Causality in Macroeconomics by Kevin D Hoover
First published in 2001, Causality in Macroeconomics addresses the long-standing problems of causality while taking macroeconomics seriously. The practical concerns of the macroeconomist and abstract concerns of the philosopher inform each other. Grounded in pragmatic realism, the book rejects the popular idea that macroeconomics requires microfoundations, and argues that the macroeconomy is a set of structures that are best analyzed causally. Ideas originally due to Herbert Simon and the Cowles Commission are refined and generalized to non-linear systems, particularly to the non-linear systems with cross-equation restrictions that are ubiquitous in modern macroeconomic models with rational expectations (with and without regime-switching). These ideas help to clarify philosophical as well as economic issues. The structural approach to causality is then used to evaluate more familiar approaches to causality due to Granger, LeRoy and Glymour, Spirtes, Scheines and Kelly, as well as vector autoregressions, the Lucas critique, and the exogeneity concepts of Engle, Hendry and Richard.
'Twenty years from now, a whole subdiscipline may look back to Causality in Macroeconomics gratefully for point the way forward' Journal of Economic Methodology
Hoover, Kevin D.: - Kevin D. Hoover is Professor of Economics and Philosophy at Duke University. A graduate of the College of William and Mary, he received his doctorate from the University of Oxford. He developed his interest in applied macroeconomics early in his career while working at the Federal Reserve Bank of San Francisco. Before moving to Duke, Hoover taught economics at the University of California, Davis, and at Oxford. He is the author of The New Classical Macroeconomics (1988), Causality in Macroeconomics (Cambridge University Press, 2001) and The Methodology of Empirical Macroeconomics (Cambridge University Press, 2001), as well as nine edited volumes and more than 100 academic articles on macroeconomics, monetary economics, econometrics, the methodology and philosophy of economics, and the history of economic thought. He is past chairman of the International Network for Economic Method, the past president of the History of Economics Society and a former editor of the Journal of Economic Methodology. He is currently the editor of the journal History of Political Economy and a Fellow of the Center for the History of Political Economy at Duke University.
| SKU | Unavailable |
| ISBN 13 | 9780521002882 |
| ISBN 10 | 0521002885 |
| Title | Causality in Macroeconomics |
| Author | Kevin D Hoover |
| Condition | Unavailable |
| Binding Type | Paperback |
| Publisher | Cambridge University Press |
| Year published | 2001-08-13 |
| Number of pages | 326 |
| Cover note | Book picture is for illustrative purposes only, actual binding, cover or edition may vary. |
| Note | Unavailable |