The ordinary business of macroeconometric modeling: working on the Fed-MIT-Penn model (1964-1974)

Beatrice Cherrier and Roger Backhouse

No 39xkz, SocArXiv from Center for Open Science

Abstract: The FMP model exemplifies the Keynesian models later criticized by Lucas, Sargent and others as conceptually flawed. For economists in the 1960s such models were “big science”, posing organizational as well as theoretical and empirical problems. It was part of an even larger industry in which the messiness for which such models were later criticized was endorsed as providing enabling modelers to be guided by data and as offering the flexibility needed to undertake policy analysis and to analyze the consequences of events. Practices that critics considered fatal weaknesses, such as intercept adjustments or fudging, were what clients were what clients paid for as the macroeconometric modeling industry went private.

Date: 2018-10-15
New Economics Papers: this item is included in nep-ecm, nep-his, nep-hpe and nep-mac
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Citations: View citations in EconPapers (7)

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Persistent link: https://EconPapers.repec.org/RePEc:osf:socarx:39xkz

DOI: 10.31219/osf.io/39xkz

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