Causality in Macroeconomics - Rilegato

Kevin D. Hoover

Rilegato

ISBN 10: 0521452171 ISBN 13: 9780521452175

Casa editrice: New Publisher, 2021

Riassunto

First published in 2001, Causality in Macroeconomics addresses the long-standing problems of causality while taking macroeconomics seriously. The practical concerns of the macroeconomist and abstract concerns of the philosopher inform each other. Grounded in pragmatic realism, the book rejects the popular idea that macroeconomics requires microfoundations, and argues that the macroeconomy is a set of structures that are best analyzed causally. Ideas originally due to Herbert Simon and the Cowles Commission are refined and generalized to non-linear systems, particularly to the non-linear systems with cross-equation restrictions that are ubiquitous in modern macroeconomic models with rational expectations (with and without regime-switching). These ideas help to clarify philosophical as well as economic issues. The structural approach to causality is then used to evaluate more familiar approaches to causality due to Granger, LeRoy and Glymour, Spirtes, Scheines and Kelly, as well as vector autoregressions, the Lucas critique, and the exogeneity concepts of Engle, Hendry and Richard.

Su questo libro

Recensione:

'Twenty years from now, a whole subdiscipline may look back to Causality in Macroeconomics gratefully for point the way forward.' Journal of Economic Methodology

Descrizione del libro:

First published in 2001, Causality in Macroeconomics examines causality while taking macroeconomics seriously. A pragmatic and realistic philosophy is joined to a macroeconomic foundation that refines Herbert Simon's well-known work on causal order to make a case for a structural approach to causality.

Su questa edizione

• Editore: New Publisher
• Data di pubblicazione: 2021
• ISBN 10: 0521452171
• ISBN 13: 9780521452175
• Rilegatura: Copertina rigida
• Numero di pagine: 326