The experiment in macroeconometrics

John Aldrich and Anna Staszewska-Bystrova
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John Aldrich: Division of Economics, University of Southampton

No 12, Working Papers from Department of Applied Econometrics, Warsaw School of Economics

Abstract: This paper examines the experiment in macroeconometrics, the different forms it has taken and the rules that have been proposed for its proper conduct. Here an "experiment" means putting a question to a model and getting an answer. Different types of experiment are distinguished and the justification that can be provided for a particular choice of experiment is discussed. Three types of macroeconometric modelling are considered: the Cowles (system of equations) approach, the vector autoregressive model approach and the computational experiment.

Keywords: experiment; impulse response analysis; ceteris paribus; structural invariance (search for similar items in EconPapers)
JEL-codes: B41 C5 E37 (search for similar items in EconPapers)
Pages: 18 pages
Date: 2006-05-22
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Journal Article: The experiment in macroeconometrics (2007)
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