Transforming Structural Econometrics
We have suggested that much of the later work in applied macro econometrics represents a retreat from the scientific standards the Cowles Commission sought to establish. Indeed, Stone (1978, p. 1, quoted by Swann, 2008, p. 43) pointed out that ‘econometrics proper – meaning the use of econometric methods to improve applied economics – had not been advancing’. He went on to argue that ‘the Cowles project was superior to the econometrics work of the late 1970s’.
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