The Elgar Companion to Recent Economic Methodology
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The Elgar Companion to Recent Economic Methodology

Edited by John B. Davis and D. Wade Hands

Bringing together a collection of leading contributors to this new methodological thinking, the authors explain how it differs from the past and point towards further concerns and future issues. The recent research programs explored include behavioral and experimental economics, neuroeconomics, new welfare theory, happiness and subjective well-being research, geographical economics, complexity and computational economics, agent-based modeling, evolutionary thinking, macroeconomics and Keynesianism after the crisis, and new thinking about the status of the economics profession and the role of the media in economics.
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Chapter 17: On the Role of Theory and Evidence in Macroeconomics

Katarina Juselius

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17 On the role of theory and evidence in macroeconomics Katarina Juselius1 17.1 INTRODUCTION Economists frequently formulate an economically well-specified model as the empirical model and apply statistical methods to estimate its parameters. In c...

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