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  1. John D. Abell (1990). A Note on the Teaching of Ethics in the MBA Macroeconomics Course. Journal of Business Ethics 9 (1):21 - 29.
    While there is general agreement on the need to teach ethics in the MBA classroom, there are great difficulties in completely integrating such material within the confines of an actual MBA program. This paper attempts to address these difficulties by focusing on the teaching of such issues in one particular class — MBA macroeconomics.Ethical dilemmas often arise due to failures of the market place or due to inappropriate assumptions regarding the market model. Thus, specific suggestions are offered in regard to (...)
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  2. John Aldrich & Anna Staszewska (2007). The Experiment in Macroeconometrics. Journal of Economic Methodology 14 (2):143-166.
    This paper examines the experiment in macroeconometrics, the different forms it has taken and the rules that have been proposed for its proper conduct. Here an ?experiment? means putting a question to a model and getting an answer. Different types of experiment are distinguished and the justification that can be provided for a particular choice of experiment is discussed. Three types of macroeconometric modelling are considered: the Cowles (system of equations) approach, the vector autoregressive model approach and the computational experiment. (...)
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  3. Heather M. Anderson (1999). Explanations of an Empirical Puzzle: What Can Be Learnt From a Test of the Rational Expectations Hypothesis? Journal of Economic Methodology 6 (1):31-59.
    This paper illustrates the interplay between theory development and data analysis by considering the ability of the rational expectations hypothesis to explain the empirical cointegration structure found in the term structure. It finds that although a standard no-arbitrage theory that incorporates rational expectations can explain some of the properties of Treasury Bill yields, this theoretical explanation is incomplete. A broader-based explanation that accounts for government debt and time-varying risk premia can improve predictions of yield movements, relative to those predictions based (...)
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  4. Roger Backhouse & Andrea Salanti (1999). The Methodology of Macroeconomics. Journal of Economic Methodology 6 (2):159-169.
    This paper outlines some of the main methodological issues to arise in macroeconomics, making the case that the methodological issues arising in macroeconomics are just as important as those arising in microeconomics and that they merit more attention. Focusing on the symposium to which it forms the Introduction, the paper discusses three such issues: can macroeconomic theories be tested? Do macroeconomic theories change in response to evidence? Is contemporary macroeconomics in good methodological shape?
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  5. Amitrajeet A. Batabyal (2001). J. B. Braden and S. Proost, Editors, the Economic Theory of Environmental Policy in a Federal System; A. Cornwell and J. Creedy, Environmental Taxes and Economic Welfare; G. Atkinson, R. Dubourg, K. Hamilton, M. Munasinghe, D. Pearce, and C. Young, Measuring Sustainable Development: Macroeconomics and the Environment; R. Nau, E. Gronn, M. Machina, and O. Bergland, Editors, Economic and Environmental Risk and Uncertainty: New Models and Methods. [REVIEW] Journal of Agricultural and Environmental Ethics 14 (1):97-103.
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  6. George C. Bitros (2010). Two Puzzles Regarding the Replacement Ratio in the Context of Renewal Theory. Journal of Economic Methodology 17 (4):375-395.
    The models Feldstein and Rothschild, on the hand, and Jorgenson on the other adopted in 1974 to highlight the replacement ratio are identical. Yet, the authors reached opposite conclusions and the latter's view prevailed, which is weaker in terms of theoretical and empirical foundations. This paper argues that both puzzles may be resolved by reference to the differences in the methodological preconceptions of the authors involved, the operational advantages of the theorem of proportionality, the accumulated data that facilitate research, the (...)
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  7. Justin Bledin & Sharon Shewmake (2004). Research Programs, Model-Building and Actor-Network-Theory: Reassessing the Case of the Leontief Paradox. Journal of Economic Methodology 11 (4):455-476.
    Methodology of scientific research programs (MSRP), model-building and actor-network-theory (ANT) are woven together to provide a layered study of the Leontief paradox. Neil De Marchi's Lakatosian account examined the paradox within an Ohlin-Samuelson research program. A model-building approach rather highlights the ability of Leontief's input-output model to mediate between international trade theory and the world by facilitating an empirical application of the Heckscher-Ohlin Theorem. The epistemological implications of this model-building approach provide an alternative explanation of why Samuelson and other prominent (...)
