Aggregate Structural Macroeconomic Modelling: A Reconsideration and Defence

Mark Setterfield and Shyam Gouri Suresh ()
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Shyam Gouri Suresh: Department of Economics, Davidson College

No 1207, Working Papers from Trinity College, Department of Economics

Abstract: Aggregate structural macroeconomic modelling (ASMM) is frequently criticized for being ad hoc and justified (if at all) only as a pragmatic expedient. This paper argues instead that ASMM is consistent with the principles of well-established bodies of social theory. Appeal to these principles reveals that aggregate-level analysis of the type exemplified by ASMM is likely necessary and (in some circumstances) certainly sufficient for the successful prosecution of macroeconomic enquiry.

Keywords: Macroeconomics; microfoundations; macrofoundations; aggregate structural models (search for similar items in EconPapers)
JEL-codes: B22 B41 (search for similar items in EconPapers)
Pages: 37 pages
Date: 2012-08
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Citations: View citations in EconPapers (1)

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http://www3.trincoll.edu/repec/WorkingPapers2012/WP12-07.pdf First version, 2012 (application/pdf)

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Persistent link: https://EconPapers.repec.org/RePEc:tri:wpaper:1207

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