Causality In Macroeconomics
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Causality In Macroeconomics
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Author : Kevin D. Hoover
language : en
Publisher: Cambridge University Press
Release Date : 2001-08-13
Causality In Macroeconomics written by Kevin D. Hoover and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001-08-13 with Business & Economics categories.
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.
Causality In Economics
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Author : Sir John Richard Hicks
language : en
Publisher:
Release Date : 1979
Causality In Economics written by Sir John Richard Hicks and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1979 with Causalidad categories.
The Philosophy Of Causality In Economics
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Author : Mariusz Maziarz
language : en
Publisher: Routledge
Release Date : 2020-05-13
The Philosophy Of Causality In Economics written by Mariusz Maziarz and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-05-13 with Business & Economics categories.
Approximately one in six top economic research papers draws an explicitly causal conclusion. But what do economists mean when they conclude that A ‘causes’ B? Does ‘cause’ say that we can influence B by intervening on A, or is it only a label for the correlation of variables? Do quantitative analyses of observational data followed by such causal inferences constitute sufficient grounds for guiding economic policymaking? The Philosophy of Causality in Economics addresses these questions by analyzing the meaning of causal claims made by economists and the philosophical presuppositions underlying the research methods used. The book considers five key causal approaches: the regularity approach, probabilistic theories, counterfactual theories, mechanisms, and interventions and manipulability. Each chapter opens with a summary of literature on the relevant approach and discusses its reception among economists. The text details case studies, and goes on to examine papers which have adopted the approach in order to highlight the methods of causal inference used in contemporary economics. It analyzes the meaning of the causal claim put forward, and finally reconstructs the philosophical presuppositions accepted implicitly by economists. The strengths and limitations of each method of causal inference are also considered in the context of using the results as evidence for policymaking. This book is essential reading to those interested in literature on the philosophy of economics, as well as the philosophy of causality and economic methodology in general.
Causality And Objectivity In Macroeconomics
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Author : Tobias Henschen
language : en
Publisher: Taylor & Francis
Release Date : 2023-09-29
Causality And Objectivity In Macroeconomics written by Tobias Henschen and has been published by Taylor & Francis this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-09-29 with Business & Economics categories.
Central banks and other policymaking institutions use causal hypotheses to justify macroeconomic policy decisions to the public and public institutions. These hypotheses say that changes in one macroeconomic aggregate (e.g. aggregate demand) cause changes in other macroeconomic aggregates (e.g. in inflation). An important (perhaps the most important) goal of macroeconomists is to provide conclusive evidence in support of these hypotheses. If they cannot provide any conclusive evidence, then policymaking institutions will be unable to use causal hypotheses to justify policy decisions, and then the scientific objectivity of macroeconomic policy analysis will be questionable. The book analyzes the accounts of causality that have been or can be proposed to capture the type of causality that underlies macroeconomic policy analysis, the empirical methods of causal inference that contemporary macroeconomists have at their disposal, and the conceptions of scientific objectivity that traditionally play a role in economics. The book argues that contemporary macroeconomists cannot provide any conclusive evidence in support of causal hypotheses, and that macroeconomic policy analysis doesn’t qualify as scientifically objective in any of the traditional meanings. The book also considers a number of steps that might have to be taken in order for macroeconomic policy analysis to become more objective. The book addresses philosophers of science and economics as well as (macro-) economists, econometricians and statisticians who are interested in causality and macro-econometric methods of causal inference and their wider philosophical and social context.
Causality In Economics
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Author : Hicks
language : en
Publisher: Pergamon
Release Date : 1996
Causality In Economics written by Hicks and has been published by Pergamon this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with categories.
Theory And Measurement
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Author : J. Daniel Hammond
language : en
Publisher: Cambridge University Press
Release Date : 1996-03-29
Theory And Measurement written by J. Daniel Hammond and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996-03-29 with Business & Economics categories.
This 1996 work examines the history of debates between Friedman and his critics over money's causal role in business cycles from 1948 to 1991.
A Modern Guide To Philosophy Of Economics
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Author : Kincaid, Harold
language : en
Publisher: Edward Elgar Publishing
Release Date : 2021-08-27
A Modern Guide To Philosophy Of Economics written by Kincaid, Harold and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-08-27 with Business & Economics categories.
This insightful Modern Guide offers a broad coverage of questions and controversies encountered by contemporary economists. A refreshing approach to philosophy of economics, chapters comprise a range of methodological and theoretical perspectives, from lab and field experiments to macroeconomics and applied policy work, written using a familiar, accessible language for economists.
The Methodology Of Empirical Macroeconomics
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Author : Kevin D. Hoover
language : en
Publisher: Cambridge University Press
Release Date : 2001-10-11
The Methodology Of Empirical Macroeconomics written by Kevin D. Hoover and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001-10-11 with Business & Economics categories.
The Methodology of Empirical Macroeconomics stakes out a pragmatic middle-ground between traditional, prescriptive economic methodology and recent descriptive (sociological or rhetorical) methodology. The former is sometimes seen as arrogantly telling economists how to do their work and the latter as irrelevant to their practice. The lectures are built around a case study of a concrete example of macroeconomic analysis. They demonstrate that economic methodology and the philosophy of science offer insights that help to resolve the genuine concerns of macroeconomists. Some examples of questions addressed include: What is the relationship between theoretical models and empirical observations? What is the relevance of macroeconomics to policy? Should macroeconomics be viewed as a special case of microeconomics? What is the place of long-standing philosophical issues in macroeconomics, such as the scope and nature of economic laws, the role of idealizations, methodological individualism, and the problem of causality?
Applied Intermediate Macroeconomics
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Author : Kevin D. Hoover
language : en
Publisher: Cambridge University Press
Release Date : 2012
Applied Intermediate Macroeconomics written by Kevin D. Hoover and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with Business & Economics categories.
A complete course in applied macroeconomics at the intermediate level that emphasizes the application of economic theory to real-world data and policy.
Reductionism In Economics
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Author : Kevin D. Hoover
language : en
Publisher:
Release Date : 2014
Reductionism In Economics written by Kevin D. Hoover and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
In many sciences - physical, but also biology, neuroscience, and other life sciences - one object of reductionism is to purge intentionality from the fundamental basis of both explanations and the explanatory target. The scientifically relevant level - ontologically and epistemologically - is thought to lie deeper than the level of ordinary human interactions. In the material and living world, the more familiar is the less fundamental. In contrast, the economic world of day-to-day life - the world of market interactions - appears to be the relevant level. Macroeconomics is thought to provide an account that is above, not below or behind, ordinary economic decision-making. An advantage of a macroeconomic account is that it is possible to employ causal analysis of the economy as a whole analogous to the causal analysis of physical systems. The fear of many economists is that such analyses are untethered to ordinary economic decision-making. The object of reductionism in economics - the so-called microfoundations of macroeconomics - is adequately to ground or replace higher level causal analysis with an analysis of the day-to-day interactions of people. The object is not to purge intentionality, but to reclaim it. The paper will attempt to understand the key issues surrounding the microfoundations of macroeconomics from a perspectival realist perspective that elucidates the relationship between economists' methodological preference for microfoundations and need for macroeconomic analysis - that is, between economists' respect for the intentional nature of economic life and the need for a causal analysis of the economy. The paper favors metaphysical humility and methodological pragmatism.