Economists, Incentives, Judgment, and Empirical Work

David Colander

No 2008-12, Economics Discussion Papers from Kiel Institute for the World Economy (IfW Kiel)

Abstract: This paper asks the question: Why has the ?general-to-specific? cointegrated VAR approach as developed in Europe had only limited success in the US as a tool for doing empirical macroeconomics, where what might be called a ?theory comes first? approach dominates? The reason this paper highlights is the incompatibility of the European approach with the US focus on the journal publication metric for advancement. Specifically, the European ?general-to specific? cointegrated VAR approach requires researcher judgment to be part of the analysis, and the US focus on a journal publication metric discourages such research methods. The US ?theory comes first? approach fits much better with the journal publication metric.

Keywords: Incentives; empirical work; econometrics; methodology; cointegration; VAR (search for similar items in EconPapers)
JEL-codes: B4 (search for similar items in EconPapers)
Date: 2008
New Economics Papers: this item is included in nep-cba, nep-ecm, nep-hpe, nep-pke and nep-sog
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Citations: View citations in EconPapers (4)

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http://www.economics-ejournal.org/economics/discussionpapers/2008-12
https://www.econstor.eu/bitstream/10419/17984/1/dp2008-12.pdf (application/pdf)

Related works:
Working Paper: Economists, Incentives, Judgement and Empirical Work (2008)
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:ifwedp:7213

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