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Linking the Theory with the Data: That is the Core Problem of International Economics

In: Handbook of Econometrics

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Leamer, Edward E.

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Abstract

The greatest problem for empirical analysis is how best to allow the context to affect the inferences. Econometric theory presupposes contextual "restrictions" that can be taken as given or assigned a probability distribution. These contextual inputs are rarely available. I illustrate this point with a review of the empirical work in international economics which has focused not on properties of estimators but instead how best to link the theory with the data. I argue that the two errors we should worry about are not rejecting a true null or accepting a false null but rather taking the theory too seriously and not taking the theory seriously enough.

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This chapter was published in: J.J. Heckman & E.E. Leamer (ed.) Handbook of Econometrics, , chapter 67, pages , 2007.

This item is provided by Elsevier in its series Handbook of Econometrics with number 6a-67.

Handle: RePEc:eee:ecochp:6a-67

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Related research
This chapter was published in the following book, which is listed on IDEAS:
J.J. Heckman & E.E. Leamer (ed.), 2007. "Handbook of Econometrics," Handbook of Econometrics, Elsevier, edition 1, volume 6, number 6a, September. [Downloadable!] (restricted)
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C39 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Other

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  1. Haskel, Jonathan, 2000. "The Trade and Labour Approaches to Wage Inequality," CEPR Discussion Papers 2476, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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