Using Econometrics for Assessing Economic Models

Editor: Katarina Juselius, University of Copenhagen


Econometrics is often used passively to provide the economist with some parameter estimates in a model which from the outset is assumed to be empirically relevant. In this sense, econometrics is used to illustrate what we believe is true rather than to finnd out whether our chosen model needs to be modified or changed altogether. The econometric analyses of this special issue should take its departure from the latter more critical approach. We would like to encourage submissions of papers addressing questions like whether a specific economic model is empirically relevant in general or, more specifically, in a more specific context, such as in open, closed, deregulated, underdeveloped, mature economies, etc. For example, are models which were useful in the seventies still relevant in the more globalized world of today? If not, can we use the econometric analysis to find out why this is the case and to suggest modifications of the theory model? We encourage papers that make a significant contribution to the discussion of macroeconomics and reality, for example, by assessing the empirical relevance of influential papers, or the robustness of policy conclusions to econometric misspecification and the ceteris paribus clause, or by comparing different expectations's schemes, such as the relevance of forward versus backward expectations and of model consistent rational expectations versus imperfect/incomplete knowledge expectations, etc.


Katarina Juselius
Special Issue on Using Econometrics for Assessing Economic Models—An Introduction
June 18, 2009 | downloads: 4095 | JEL: B4, C3 | 4 citations (RePEc)
Aris Spanos
The Pre-Eminence of Theory versus the European CVAR Perspective in Macroeconometric Modeling
April 07, 2009 | downloads: 4133 | JEL: B4, C1, C3 | 1 comment | 6 citations (RePEc)
David Colander
Economists, Incentives, Judgment, and the European CVAR Approach to Macroeconometrics
April 02, 2009 | downloads: 4432 | JEL: B4 | 1 comment
Genaro Sucarrat
Forecast Evaluation of Explanatory Models of Financial Variability
March 25, 2009 | downloads: 5639 | JEL: C52, C53, F31, F37, F47
Katarina Juselius and Javier Ordóñez
Balassa-Samuelson and Wage, Price and Unemployment Dynamics in the Spanish Transition to EMU Membership
March 03, 2009 | downloads: 5240 | JEL: C32, E24
José García Solanes and Fernando Torrejón Flores
The Balassa–Samuelson Hypothesis in Developed Countries and Emerging Market Economies: Different Outcomes Explained
February 17, 2009 | downloads: 5061 | JEL: C15, E31, F31 | 4 citations (RePEc)
Niels Framroze Møller
Bridging Economic Theory Models and the Cointegrated Vector Autoregressive Model
December 16, 2008 | downloads: 6330 | JEL: C32
Benoît Mercereau and Jacques Miniane
Should We Trust the Empirical Evidence from Present Value Models of the Current Account?
November 06, 2008 | downloads: 3593 | JEL: C11, C52, F32, F41
Luca Fanelli
Evaluating the New Keynesian Phillips Curve under VAR-based Learning
October 22, 2008 | downloads: 4583 | JEL: C32, C52, D83, E10 | 2 citations (RePEc)
Julia V. Giese
Level, Slope, Curvature: Characterising the Yield Curve in a Cointegrated VAR Model
September 19, 2008 | downloads: 11784 | JEL: C32, E43, E44 | 4 citations (RePEc)
Mikael Juselius
Testing the New Keynesian Model on U.S. and Euro Area Data
July 24, 2008 | downloads: 5144 | JEL: C32, C52, E31, E52 | 3 citations (RePEc)
Roger Bjørnstad and Ragnar Nymoen
The New Keynesian Phillips Curve Tested on OECD Panel Data
July 23, 2008 | downloads: 6612 | JEL: C23, C52, E12, E31 | 2 comments | 10 citations (RePEc)
Bent Nielsen
On the Explosive Nature of Hyper-Inflation Data
June 25, 2008 | downloads: 4305 | JEL: C32, E41 | 3 citations (RePEc)