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Bridging the Gap: Linking Economics and Econometrics

In: New Trends in Macroeconomics

Author

Listed:
  • David F. Hendry

    (Oxford University)

Abstract
Summary The marked gap that exists between macroeconomic theory models and applied econometric findings arises because most observed data variability in macro-econometrics is due to factors that are absent from economic theories, but which econometric models have to tackle (particularly various non-stationarities). Ceteris paribus may be fine for theoretical reasoning, but is unacceptable for empirical modelling. A ‘minor influence’ theorem is needed instead which can only be established empirically. Thus, the chapter considers an automatic selection approach to bring objectivity and credibility to empirical econometric modelling.

Suggested Citation

  • David F. Hendry, 2005. "Bridging the Gap: Linking Economics and Econometrics," Springer Books, in: Claude Diebolt & Catherine Kyrtsou (ed.), New Trends in Macroeconomics, pages 53-77, Springer.
    • Handle: RePEc:spr:sprchp:978-3-540-28556-4_4
    DOI: 10.1007/3-540-28556-3_4
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    Citations

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    Cited by:

    1. Diebolt, Claude, 2009. "Editorial introduction: Advances in historical macroeconomics," Journal of Macroeconomics, Elsevier, vol. 31(1), pages 1-4, March.
    2. Chatelain, Jean-Bernard & Ralf, Kirsten, 2018. "Publish and Perish: Creative Destruction and Macroeconomic Theory," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 46(2), pages 65-101.
    3. Duo Qin & Marie Anne Cagas & Geoffrey Ducanes & Nedelyn Magtibay-Ramos & Pilipinas Quising, 2006. "Forecasting Inflation and GDP growth: Comparison of Automatic Leading Indicator (ALI) Method with Macro Econometric Structural Models (MESMs)," Working Papers 554, Queen Mary University of London, School of Economics and Finance.
    4. Duo Qin & Marie Anne Cagas & Geoffrey Ducanes & Nedelyn Magtibay-Ramos & Pilipinas Quising, 2007. "Automatic Leading Indicators (ALIs) versus Macro Econometric Structural Models (MESMs): Comparison of Inflation and GDP growth Forecasting," EcoMod2007 23900072, EcoMod.
    5. Meszaros, Sandor, 2008. "Theory testing (hypothesis testing) in agricultural economics," Studies in Agricultural Economics, Research Institute for Agricultural Economics, vol. 107, pages 1-13, March.
    6. Qin, Duo & Cagas, Marie Anne & Ducanes, Geoffrey & Magtibay-Ramos, Nedelyn & Quising, Pilipinas, 2008. "Automatic leading indicators versus macroeconometric structural models: A comparison of inflation and GDP growth forecasting," International Journal of Forecasting, Elsevier, vol. 24(3), pages 399-413.

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