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Reconsidering macroeconomic policy prescriptions with meta-analysis

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  • Sebastian Gechert

    (Department of Economics, Chemnitz University of Technology)

Abstract

This paper investigates recent developments in meta-analysis, the tool to quantitatively synthesize research in a certain body of literature. After providing a brief overview on how to do a meta-analysis and discussing recent methodological advancements in the field, I review applied contributions to the field of macroeconomics. It turns out that meta-analyses have often questioned the conventional wisdom and established new consensuses in fiscal, monetary and labor market policies by uncovering substantial publication bias and unexpected determining factors in many bodies of literature – in particular those dominated by policy conclusions in the neoclassical tradition like minimum wages, financial regulation and the relative effects of tax and spending policies.

Suggested Citation

  • Sebastian Gechert, 2022. "Reconsidering macroeconomic policy prescriptions with meta-analysis," Chemnitz Economic Papers 053, Department of Economics, Chemnitz University of Technology, revised Jan 2022.
    • Handle: RePEc:tch:wpaper:cep053
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    Cited by:

    1. Heimberger, Philipp, 2023. "The cyclical behaviour of fiscal policy: A meta-analysis," Economic Modelling, Elsevier, vol. 123(C).
    2. Villamizar-Villegas, Mauricio & Arango-Lozano, Lucía & Castelblanco, Geraldine & Fajardo-Baquero, Nicolás & Ruiz-Sánchez, María Alejandra, 2022. "The effects of Monetary Policy on Capital Flows A Meta-Analysis," Working papers 93, Red Investigadores de Economía.
    3. Gechert, Sebastian & Mey, Bianka & Opatrny, Matej & Havranek, Tomas & Stanley, T. D. & Bom, Pedro R. D. & Doucouliagos, Hristos & Heimberger, Philipp & Irsova, Zuzana & Rachinger, Heiko J., 2023. "Conventional Wisdom, Meta-Analysis, and Research Revision in Economics," EconStor Preprints 280745, ZBW - Leibniz Information Centre for Economics.
    4. Philipp Heimberger, 2021. "Do Higher Public Debt Levels Reduce Economic Growth?," wiiw Working Papers 211, The Vienna Institute for International Economic Studies, wiiw.
    5. Gechert, Sebastian & Heimberger, Philipp, 2022. "Do corporate tax cuts boost economic growth?," European Economic Review, Elsevier, vol. 147(C).

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    More about this item

    Keywords

    Meta-analysis; macroeconomics; monetary policy; fiscal policy; labor market;
    All these keywords.

    JEL classification:

    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
    • J30 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - General

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