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on History and Philosophy of Economics |
| By: | Philip J. Glandon; Kenneth Kuttner; Sandeep Mazumder; Caleb Stroup |
| Abstract: | How is macroeconomic research conducted and what is it trying to accomplish? We explore these questions using information gleaned from 1,894 articles published in ten leading journals. We find that over the past 40 years there has been a growing emphasis on increasingly sophisticated quantitative theory, such as DSGE modeling, and papers employing these methods now account for the majority of articles in macro journals. The shift towards quantitative theory is mirrored by a decline in the use of econometric methods to test economic hypotheses. Econometric techniques borrowed from applied microeconomics have to a large extent displaced time series methods, and empirical papers increasingly rely on micro and proprietary data sources. Market imperfections are pervasive, and the amount of research involving financial frictions has increased significantly in the past ten years. The frequency with which non-macro JEL codes appear in macro articles indicates a great deal of overlap between macroeconomics and other fields. |
| JEL: | A11 A14 B22 B41 E00 |
| Date: | 2022–01 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29628&r= |
| By: | Irina Chaplygina (MSU - Lomonosov Moscow State University); André Lapidus (PHARE - Philosophie, Histoire et Analyse des Représentations Économiques - UP1 - Université Paris 1 Panthéon-Sorbonne) |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03472696&r= |
| By: | Mario Teijeiro |
| Abstract: | En los últimos 40 años, Argentina ha acumulado tres experiencias de política económica caracterizadas equívocamente como neoliberales; y todas ellas culminaron en fracasos estrepitosos. ¿Por qué habrían fracasado en Argentina ideas que han tenido éxito en tantos países? La intención de este ensayo es identificar cuáles fueron los principales errores y discutir las causas que los originaron, con el propósito de extraer lecciones y no repetir errores si una nueva oportunidad se presentara para aplicar ideas liberales. La metodología adoptada es una comparación histórica de las experiencias (supuestamente neoliberales) argentinas en relación con la política neoliberal paradigmática ejecutada en Chile a partir de 1973, que llevó a ese país al primer lugar de ingreso per cápita en la región. La conclusión de este ensayo es que las diferencias estuvieron fundamentalmente en las falencias notorias de las reformas estructurales argentinas y en la insistencia en políticas macroeconómicas inconsistentes, con déficits fiscales desmesurados financiados con endeudamiento externo e ingresos de capitales golondrina. |
| Keywords: | neoliberalismo, convertibilidad, reformas estructurales, coherencia macroeconómica |
| Date: | 2022–02 |
| URL: | http://d.repec.org/n?u=RePEc:cem:doctra:823&r= |
| By: | Jose Luis Oreiro; Kalinka Martins da Silva |
| Abstract: | The Brazilian New Developmentalist School, also known as "consensus of São Paulo", can be understood as an approach to the deep determinants of economic development in which macroeconomic policy regime has a key role in explaining the long-term growth differentials among countries, notably middle-income countries. The school was originated from the seminal works of Bresser-Pereira (2006, 2007 and 2009) who defined new developmentalism as a set of proposals for institutional reforms and economic policies, whereby the middle-income countries seek to achieve the per-capita income level of developed countries. The first aim of this article is to present the theoretical foundations and the recent developments of the New Developmentalism School. Regarding the theoretical foundations, New Developmentalism is based on the so-called Structuralist Development Macroeconomics, which can be understood as a synthesis between Classical Development Theory, Latin American Structuralism and Post-Keynesian demand-led growth models. One of the most known and controversial features of new developmentalism is the key role of the manufacturing industry and real exchange rate in the process of economic development. The present article presents the state-of-the art reasoning of the New-Developmentalist school about why and how real exchange rate and manufacturing industry matters for long-run growth. Finally, the article discusses the convergences and divergences between New-Developmentalism and Balance of Payments Constrained Growth models, which are up today the major heterodox explanation for uneven development. |
| Keywords: | New-Developmentalism, Structuralist Development Macroeconomics, Real Exchange Rate |
| JEL: | O11 O14 O40 |
| Date: | 2022–01 |
| URL: | http://d.repec.org/n?u=RePEc:pke:wpaper:pkwp2204&r= |
| By: | Scott E. Carrell; David N. Figlio; Lester R. Lusher |
| Abstract: | The network of economists who publish in leading journals is generally perceived as small, exclusive, and tightly knit. We study how author-editor and author-reviewer network connectivity and “match” influences editor decisions and reviewer recommendations of economic research at the Journal of Human Resources (JHR). Our empirical strategy employs several dimensions of fixed effects to overcome concerns of endogenous assignment of papers to editors and reviewers in order to identify causal impacts. Results show that clubs and networks play a large role in influencing both editor and reviewer decisions. Authors who attended the same PhD program, were ever colleagues with, are affiliates of the same NBER program(s), or are more closely linked via coauthorship networks as the handling editor are significantly more likely to avoid a desk rejection. Likewise, authors from the same PhD program or who previously worked with the reviewer are significantly more likely to receive a positive evaluation. We also find that sharing “signals” of ability, such as publishing in “top five”, attending a high ranked PhD program, or being employed by a similarly ranked economics department significantly influences editor decisions and/or reviewer recommendations. |
| JEL: | A11 |
| Date: | 2022–01 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29631&r= |
| By: | Deborah A. Cobb-Clark (The University of Sydney, School of Economics); Sarah C. Dahmann (Melbourne Institute: Applied Economic & Social Research, the University of Melbourne); Daniel A. Kamhöfer (Heinrich Heine University Düsseldorf, Düsseldorf Institute for Competition Economics); Hannah Schildberg-Hörisch (Heinrich Heine University Düsseldorf, Düsseldorf Institute for Competition Economics) |
| Abstract: | We propose a broadly applicable empirical approach to classify individuals as time consistent versus naive or sophisticated regarding their self-control limitations. Operationalizing our approach based on nationally representative data reveals that self-control problems are pervasive and that most people are at least partly aware of their limited self-control. Compared to naïfs, sophisticates have higher IQs, better educated parents, and are more likely to take up commitment devices. Accounting for both the level and awareness of self-control limitations has predictive power beyond one-dimensional notions of self-control that neglect awareness. Importantly, sophistication fully compensates for self-control problems when choices involve immediate costs and later benefits. Raising people's awareness of their own self-control limitations may thus assist them in overcoming any adverse consequences. |
| Keywords: | self-control, sophistication, naïveté, commitment devices, present bias |
| JEL: | D91 D01 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iae:iaewps:wp2021n16&r= |