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  8. Karl Brunner (1985). Comment on" Ideology and Analysis in Macroeconomics. In Peter Koslowski (ed.), Economics and Philosophy. J.C.B. Mohr. 208.
  9. Michal Brzezinski & Michal Dzielinski (2009). Is Endogenous Growth Theory Degenerating? Another Look at Lakatosian Appraisal of Growth Theories. Journal of Economic Methodology 16 (3):243-263.
    In a recent paper, Cavusoglu and Tebaldi (2006) provided an evaluation of neoclassical and endogenous growth theories according to Lakatos's methodology of scientific research programmes. This paper offers three criticisms of their contribution as well as a rival Lakatosian appraisal of growth theories. First, we hold that Cavusoglu and Tebaldi do not provide a proper structure of theory comparison in their contribution. Second, we argue that they use an inadequate version of Lakatos's appraisal criterion. Third, against the claim (...)
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  10. Bruce J. Caldwell (1986). Macroeconomic Thought: A Methodological Approach, Sheila Dow, Oxford, Basil Blackwell, 1985, Xi, 268 Pages.What is Political Economy? David Whynes, Editor, Oxford, Basil Blackwell, 1984, Ix, 243 Pages.Economics in Disarray, Peter Wiles and Guy Routh, Editors, Oxford, Basil Blackwell, 1984, Vii, 355 Pages. [REVIEW] Economics and Philosophy 2 (01):141-.
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  11. Erik Carlson (1998). Mere Addition and Two Trilemmas of Population Ethics. Economics and Philosophy 14 (02):283-.
    A principal aim of the branch of ethics called ‘population theory’ or ‘population ethics’ is to find a plausible welfarist axiology, capable of comparing total outcomes with respect to value. This has proved an exceedingly difficult task. In this paper I shall state and discuss two ‘trilemmas’, or choices between three unappealing alternatives, which the population ethicist must face. The first trilemma is not new. It originates with Derek Parfit's well-known ‘Mere Addition Paradox’, and was first explicitly stated by Yew-Kwang (...)
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  12. Nevin Cavusoglu & Edinaldo Tebaldi (2006). Evaluating Growth Theories and Their Empirical Support: An Assessment of the Convergence Hypothesis. Journal of Economic Methodology 13 (1):49-75.
    Understanding the factors determining economic growth has been a major concern for economists and governing bodies for many years. The Solow growth model and the endogenous growth models are the main theories tested and used in the growth literature. This paper discusses the main contributions to economic methodology and uses Lakatos's scientific research program framework to evaluate the main theoretical contributions to growth theory. Based on Lakatos's ideas, Solovian models are both empirically and theoretically progressive. Endogenous growth models, on the (...)
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  13. Victoria Chick (2003). Theory, Method and Mode of Thought in Keynes'sGeneral Theory. Journal of Economic Methodology 10 (3):307-327.
    In my 1983 book, Macroeconomics after Keynes, I claimed that much that was original in Keynes was to be found not at the level of theory but in his method. Shortly afterwards, Sheila Dow's book Macroeconomic Thought (1985) introduced those of us who are not specialist methodologists to what she called the ?mode of thought?. In that book, and subsequently, it has become clear that differences in approach between those who take their inspiration from Keynes and Kalecki and those I (...)
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  14. Rosa Cobo Bedía (2011). Hacia Una Nueva Política Sexual: Las Mujeres Ante la Reacción Patriarcal. Catarata.
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  15. A. Comment (1990). The Conflation of Productivity and Efficiency in Economics and Economic History. Economics and Philosophy 6:147-152.
    In a recent article, Edward Saraydar (1989) takes economists and economic historians to task for equating productivity and efficiency in comparative economic analysis. Although I found his thesis interesting, I was a bit surprised to see selected remarks from my article on firm size in nineteenth-century France (Nye,1987) used to frame his criticism of productivity comparisons as a means of making prescriptive statements. The passages selected may mislead the reader as to the nature of my arguments. Let me quote Saraydar (...)
