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Some important macro points

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  • Ray C Fair

Abstract

This paper lists 19 points that follow from results I have obtained using a structural macroeconomic model (SEM). Such models are more closely tied to the aggregate data than are DSGE models, and I argue that DSGE models and similar models should have properties that are consistent with these points. The aim is to try to bring macro back to its empirical roots.

Suggested Citation

  • Ray C Fair, 2020. "Some important macro points," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 36(3), pages 556-578.
    • Handle: RePEc:oup:oxford:v:36:y:2020:i:3:p:556-578.
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    File URL: http://hdl.handle.net/10.1093/oxrep/graa011
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    Citations

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    Cited by:

    1. Boug, Pål & Brasch, Thomas von & Cappelen, Ådne & Hammersland, Roger & Hungnes, Håvard & Kolsrud, Dag & Skretting, Julia & Strøm, Birger & Vigtel, Trond C., 2023. "Fiscal policy, macroeconomic performance and industry structure in a small open economy," Journal of Macroeconomics, Elsevier, vol. 76(C).
    2. Ray C. Fair, 2020. "Analysis of Nine U.S. Recessions and Three Expansions," Cowles Foundation Discussion Papers 2260, Cowles Foundation for Research in Economics, Yale University.
    3. Karl Naumann-Woleske & Michael Benzaquen & Maxim Gusev & Dimitri Kroujiline, 2021. "Capital Demand Driven Business Cycles: Mechanism and Effects," Papers 2110.00360, arXiv.org, revised Sep 2022.
    4. Fair, Ray C., 2021. "Trade models and macroeconomics," Economic Modelling, Elsevier, vol. 94(C), pages 296-302.
    5. Ray C. Fair, 2020. "Analysis of Nine U.S. Recessions and Three Expansions," Cowles Foundation Discussion Papers 2260R, Cowles Foundation for Research in Economics, Yale University, revised Jan 2021.
    6. Ray C. Fair, 2021. "What do price equations say about future inflation?," Business Economics, Palgrave Macmillan;National Association for Business Economics, vol. 56(3), pages 118-128, July.
    7. Ray C. Fair, 2022. "A note on the fed’s power to lower inflation," Business Economics, Palgrave Macmillan;National Association for Business Economics, vol. 57(2), pages 56-63, April.

    More about this item

    Keywords

    structural macro models; DSGE models;

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