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  1. A Note on the Teaching of Ethics in the MBA Macroeconomics Course.John D. Abell - 1990 - 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. The Experiment in Macroeconometrics.John Aldrich & Anna Staszewska - 2007 - 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. Explanations of an Empirical Puzzle: What Can Be Learnt From a Test of the Rational Expectations Hypothesis?Heather M. Anderson - 1999 - 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. 18 Methodological Issues in Keynesian Macroeconomics.Roger E. Backhouse & Bradley W. Bateman - 2011 - In J. B. Davis & D. W. Hands (eds.), Elgar Companion to Recent Economic Methodology. Edward Elgar Publishers. pp. 437.
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  5. Macroeconomics and the Real World: Volume 1: Keynesian Economics, Econometric Techniques and Macroeconomics.Roger E. Backhouse & Andrea Salanti (eds.) - 2001 - Oxford University Press UK.
    In these two volumes, a group of distinguished economists debate the way in which evidence, in particular econometric evidence, can and should be used to relate macroeconomic theories to the real world. Topics covered include the business cycle, monetary policy, economic growth, the impact of new econometric techniques, the IS-LM model, the labour market, new Keynesian macroeconomics, and the use of macroeconomics in official documents.
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  6. The Methodology of Macroeconomics.Roger Backhouse & Andrea Salanti - 1999 - 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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  7. 12 Is Macroeconomics for Real?J. M. Barrie - 2001 - In Uskali Mäki (ed.), The Economic World View: Studies in the Ontology of Economics. Cambridge University Press. pp. 225.
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  8. 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]Amitrajeet A. Batabyal - 2001 - Journal of Agricultural and Environmental Ethics 14 (1):97-103.
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  9. Monetary Incentives and Vigilance.Bruce O. Bergum & Donald J. Lehr - 1964 - Journal of Experimental Psychology 67 (2):197.
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  10. Monetary Policy Implementation: Theory, Past, and Present.Ulrich Bindseil - 2004 - Oxford University Press UK.
    The first of its kind, this book is entirely dedicated to the implementation of monetary policy. Monetary policy implementation has gone through tremendous changes over the last twenty years, which have witnessed the quiet end of 'reserve position doctrine' and the return of an explicit focus on short-term interest rates. Enthusiastically supported by Keynes and later by the monetarist school, reserve position doctrine was developed mainly by US central bankers and academics during the early 1920s, and at least in the (...)
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  11. Two Puzzles Regarding the Replacement Ratio in the Context of Renewal Theory.George C. Bitros - 2010 - 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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  12. Research Programs, Model-Building and Actor-Network-Theory: Reassessing the Case of the Leontief Paradox.Justin Bledin & Sharon Shewmake - 2004 - 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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  13. Monetary Regimes of the Twentieth Century.Andrew Britton - 2001 - Cambridge University Press.
    economic theory may be timeless and potentially universal in its application, but macroeconomics has to be seen in its historical context. The nature of the policy regime, the behaviour of the economy and the beliefs of professional economists all interact, and influence each other. This short historical account of monetary regimes since 1900 shows how the role of policy has changed, and how this has related to experience of inflation and the real economy, as well as to changes in political (...)
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  14. Comment on" Ideology and Analysis in Macroeconomics.Karl Brunner - 1985 - In Peter Koslowski (ed.), Economics and Philosophy. J.C.B. Mohr. pp. 208.
  15. International Accumulation and the Contradictions of National Monetary Policy.Dick Bryan - 1992 - Science and Society 56 (3):324 - 352.
    With the international mobility of money, and the integration of national capital markets, the role of nation states in securing the money system becomes ambiguous, for nation states can exert only a partial impact on the value of (internationalized) money. The effect is that national monetary policy comes to reflect the contradictions between different sections of capital which are themselves integrated into international accumulation in different ways. A consequence is that there can be no assumption (as found in the conventional (...)
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  16. Is Endogenous Growth Theory Degenerating? Another Look at Lakatosian Appraisal of Growth Theories.Michal Brzezinski & Michal Dzielinski - 2009 - Journal of Economic Methodology 16 (3):243-263.
    In a recent paper, Cavusoglu and Tebaldi 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 of the authors, (...)
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  17. 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]Bruce J. Caldwell - 1986 - Economics and Philosophy 2 (1):141.
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  18. Mere Addition and Two Trilemmas of Population Ethics.Erik Carlson - 1998 - Economics and Philosophy 14 (2):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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  19. Evaluating Growth Theories and Their Empirical Support: An Assessment of the Convergence Hypothesis.Nevin Cavusoglu & Edinaldo Tebaldi - 2006 - 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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  20. Theory, Method and Mode of Thought in Keynes'sGeneral Theory.Victoria Chick - 2003 - 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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  21. Hacia Una Nueva Política Sexual: Las Mujeres Ante la Reacción Patriarcal.Rosa Cobo Bedía - 2011 - Catarata.
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  22. Cue Utilization as a Function of Monetary Incentive and Learning Efficiency.Jerome S. Cohen, Gabor A. Telegdy, Jean Paul Laroche & Yaakov Getz - 1973 - Bulletin of the Psychonomic Society 1 (6):452-454.
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  23. The Conflation of Productivity and Efficiency in Economics and Economic History.A. Comment - 1990 - 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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  24. Risk and Business Cycles: Reply to Rosser.Tyler Cowen - 2000 - 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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  25. Causality in Macroeconomics, by Kevin D. Hoover. Cambridge University Press, 2002, XIII + 311 Pages. [REVIEW]D. R. Cox - 2004 - Economics and Philosophy 20 (1):223-226.
