From Micro to Macro Development

Francisco Buera, Joseph Kaboski and Robert Townsend

No 28423, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: Macroeconomic development remains an important policy goal because of its ability to lift entire populations out of poverty. In our review of the literature, we emphasize that the best way to achieve this objective is to embrace a synthesis of methods and ideas, with the science of experiments as a unifying feature. RCTs need representative data and structural modeling, and macro models need to be designed and disciplined to the realities and data of developing country economies. Macroeconomic models have key lessons for gathering and analyzing micro evidence and for moving to an evaluation of macro policy. Resource constraints, heterogeneity, general equilibrium effects, obstacles to trade, dynamics, and returns to scale can all play key roles. A synthesis for macro development is well under way.

JEL-codes: O1 O11 O12 O2 (search for similar items in EconPapers)
Date: 2021-02
New Economics Papers: this item is included in nep-cwa and nep-fdg
Note: DEV EFG
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Citations: View citations in EconPapers (9)

Published as Francisco J. Buera & Joseph P. Kaboski & Robert M. Townsend, 2023. "From Micro to Macro Development," Journal of Economic Literature, vol 61(2), pages 471-503.

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Journal Article: From Micro to Macro Development (2023)
Working Paper: From Micro to Macro Development (2022)
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