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  16. Tyler Cowen (2000). Risk and Business Cycles: Reply to Rosser. Critical Review 14 (1):89-94.
    Abstract Rosser's thoughtful and careful review of my book on business cycles reflects a different methodological stance than my own. I believe that economic theory and macroeconomics cannot escape using the concept of risk, even though, as Rosser points out, risk is not a simple unidimensional magnitude in many circumstances. I view the rational expectations assumption as a useful way of presenting a theory, rather than as a descriptive account of real?world expectations.
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  17. D. R. Cox (2004). Causality in Macroeconomics, by Kevin D. Hoover. Cambridge University Press, 2002, XIII + 311 Pages. [REVIEW] Economics and Philosophy 20 (1):223-226.
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  18. Huw Dixon (1999). New Keynesian Economics, Nominal Rigidities and Involuntary Unemployment. Journal of Economic Methodology 6 (2):221-238.
    This paper explores the main motivations behind new Keynesian macroeconomics in the last 15 years. It focuses on the two central issues of nominal rigidity and involuntary unemployment. It argues that the Walrasian paradigm is inherently incapable of making sense of these issues except in an ad hoc manner. Both of these issues require the adoption of a framework with price and wage making agents to be properly modelled. Even if the Walrasian approach might fit the facts in a superficial (...)
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  19. Sheila C. Dow & Dipak Ghosh (2009). Fuzzy Logic and Keynes's Speculative Demand for Money. Journal of Economic Methodology 16 (1):57-69.
    The purpose of the paper is to explore the potential for using fuzzy logic to analyse economic decision?making under Keynesian uncertainty, and in particular in circumstances where variety of opinion is important. Fuzzy logic is shown to apply where expectations may differ because the nature of the subject matter impedes any ?crisp? way of describing the underlying variables. The particular case of the speculative demand for money is considered, since it explicitly reflects variety of opinion as to whether interest rates (...)
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  20. Stan du Plessis (2010). Implications for Models in Monetary Policy. Journal of Economic Methodology 17 (4):429-444.
    Monetary authorities have been implicated in the financial crisis of 2007?2008. John Muellbauer, for example, has blamed what he thought was initially inadequate policy responses by central banks to the crisis on their models, which are, in his words, ?overdue for the scrap heap?. This paper investigates the role of monetary policy models in the crisis and finds that (i) it is likely that monetary policy contributed to the financial crisis; and (ii) that an inappropriately narrow suite of models made (...)
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  21. Amitava Krishna Dutt (1998). Representing the Representative Agent. A Review of James E. Hartley's The Representative Agents in Macroeconomics. Journal of Economic Methodology 5:310-316.
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  22. Brian Epstein (2014). Why Macroeconomics Does Not Supervene on Microeconomics. Journal of Economic Methodology 21 (1):3-18.
    In recent years, the project of providing microeconomic foundations for macroeconomics has taken on new urgency. Some philosophers and economists have challenged the project, both for the way economists actually approach microfoundations and for more general anti-reductionist reasons. Reductionists and anti-reductionists alike, however, have taken it to be trivial that the macroeconomic facts are exhaustively determined by microeconomic ones. In this paper, I challenge this supposed triviality. I argue that macroeconomic properties do not even globally supervene on microeconomic ones. This (...)
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  23. Adam Fforde (2005). Persuasion: Reflections on Economics, Data, and the 'Homogeneity Assumption'. Journal of Economic Methodology 12 (1):63-91.
    This paper discusses issues to do with the empirical basis of modern economics and points towards the need to look more closely at the ?homogeneity assumption? that underpins much economic theory. It argues that severe problems currently prevent economics from becoming more persuasive to both students of economics and those outside the discipline. The issue involves the management of disciplinary boundaries, and excessive use of the ?homogeneity assumption.? Three areas of concern are explored. First is the literature on causes of (...)
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  24. T. Francis (2011). Review Essays: Keynes and Macroeconomics After 70 Years. Philosophy of the Social Sciences 41 (2):269-277.
