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Description - Causality in Macroeconomics by Kevin D. Hoover

Causality in Macroeconomics is the first book to address 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. A constructive approach to causal inference based on patterns of stability and instability in the face of identified regime changes is developed and illustrated in two empirical case studies of the causal direction between money and prices and between taxes and spending.

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Book Details

ISBN: 9780521002882
ISBN-10: 0521002885
Format: Paperback
(228mm x 152mm x 17mm)
Pages: 326
Imprint: Cambridge University Press
Publisher: Cambridge University Press
Publish Date: 13-Aug-2001
Country of Publication: United Kingdom

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Books By Kevin D. Hoover

Applied Intermediate Macroeconomics by Kevin D. Hoover
Paperback, January 2015
Methodology of Empirical Macroeconomics by Kevin D. Hoover
Paperback, October 2001
Causality in Macroeconomics by Kevin D. Hoover
Hardback, August 2001
Real Business Cycle Theory by Kevin D. Hoover
Hardback, June 1998