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Klappentext In these two volumes, a group of distinguished economists debate the way in which evidence, in particular econometric evidence, can and should be used to relate macroeconomic theories to the real world. Topics covered include the business cycle, monetary policy, economic growth, the impact of new econometric techniques, the IS-LM model, the labor market, new Keynesian macroeconomics, and the use of macroeconomics in official documents. Zusammenfassung Since the middle of the twentieth century, economists have invested great resources into using statistical evidence to relate macroeconomic theories to the real world, and many new econometric techniques have been employed. In these two volumes, a distinguished group of economic theorists, econometricians, and economic methodologists examine how evidence has been used and how it should be used to understand the real world.Volume 1 focuses on the contribution of econometric techniques to understanding the macroeconomic world. It covers the use of evidence to understand the business cycle, the operation of monetary policy, and economic growth. A further section offers assessments of the overall impact of recent econometric techniques such as cointegration and unit roots.Volume 2 focuses on the labour market and economic policy, with sections covering the IS-LM model, the labour market, new Keynesian macroeconomics, and the use of macroeconomics in official documents (in both the USA and the EU).These volumes will be valuable to advanced undergraduates, graduate students, and practitioners for their clear presentation of opposing perspectives on macroeconomics and how evidence should be used. The chapters are complemented by discussion sections revealing the perspectives of other contributors on the methodological issues raised. Inhaltsverzeichnis 1: Introduction to Volume 1 Business Cycles 2: Dan Harding and Adrian Pagan: Knowing the cycle 3: Craig Burnside, Martin Eichenbaum and Jonas D.M. Fisher: Fiscal shocks in an efficiency wage model 4(a): James Hartley: The return of business cycles Monetary policy 5: David F. Hendry: Does money determine UK inflation over the long run? 6: Bennett T. McCallum: Recent developments in monetary policy analysis: the roles of theory and evidence 7(a): Mary S. Morgan: Explanatory strategies for monetary policy analysis 7(b): Monetary policy: general discussion The influence of recent developments in econometric techniques 8: Katarina Juselius: Models and relations in economics and econometrics 9: Ron P. Smith: Unit roots and all that: the impact of time-series methods on macroeconomics 10(a): Kevin D. Hoover: Models all the way down 10(b): Carlo Favero: New econometric techniques and macroeconomics 10(c): Econometric techniques: general discussion Growth 11: Steven N. Durlauf: Econometric analysis and the study of economic growth: a sceptical perspective 12: Paolo Sylos Labini: Growth models and the explanation of the forces behind the development process 13: Andrea Salanti: Why so much scepticism about growth theory? ...
