Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/201652 
Year of Publication: 
2018
Citation: 
[Journal:] History of Economic Ideas [ISSN:] 1122-8792 [Volume:] 46 [Issue:] 2 [Publisher:] Fabrizio Serra editore [Place:] Pisa and Roma [Year:] 2018 [Pages:] 65-101
Publisher: 
Fabrizio Serra editore, Pisa and Roma
Abstract: 
A number of macroeconomic theories, very popular in the 1980s, seem to have completely disappeared and been replaced by the dynamic stochastic general equilibrium (DSGE) approach. We will argue that this replacement is due to a tacit agreement on a number of assumptions, previously seen as mutually exclusive, and not due to a settlement by ‘nature’. As opposed to econometrics and microeconomics and despite massive progress in the access to data and the use of statistical software, macroeconomic theory appears not to be a cumulative science so far. Observational equivalence of different models and the problem of identification of parameters of the models persist as will be highlighted by examining two examples: one in growth theory and a second in testing inflation persistence.
Subjects: 
Macroeconomic theory
Controversies
Identification
Economic Growth
Convergence
Inflation persistence
JEL: 
B22
B23
B41
C52
E31
O41
O47
Published Version’s DOI: 
Document Type: 
Article
Document Version: 
Accepted Manuscript (Postprint)
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