    The book under review is critiqued with regard to its adherence, modification, and departure from John Maynard Keynes’s position. This review is weighted to emphasizing the role of "expectation" in Keynes’s work and its role in the book under review. The review seeks to develop an interpretation of the "psychology of society" or "structural rationality" in Keynes’s work and contrasts this with the positions of the authors in the book under review. Following this Keynes’s work is advocated as being highly (...)
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  25. Lowell Gallaway & Richard Vedder (1989). The Keynesian Performance. Critical Review 3 (3-4):488-504.
    PROSPERITY AND UPHEAVAL: THE WORLD ECONOMY 1945?1980 by Herman Van der Wee translated by Robin Hogg and Max R. Hall Berkeley: University of California Press, 1987. 621pp., $14.95 Van der Wee uncritically accepts that Keynesianism is responsible for post?war economic stability. Against this belief, it is argued that an analysis of the historical record shows no significant efforts at countercyclical fiscal management in the post?war era, while efforts to control the economy via monetary policy were associated with increasing instability, culminating (...)
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  26. Norton Garfinkle (2005). Supply‐Side Vs. Demand‐Side Tax Cuts and U.S. Economic Growth, 1951–2004. Critical Review 17 (3-4):427-448.
    Abstract Supply?side economists claim that a low top marginal income?tax rate accelerates investment, employment, and economic growth. But the economic literature cited to support the supply?side hypothesis provides little to no empirical support for it. And a more comprehensive empirical examination of key parameters of U.S. economic performance in the postwar period, undertaken here, shows no association between low top marginal income?tax rates and high real growth in investment, employment, or GDP. By contrast, the analysis yields strong evidence for the (...)
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  27. Roger W. Garrison (1994). High Interest, Low Demand, and Keynes: Rejoinder to Hill and Felix. Critical Review 8 (3):451-460.
    Keynes's theory of interest is central to his broader argument. However, short?run policy, which takes the so?called normal rate of interest as given and aims at affecting the prevailing rate, must be distinguished from long?run reform, which aims at changing the normal rate. The low demand that Keynes associated with high interest was believed to be inherent in a decentralized, consumption?oriented economy. Consequently, he advocated reform in the direction of central control. Despite his ?moral and philosophical? agreement with Hayek's Road (...)
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  28. Roger W. Garrison (1992). Keynesian Splenetics: From Social Philosophy to Macroeconomics. Critical Review 6 (4):471-492.
    Underlying the analytical framework of Keynes's General Theory is a comparison of capitalism and socialism in terms of risks and consequent rates of interest, rates of investment and capital accumulation, and levels of employment and output. Keynes's social philosophy and corresponding vision of macroeconomic reality biases his comparison in favor of socialism, or, more precisely, in favor of ?a comprehensive socialisation of investment.? Recognizing the significant influence of Keynes's early social philosophy on his subsequent macroeconomics? which is firmly established by (...)
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  29. Robert S. Goldfarb, H. O. Stekler & Joel David (2005). Methodological Issues in Forecasting: Insights From the Egregious Business Forecast Errors of Late 1930. Journal of Economic Methodology 12 (4):517-542.
    This paper examines some economic forecasts made in late 1930 that were intended to predict economic activity in the United States in order to shed light on several methodological issues. We document that these forecasts were extremely optimistic, predicting that the recession in the US would soon end, and that 1931 would show a recovery. These forecasts displayed egregious errors, because 1931 witnessed the largest negative growth rate for the US economy in any year in the twentieth century. A specific (...)
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  30. Frank Hahn (1986). Conversations with Economists: New Classical Economists and Opponents Speak Out on the Current Controversy in Macroeconomics, Arjo Klamer, Totowa, N.J.: Rowman and Allanheld, 1983, 278 Pages. [REVIEW] Economics and Philosophy 2 (02):275-.
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  31. Greg Hill (2004). From Hayek to Keynes: G.L.S. Shackle and Ignorance of the Future. Critical Review 16 (1):53-79.
