Economists, Incentives, Judgment, and the European CVAR Approach to Macroeconomics

David Colander

Chapter 13 in How Economics Should Be Done, 2018, pp 190-211 from Edward Elgar Publishing

Abstract: This paper argues that the DSGE approach to macroeconometrics is the dominant approach because it meets the institutional needs of the replicator dynamics of the profession, not because it is necessarily the best way to do macroeconometrics. It further argues that this “DSGE theory-first†approach is inconsistent with the historical approach that economists have advocated in the past and that the alternative European CVAR approach is much more consistent with economist’s historically used methodology, correctly understood.

Keywords: Economics and Finance; Research Methods (search for similar items in EconPapers)
Date: 2018
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