Modeling, Evaluation, and Methodology in the New Century

Clive Granger

Economic Inquiry, 2005, vol. 43, issue 1, 1-12

Abstract: The modern world has influenced the approach to empirical modeling and consequently the approach to methodology in general. The question of whether to base a model on an economic theory is easier when several models can be constructed, but an empirical evaluation analysis is required. Starting with a widely specified model and using a reduction procedure is currently a popular process; it is unclear if the reduction should be to a single or to a few alternatives. New methodologies are required for conditional predictive distributions, which are the models of the future. (JEL B41, C50) Copyright 2005, Oxford University Press.

JEL-codes: B41 C50 (search for similar items in EconPapers)
Date: 2005
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