    Abstract G.L.S. Shackle stood at the historic crossroads where the economics of Hayek and Keynes met. Shackle fused these opposing lines of thought in a macroeconomic theory that draws Keynesian conclusions from Austrian premises. In Shackle's scheme of thought, the power to imagine alternative courses of action releases decision makers from the web of predictable causation. But the spontaneous and unpredictable choices that originate in the subjective and disparate orientations of individual agents deny us the possibility of (...)
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  32. Greg Hill (1996). Capitalism, Coordination, and Keynes: Rejoinder to Horwitz. Critical Review 10 (3):373-387.
    Abstract In the ideal market of general equilibrium theory, choices are made in full knowledge of one another, and all expectations are fulfilled. This pre?harmonization of individual plans does not occur in real?world markets where decisions must be taken in ignorance of one another. The Austrian school grants this, but claims that real?world price systems are nonetheless effective in coordinating saving and investment decisions, which are motivated by disparate considerations. In contrast, Keynes held that without the pre?reconciliation of individual plans, (...)
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  33. Greg Hill (1994). Misreading Keynes: Reply to Garrison. Critical Review 8 (3):441-446.
    In the concluding chapter of The General Theory, Keynes offers a vision of socialized investment, which, according to Allan Meltzer, informs Keynes's entire analysis and critique of laissez?faire capitalism. Roger Garrison adds a critical dimension to Meltzer's interpretation, contending that Keynes's vision of the ?comprehensive socialisation of investment,? with its zero rate of interest, is Utopian, thereby weakening Keynes's case against real?world capitalism. This paper defends Keynes, arguing that Garrison and Meltzer misconstrue both Keynes's theory of interest and his proposed (...)
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  34. Kevin D. Hoover (2010). Idealizing Reduction: The Microfoundations of Macroeconomics. [REVIEW] Erkenntnis 73 (3):329 - 347.
    The dominant view among macroeconomists is that macroeconomics reduces to microeconomics, both in the sense that all macroeconomic phenomena arise out of microeconomic phenomena and in the sense that macroeconomic theory—to the extent that it is correct—can be derived from microeconomic theory. More than that, the dominant view believes that macroeconomics should in practice use the reduced microeconomic theory: this is the program of microfoundations for macroeconomics to which the vast majority of macroeconomists adhere. The "microfoundational" models that they actually (...)
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  35. Kevin D. Hoover (2005). Quantitative Evaluation of Idealized Models in the New Classical Macroeconomics. Poznan Studies in the Philosophy of the Sciences and the Humanities 86 (1):15-34.
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  36. Kevin D. Hoover (1995). Is Macroeconomics for Real? The Monist 78 (3):235-257.
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  37. Kevin D. Hoover (1993). Causality and Temporal Order in Macroeconomics or Why Even Economists Don't Know How to Get Causes From Probabilities. British Journal for the Philosophy of Science 44 (4):693-710.
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  38. Maarten Janssen (1993). Methodological Foundations of Macroeconomics: Keynes and Lucas, Alessandro Vercelli. Cambridge: Cambridge University Press, 1992, Xv + 269 Pages. [REVIEW] Economics and Philosophy 9 (01):195-.
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  39. Maarten C. W. Janssen (1989). Structuralist Reconstructions of Classical and Keynesian Macroeconomics. Erkenntnis 30 (1-2):165 - 181.
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  40. Katarina Juselius (1999). Models and Relations in Economics and Econometrics. Journal of Economic Methodology 6 (2):259-290.
    Based on a money market analysis using the cointegrated VAR model the paper demonstrates some possible pitfalls in macroeconomic inference as a direct consequence of inadequate stochastic model formulation. A number of questions related to concepts such as empirical and theoretical steady-states, speed of adjustment, feedback and interaction effects, and driving forces are addressed within the framework of the cointegrated VAR model. The interpretation and analysis of common driving trends are related to the notion of shocks or disturbances to a (...)
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  41. Bennett T. McCallum (1999). Recent Developments in Monetary Policy Analysis: The Roles of Theory and Evidence. Journal of Economic Methodology 6 (2):171-198.
