History of Economic Thought since 1925/B.B2.B23 - Econometrics • Quantitative and Mathematical Studies
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B - History of Economic Thought, Methodology, and Heterodox Approaches/B.B4 - Economic Methodology/B.B4.B41 - Economic Methodology
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C - Mathematical and Quantitative Methods/C.C5 - Econometric Modeling/C.C5.C52 - Model Evaluation, Validation, and Selection
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E - Macroeconomics and Monetary Economics/E.E3 - Prices, Business Fluctuations, and Cycles/E.E3.E31 - Price Level • Inflation • Deflation
-
O - Economic Development, Innovation, Technological Change, and Growth/O.O4 - Economic Growth and Aggregate Productivity/O.O4.O41 - One, Two, and Multisector Growth Models
-
O - Economic Development, Innovation, Technological Change, and Growth/O.O4 - Economic Growth and Aggregate Productivity/O.O4.O47 - Empirical Studies of Economic Growth • Aggregate Productivity • Cross-Country Output Convergence
|
Référence interne |
-
PSE Working Papers n°2018-08
|
Mots-clés |
en
Macroeconomic theory, controversies, identification, economic growth, convergence, inflation persistence
|
DOI |
10.19272/201806102004 |