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Economists, Incentives, Judgment, and the European CVAR Approach to Macroeconomics

In: How Economics Should Be Done

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  • David Colander

Abstract

This paper argues that the DSGE approach to macroeconometrics is the dominant approach because it meets the institutional needs of the replicator dynamics of the profession, not because it is necessarily the best way to do macroeconometrics. It further argues that this “DSGE theory-first†approach is inconsistent with the historical approach that economists have advocated in the past and that the alternative European CVAR approach is much more consistent with economist’s historically used methodology, correctly understood.

Suggested Citation

  • David Colander, 2018. "Economists, Incentives, Judgment, and the European CVAR Approach to Macroeconomics," Chapters, in: How Economics Should Be Done, chapter 13, pages 190-211, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:17588_13
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    Keywords

    Economics and Finance; Research Methods;

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