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A Historical Sketch of Macroeconometrics

Author

Listed:
  • Rahmanov, Ramiz
Abstract
The paper describes the evolutionary history of Macroeconometrics over the last one hundred years. Three main approaches are distinguished, their underlying principles are discussed and the weakness of each principle is considered. The paper also shows the current developments in the field and indicates the directions of the research currently undertaken.

Suggested Citation

  • Rahmanov, Ramiz, 2014. "A Historical Sketch of Macroeconometrics," MPRA Paper 56869, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:56869
    as

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    File URL: https://mpra.ub.uni-muenchen.de/56869/1/MPRA_paper_56869.pdf
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    References listed on IDEAS

    as
    1. B. Bhaskara Rao, 2007. "Estimating short and long-run relationships: a guide for the applied economist," Applied Economics, Taylor & Francis Journals, vol. 39(13), pages 1613-1625.
    2. Pagan, Adrian, 1987. "Three Econometric Methodologies: A Critical Appraisal," Journal of Economic Surveys, Wiley Blackwell, vol. 1(1), pages 3-24.
    3. Jesus Fernandez-Villaverde & Juan Rubio-Ramirez, 2009. "Two Books on the New Macroeconometrics," Econometric Reviews, Taylor & Francis Journals, vol. 28(4), pages 376-387.
    4. Malinvaud, E., 1988. "Econometric Methodology at the Cowles Commission: Rise and Maturity," Econometric Theory, Cambridge University Press, vol. 4(2), pages 187-209, August.
    5. Favero, Carlo A., 2001. "Applied Macroeconometrics," OUP Catalogue, Oxford University Press, number 9780198296850.
    6. Christ, Carl F, 1994. "The Cowles Commission's Contributions to Econometrics at Chicago, 1939-1955," Journal of Economic Literature, American Economic Association, vol. 32(1), pages 30-59, March.
    7. Sims, Christopher A, 1980. "Macroeconomics and Reality," Econometrica, Econometric Society, vol. 48(1), pages 1-48, January.
    8. Hendry, David F., 2003. "J. Denis Sargan And The Origins Of Lse Econometric Methodology," Econometric Theory, Cambridge University Press, vol. 19(3), pages 457-480, June.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Macroeconometrics; history; Cowles Commission; VAR; VECM; DSGE;
    All these keywords.

    JEL classification:

    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • C50 - Mathematical and Quantitative Methods - - Econometric Modeling - - - General
    • C6 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling
    • C60 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - General

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