The getting of macroeconomic wisdom
The paper discusses a number of trends in the use of macro-economic models for acquiring information about the macro-economy. It is argued that a fundamental distinction should be drawn between models that are constructed to <I>summarise</I> the data and those which are used to <I>interpret</I> the data. By and large the former are statistical and so are judged on the basis of how well they fit the data. Nevertheless, while we have learned a lot about the nature of macroeconomic data from...[Show more]
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