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  26. Elements of Environmental Macroeconomics.Herman E. Daly - 1991 - In Robert Costanza (ed.), Ecological Economics: The Science and Management of Sustainability. Columbia University Press. pp. 32--46.
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  27. Representational Monetary Identity.Mirelo Deugh Ausgam Valis - 2013 - Lulu.
    Whenever debt is itself money, this money becomes a self-inflating debt principal by already being its own interest. Hence modern inflation, deflation, and eventual monetary crises. Yet why does money become debt? The concept of representational monetary identity answers to precisely this question.
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  28. New Keynesian Economics, Nominal Rigidities and Involuntary Unemployment.Huw Dixon - 1999 - 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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  29. Contemporaneous Monetary Policy Decision and Growing Global Financial Integration.Dorin Dobrişan - 2008 - Linguistic and Philosophical Investigations 7.
  30. Fuzzy Logic and Keynes's Speculative Demand for Money.Sheila C. Dow & Dipak Ghosh - 2009 - 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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  31. Implications for Models in Monetary Policy.Stan du Plessis - 2010 - 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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  32. 16 Recent Developments in Macroeconomics: The DSGE Approach to Business Cycles in Perspective.Pedro Garcia Duarte - 2011 - In J. B. Davis & D. W. Hands (eds.), Elgar Companion to Recent Economic Methodology. Edward Elgar Publishers.
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  33. Representing the Representative Agent. A Review of James E. Hartley's The Representative Agents in Macroeconomics.Amitava Krishna Dutt - 1998 - Journal of Economic Methodology 5:310-316.
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  34. Macroeconomics and the Real World: Volume 2: Keynesian Economics, Unemployment, and Policy.Roger E. Backhouse & Andrea Salanti (eds.) - 2001 - Oxford University Press UK.
    In these two volumes, a group of distinguished economists debate the way in which evidence, in particular econometric evidence, can and should be used to relate macroeconomic theories to the real world. Topics covered include the business cycle, monetary policy, economic growth, the impact of new econometric techniques, the IS-LM model, the labour market, new Keynesian macroeconomics, and the use of macroeconomics in official documents.
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  35. Why Macroeconomics Does Not Supervene on Microeconomics.Brian Epstein - 2014 - 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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  36. The Pressure for Monetary Depreciation.Arthur Feiler - forthcoming - Social Research.
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  37. Persuasion: Reflections on Economics, Data, and the 'Homogeneity Assumption'.Adam Fforde - 2005 - 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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  38. Non-Monetary Accounting: A Necessary Development for Better Managerial Decisions.Vassilios P. Filios - 1991 - International Journal of Value-Based Management 4 (2):133-143.
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  39. Aggregation and the Microfoundations of Dynamic Macroeconomics.Mario Forni & Marco Lippi - 1997 - Oxford University Press UK.
    This book argues that modern macroeconomics has completely overlooked the aggregate nature of the data. Standard models start with intertemporally maximizing agents and obtain dynamic equations linking economic variables like consumption, income, investment interest rate and employment. Such equations exhibit testable properties like cointegration, definite patterns of Granger causality, and restrictions on the parameters. The usual simplification that agents are identical leads to testing these properties directly on aggregate data. Here this simplification is systematically questioned. In Part I the homogeneity (...)
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  40. Review Essays: Keynes and Macroeconomics After 70 Years.T. Francis - 2011 - 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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  41. Monetary Policy, Inflation, and the Business Cycle: An Introduction to the New Keynesian Framework.Jordi Galí - 2008 - Princeton University Press.
    The New Keynesian framework has emerged as the workhorse for the analysis of monetary policy and its implications for inflation, economic fluctuations, and welfare. It is the backbone of the new generation of medium-scale models under development at major central banks and international policy institutions, and provides the theoretical underpinnings of the inflation stability-oriented strategies adopted by most central banks throughout the industrialized world. This graduate-level textbook provides an introduction to the New Keynesian framework and its applications to monetary policy. (...)
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  42. The Keynesian Performance.Lowell Gallaway & Richard Vedder - 1989 - 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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  43. Supply‐Side Vs. Demand‐Side Tax Cuts and U.S. Economic Growth, 1951–2004.Norton Garfinkle - 2005 - 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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  44. High Interest, Low Demand, and Keynes: Rejoinder to Hill and Felix.Roger W. Garrison - 1994 - 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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  45. Keynesian Splenetics: From Social Philosophy to Macroeconomics.Roger W. Garrison - 1992 - 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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  46. Methodological Issues in Forecasting: Insights From the Egregious Business Forecast Errors of Late 1930.Robert S. Goldfarb, H. O. Stekler & Joel David - 2005 - 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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  47. 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]Frank Hahn - 1986 - Economics and Philosophy 2 (2):275.
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  48. A Review of Two Books by Kevin D. Hoover: Causality in Macroeconomics and The Methodology of Empirical Macroeconomics. [REVIEW]D. M. Hausman - 2003 - Journal of Economic Methodology 10 (2):259-270.
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  49. Equilibrium Notions in Macroeconomics: An Historical Perspective.Ben J. Heijdra & Anton D. Lowenberg - 1995 - Theoria 85:55-70.
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  50. Critical Essays in Monetary Theory.John Hicks - 1967 - Clarendon Press.
    It is most illuminating when we are standing right back, so that even the monetary system itself is allowed to vary. When we stand back, not limiting ...
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