Causality in Macroeconomics
By (author) Kevin D. Hoover
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Causality in Macroeconomics by Kevin D. Hoover
Book DescriptionFirst published in 2001, Causality in Macroeconomics addresses the long-standing problems of causality while taking macroeconomics seriously. The practical concerns of the macroeconomist and abstract concerns of the philosopher inform each other. Grounded in pragmatic realism, the book rejects the popular idea that macroeconomics requires microfoundations, and argues that the macroeconomy is a set of structures that are best analyzed causally. Ideas originally due to Herbert Simon and the Cowles Commission are refined and generalized to non-linear systems, particularly to the non-linear systems with cross-equation restrictions that are ubiquitous in modern macroeconomic models with rational expectations (with and without regime-switching). These ideas help to clarify philosophical as well as economic issues. The structural approach to causality is then used to evaluate more familiar approaches to causality due to Granger, LeRoy and Glymour, Spirtes, Scheines and Kelly, as well as vector autoregressions, the Lucas critique, and the exogeneity concepts of Engle, Hendry and Richard.
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Book DetailsISBN: 9780521452175
(228mm x 152mm x 22mm)
Imprint: Cambridge University Press
Publisher: Cambridge University Press
Publish Date: 13-Aug-2001
Country of Publication: United Kingdom
Books By Author Kevin D. Hoover
Applied Intermediate Macroeconomics, Paperback (December 2014)
A complete course in applied macroeconomics at the intermediate level that emphasizes the application of economic theory to real-world data and policy.
Methodology of Empirical Macroeconomics, Paperback (October 2001)
This work occupies a pragmatic middle ground between traditional economic methodology and recent descriptive approaches.
Causality in Macroeconomics, Paperback (August 2001)
First published in 2001, Causality in Macroeconomics examines causality while taking macroeconomics seriously.
Real Business Cycle Theory, Hardback (June 1998)» View all books by Kevin D. Hoover
This volume presents: the authoritative anthology on RBC an extensive introduction which contains an expository summary and critical evaluation of RBC.
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