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Causal Relations via Econometrics

Asad Zaman

MPRA Paper from University Library of Munich, Germany

Abstract: Applied econometric work takes a superficial approach to causality. Understanding economic affairs, making good policy decisions, and progress in the economic discipline depend on our ability to infer causal relations from data. We review the dominant approaches to causality in econometrics, and suggest why they fail to give good results. We feel the problem cannot be solved by traditional tools, and requires some out-of-the-box thinking. Potentially promising approaches to solutions are discussed.

Keywords: causality; regression; Granger Causality; Exogeneity; Cowles Commission; Hendry Methodology; Natural Experiments (search for similar items in EconPapers)
JEL-codes: C59 (search for similar items in EconPapers)
Date: 2008-05-31
New Economics Papers: this item is included in nep-ecm and nep-hpe
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