Publish and Perish: Creative Destruction and Macroeconomic Theory
Jean-Bernard Chatelain and
Kirsten Ralf
EconStor Open Access Articles and Book Chapters, 2018, vol. 46, issue 2, 65-101
Abstract:
A number of macroeconomic theories, very popular in the 1980s, seem to have completely disappeared and been replaced by the dynamic stochastic general equilibrium (DSGE) approach. We will argue that this replacement is due to a tacit agreement on a number of assumptions, previously seen as mutually exclusive, and not due to a settlement by ‘nature’. As opposed to econometrics and microeconomics and despite massive progress in the access to data and the use of statistical software, macroeconomic theory appears not to be a cumulative science so far. Observational equivalence of different models and the problem of identification of parameters of the models persist as will be highlighted by examining two examples: one in growth theory and a second in testing inflation persistence.
Keywords: Macroeconomic theory; Controversies; Identification; Economic Growth; Convergence; Inflation persistence (search for similar items in EconPapers)
JEL-codes: B22 B23 B41 C52 E31 O41 O47 (search for similar items in EconPapers)
Date: 2018
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (15)
Downloads: (external link)
https://www.econstor.eu/bitstream/10419/201652/1/2 ... ish%20post-print.pdf (application/pdf)
Related works:
Working Paper: Publish and Perish: Creative Destruction and Macroeconomic Theory (2019) 
Working Paper: Publish and Perish: Creative Destruction and Macroeconomic Theory (2019) 
Working Paper: Publish and Perish: Creative Destruction and Macroeconomic Theory (2019) 
Working Paper: Publish and Perish: Creative Destruction and Macroeconomic Theory (2018) 
Working Paper: Publish and Perish: Creative Destruction and Macroeconomic Theory (2018) 
Working Paper: Publish and Perish: Creative Destruction and Macroeconomic Theory (2017) 
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
HTML/Text
Persistent link: https://EconPapers.repec.org/RePEc:zbw:espost:201652
Access Statistics for this article
More articles in EconStor Open Access Articles and Book Chapters from ZBW - Leibniz Information Centre for Economics Contact information at EDIRC.
Bibliographic data for series maintained by ZBW - Leibniz Information Centre for Economics ().