Model selection in macroeconomics: DSGE and ad hocness

Jaakko Kuorikoski and Aki Lehtinen

Journal of Economic Methodology, 2018, vol. 25, issue 3, 252-264

Abstract: We investigate the applicability of Rodrik’s accounts of model selection and horizontal progress to macroeconomic DSGE modelling in both academic and policy-oriented modelling contexts. We argue that the key step of identifying critical assumptions is complicated by the interconnectedness of the common structural core of DSGE models and by the ad hoc modifications introduced to model various rigidities and other market imperfections. We then outline alternative ways in which macroeconomic modelling could become more horizontally progressive.

Date: 2018
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DOI: 10.1080/1350178X.2018.1488563

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