    Both academic thinking about monetary economics and the practice of monetary policy have changed dramatically since 1971?3, when the rational expectations revolution was beginning and the Bretton Woods system was crumbling. The present paper considers whether the various changes that have taken place were influenced primarily by economic theory or by empirical evidence - or by a combination of the two. Monetary economics, like macroeconomics more generally, passed through the rational expectations period into one dominated by real business cycle (RBC) (...)
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  42. Siobhain McGovern (1995). On a Maze of Second Thoughts and on the Methodology of Economic Methodology. Journal of Economic Methodology 2 (2):223-238.
    This paper considers the debate surrounding the elucidation of Laka-tosian novel facts in Keynesian macroeconomics. An analysis of this debate highlights how, in the process of using methodologies to appraise economics, economic methodologists have been forced into adopting the methodology of historiographic research programmes (MHRP) as a method of appraising methodologies. It is argued here that the failure to find Lakatosian novel facts in Keynesian macroeconomics has prompted economic methodologists to consider the appropriateness of MHRP as a method of meta-methodological (...)
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  43. Alan Nelson (1986). Equilibrium and Macroeconomics, Frank Hahn, Cambridge: MIT Press, 1984, Viii + 397pp. [REVIEW] Economics and Philosophy 2 (01):148-.
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  44. Alan Nelson (1984). Some Issues Surrounding the Reduction of Macroeconomics to Microeconomics. Philosophy of Science 51 (4):573-594.
    This paper examines the relationship between modern theories of microeconomics and macroeconomics and, more generally, it evaluates the prospects of theoretically reducing macroeconomics to microeconomics. Many economists have shown strong interest in providing "microfoundations" for macroeconomics and much of their work is germane to the issue of theoretical reduction. Especially relevant is the work that has been done on what is called The Problem of Aggregation. On some accounts, The Problem of Aggregation just is the problem of reducing macroeconomics to (...)
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  45. Julian Reiss (2004). The Methodology of Empirical Macroeconomics by Kevin D. Hoover. Cambridge University Press 2001, XII + 186 Pages. [REVIEW] Economics and Philosophy 20 (1):226-233.
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  46. Alexander Rosenberg (1976). On the Interanimation of Micro and Macroeconomics. Philosophy of the Social Sciences 6 (1):35-53.
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  47. Don Ross (2010). Should the Financial Crisis Inspire Normative Revision? Journal of Economic Methodology 17 (4):399-418.
    The paper evaluates the claim, made by a range of commentators but most prominently by Akerlof and Shiller in Animal Spirits, that the recent financial crisis illustrates gaps in the normative picture incorporated into standard macroeconomics that are plugged by insights due to behavioral economics. It is argued that Akerlof and Shiller's contention that we cannot understand what happened unless we supplement macroeconomic theory with social-psychological theory is convincing only after being so heavily qualified that most of the (...)
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  48. Barkley Rosser, Dr. J. Spring 2006.
    To acquaint the student with the problems of open-economy macroeconomics. These include the theory and policy issues related to the international balance of payments, the determination of foreign exchange rates, the functioning of the macroeconomy under different exchange rate regimes, the operation of macroeconomic policy under different exchange rate regimes, and the evolution and future of the international monetary system as a whole.
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  49. Barkley Rosser, Implications for Teaching Macroeconomics of Complex Dynamics.
    The implications for how teach macroeconomics at the undergraduate level of the emergence of the multidisciplinary study of nonlinear complex dynamics are examined. A definition of complex dynamics is presented and a broad review of various applications in macroeconomics is made. Some particular implications are emphasized such as how complex dynamics raise serious doubts about the rational expectations assumption. Several models and approaches are suggested that can be used to make these ideas accessble to students.
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  50. Scott Scheall, A Hayekian Explanation of Hayek's 'Epistemic Turn'.
    The present essay investigates F.A. Hayek’s epistemology and his methodology of sciences of complex phenomena for implications relevant to an explanation of Hayek’s own so-called “epistemic turn.” The thesis defended here is that Hayek’s dissatisfaction with his technical economics – in particular, his business cycle project – prompted, in keeping with his evolutionary theory of belief revision, the development of an approach less susceptible to the same disappointment.
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