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 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.

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?

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.

The Economics Of Artificial Intelligence

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Author : Ajay Agrawal
language : en
Publisher: University of Chicago Press
Release Date : 2024-03-14

The Economics Of Artificial Intelligence written by Ajay Agrawal and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-03-14 with Business & Economics categories.

A timely investigation of the potential economic effects, both realized and unrealized, of artificial intelligence within the United States healthcare system. In sweeping conversations about the impact of artificial intelligence on many sectors of the economy, healthcare has received relatively little attention. Yet it seems unlikely that an industry that represents nearly one-fifth of the economy could escape the efficiency and cost-driven disruptions of AI. The Economics of Artificial Intelligence: Health Care Challenges brings together contributions from health economists, physicians, philosophers, and scholars in law, public health, and machine learning to identify the primary barriers to entry of AI in the healthcare sector. Across original papers and in wide-ranging responses, the contributors analyze barriers of four types: incentives, management, data availability, and regulation. They also suggest that AI has the potential to improve outcomes and lower costs. Understanding both the benefits of and barriers to AI adoption is essential for designing policies that will affect the evolution of the healthcare system.

Introduction To Modern Time Series Analysis

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Author : Gebhard Kirchgässner
language : en
Publisher: Springer Science & Business Media
Release Date : 2007-08-17

Introduction To Modern Time Series Analysis written by Gebhard Kirchgässner and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-08-17 with Business & Economics categories.

This book contains the most important approaches to analyze time series which may be stationary or nonstationary. It starts with modeling and forecasting univariate time series and then presents Granger causality tests and vector autoregressive models for multiple stationary time series. It also covers modeling volatilities of financial time series with autoregressive conditional heteroskedastic models.

Routledge Handbook Of Macroeconomic Methodology

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Author : Jesper Jespersen
language : en
Publisher: Taylor & Francis
Release Date : 2023-06-20

Routledge Handbook Of Macroeconomic Methodology written by Jesper Jespersen and has been published by Taylor & Francis this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-06-20 with Business & Economics categories.

The present macroeconomic crisis has demonstrated that a deeper understanding of the importance of relevant macroeconomic theories and methods is wanting. Additionally, lack of methodological awareness is behind much of the disagreement within macroeconomics which, looked upon from outside, often appears incomprehensible. The Handbook gives a structured presentation of the study of principles and procedures by which macroeconomics is researched, taught and communicated both within academia and to a wider audience, and why specific theories, research strategies and teaching are preferred. The principles of selecting theory relevant to real-world problems are the core of methodology. This book contains a broad range of arguments behind theory construction and appraisal and the consequences of these choices within the field of macroeconomics. An international range of experts provide clear analysis of key concepts, ideas and principles to give academics, students and others a better understanding of the macroeconomics behind policy conclusions which are put forward at different levels.

Mechanism And Causality In Biology And Economics

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Author : Hsiang-Ke Chao
language : en
Publisher: Springer Science & Business Media
Release Date : 2013-07-31

Mechanism And Causality In Biology And Economics written by Hsiang-Ke Chao and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-07-31 with Philosophy categories.

This volume addresses fundamental issues in the philosophy of science in the context of two most intriguing fields: biology and economics. Written by authorities and experts in the philosophy of biology and economics, Mechanism and Causality in Biology and Economics provides a structured study of the concepts of mechanism and causality in these disciplines and draws careful juxtapositions between philosophical apparatus and scientific practice. By exploring the issues that are most salient to the contemporary philosophies of biology and economics and by presenting comparative analyses, the book serves as a platform not only for gaining mutual understanding between scientists and philosophers of the life sciences and those of the social sciences, but also for sharing interdisciplinary research that combines both philosophical concepts in both fields. The book begins by defining the concepts of mechanism and causality in biology and economics, respectively. The second and third parts investigate philosophical perspectives of various causal and mechanistic issues in scientific practice in the two fields. These two sections include chapters on causal issues in the theory of evolution; experiments and scientific discovery; representation of causal relations and mechanism by models in economics. The concluding section presents interdisciplinary studies of various topics concerning extrapolation of life sciences and social sciences, including chapters on the philosophical investigation of conjoining biological and economic analyses with, respectively, demography, medicine and sociology.

Macroeconometrics And Time Series Analysis

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Author : Steven Durlauf
language : en
Publisher: Springer
Release Date : 2016-04-30

Macroeconometrics And Time Series Analysis written by Steven Durlauf and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-04-30 with Business & Economics categories.

Specially selected from The New Palgrave Dictionary of Economics 2nd edition, each article within this compendium covers the fundamental themes within the discipline and is written by a leading practitioner in the field. A handy reference tool.

The Book Of Why

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Author : Judea Pearl
language : en
Publisher: Penguin UK
Release Date : 2018-05-15

The Book Of Why written by Judea Pearl and has been published by Penguin UK this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-05-15 with Philosophy categories.

The hugely influential book on how the understanding of causality revolutionized science and the world, by the pioneer of artificial intelligence 'Wonderful ... illuminating and fun to read' Daniel Kahneman, Nobel Prize-winner and author of Thinking, Fast and Slow 'Correlation does not imply causation.' For decades, this mantra was invoked by scientists in order to avoid taking positions as to whether one thing caused another, such as smoking and cancer, or carbon dioxide and global warming. But today, that taboo is dead. The causal revolution, sparked by world-renowned computer scientist Judea Pearl and his colleagues, has cut through a century of confusion and placed cause and effect on a firm scientific basis. Now, Pearl and science journalist Dana Mackenzie explain causal thinking to general readers for the first time, showing how it allows us to explore the world that is and the worlds that could have been. It is the essence of human and artificial intelligence. And just as Pearl's discoveries have enabled machines to think better, The Book of Why explains how we too can think better. 'Pearl's accomplishments over the last 30 years have provided the theoretical basis for progress in artificial intelligence and have redefined the term "thinking machine"' Vint Cerf