The heterogeneous state of modern macroeconomics
Subtitle: a reply to solow
By: V. V. Chari, Patrick J. Kehoe
Contributors: Kehoe, Patrick J.; National Bureau of Economic Research
Series: NBER working paper series -- working paper 13655; Working paper series (National Bureau of Economic Research : Online) -- working paper no. 13655.
Publisher: National Bureau of Economic Research
Published: 2007
Place of publication: Cambridge, MA
Language: eng
Format: [electronic resource] :
Description: "Robert Solow has criticized our 2006 Journal of Economic Perspectives essay describing "Modern Macroeconomics in Practice." Solow eloquently voices the commonly heard complaint that too much macroeconomic work today starts with a model with a single type of agent.  We argue that modern macroeconomics may not end too far from where Solow prefers.  He is also critical of how modern macroeconomists use data to construct models.  Specifically, he seems to think that calibration is the only way that our models encounter data.  To the contrary, we argue that modern macroeconomics uses a wide variety of empirical methods and that this big-tent approach has served macroeconomics well.  Solow also questions our claim that modern macroeconomics is firmly grounded in economic theory.  We disagree and explain why"--National Bureau of Economic Research web site.
Notes: Title from PDF file as viewed on 12/12/2007.

Includes bibliographical references.

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Mode of access: World Wide Web.