EconPapers    
Economics at your fingertips  
 

The Pre-Eminence of Theory versus the European CVAR Perspective in Macroeconometric Modeling

Aris Spanos ()

Economics - The Open-Access, Open-Assessment E-Journal, 2009, vol. 3, No 2009-10, 14 pages

Abstract: The primary aim of the paper is to place current methodological discussions in macroeconometric modeling contrasting the 'theory first' versus the 'data first' perspectives in the context of a broader methodological framework with a view to constructively appraise them. In particular, the paper focuses on Colander's argument in his paper 'Economists, Incentives, Judgement, and the European CVAR Approach to Macroeconometrics' contrasting two different perspectives in Europe and the US that are currently dominating empirical macroeconometric modeling and delves deeper into their methodological/philosophical underpinnings. It is argued that the key to establishing a constructive dialogue between them is provided by a better understanding of the role of data in modern statistical inference, and how that relates to the centuries old issue of the realisticness of economic theories.

Keywords: Econometric methodology; 'general-to-specific'; pre-eminence of theory; cointegrated VAR; statistical adequacy; realisticness of a theory (search for similar items in EconPapers)
JEL-codes: B4 C1 C3 (search for similar items in EconPapers)
Date: 2009
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (17) Track citations by RSS feed

Downloads: (external link)
http://dx.doi.org/10.5018/economics-ejournal.ja.2009-10
https://www.econstor.eu/bitstream/10419/27530/1/economics_2009-10.pdf (application/pdf)

Related works:
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:ifweej:7596

Access Statistics for this article

Economics - The Open-Access, Open-Assessment E-Journal is currently edited by Dennis J. Snower

More articles in Economics - The Open-Access, Open-Assessment E-Journal from Kiel Institute for the World Economy (IfW) Contact information at EDIRC.
Bibliographic data for series maintained by ZBW - Leibniz Information Centre for Economics ().

 
Page updated 2021-01-04
Handle: RePEc:zbw:ifweej:7596