Aggregate structural macroeconomic analysis: a reconsideration and defence

Mark Setterfield and Shyam Gouri Suresh

Cambridge Journal of Economics, 2014, vol. 38, issue 4, 797-815

Abstract: Aggregate structural macroeconomic analysis (ASMA) is frequently criticised for being ad hoc and justified (if at all) only as a pragmatic expedient. This paper argues instead that ASMA is consistent with the principles of well-established bodies of social theory. Appeal to these principles reveals that ASMA is adequate and likely even necessary for the successful prosecution of macroeconomic inquiry.

Date: 2014
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