星期五, 2月 17, 2006

About Macroeconomics

By K.D. Hoover

1) What in general is the relationship between rough-and-ready empirical generalizations (the stylized facts) and models that appear to imply them?

2) What is the correspondence between the variables in the theory and the qualitatively distinct variables that empirically observed?

3) What quantitative implications does a model know to be unrealistic in some dimensions have for measured economic data?

4) How can one judge the quantitative success of an unrealistic model?

5) In what sense can a macroeconomic model be regard as causal, and how can its causal structure be related to policy?

6) How can we assess whether the causal structure implicit in a macroeconomic model corresponds to the causal structure of the world itself?

7) Is either aggregation strategy an adequate microfoundation for macroeconomics?

8) Are microfoundations for macroeconomics essential or even possible?