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

Sebastian Gechert, Bianka Mey, Matej Opatrny, Tomas Havranek, T.D. Stanley, Pedro R.D. Bom, Chris Doucouliagos, Philipp Heimberger, Zuzana Irsova and Heiko J. Rachinger

No 95-2024, FMM Working Paper from IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute

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%.

Keywords: meta-analysis; systematic review; conventional wisdom (search for similar items in EconPapers)
JEL-codes: A14 B40 C10 (search for similar items in EconPapers)
Pages: 33 pages
Date: 2024
New Economics Papers: this item is included in nep-hpe
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Related works:
Working Paper: Conventional Wisdom, Meta-Analysis, and Research Revision in Economics (2024)
Working Paper: Conventional Wisdom, Meta-Analysis, and Research Revision in Economics (2023)
Working Paper: Conventional Wisdom, Meta-Analysis, and Research Revision in Economics (2023)
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Persistent link: https://EconPapers.repec.org/RePEc:imk:fmmpap:95-2024

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