Tag Archives: empirical

The ordinary business of macroeconometric modeling: working on the MIT-Fed-Penn model (1964-1974)

Against monetarism?  In the early days of 1964, George Leland Bach, former dean of the Carnegie Business School and consultant to the Federal Reserve, arranged a meeting between the Board of Governors and 7 economists, including Stanford’s Ed Shaw, Yale’s … Continue reading

Posted in Uncategorized | Tagged , , , , , , , , , , | 1 Comment

Is there really an empirical turn in economics?

Full paper here. Reposted from the INET blog. French translation here. The idea that economics has recently gone through an empirical turn –that it went from theory to data– is all over the place. Economists have been trumpeting this transformation … Continue reading

Posted in Uncategorized | Tagged , , , , , , , , | 5 Comments

Assiste-t-on vraiment un “tournant empirique” en économie?

L’idée que la science économique est en train de connaitre un “tournant empirique” est partout. Elle est depuis quelques années omniprésente sur les blogs de certains économistes américains (mais c’est rarement pour la mettre en cause). Ces derniers mois, elle … Continue reading

Posted in Uncategorized | Tagged , , , , | Leave a comment

How the computer transformed economics. And didn’t

Initially published on the INET blog Below is a picture of what the desktop of MIT macroeconomist Franco Modigliani may have looked like in 1970, when he was working on the large macroeconometric model he was building for the Fed … Continue reading

Posted in Uncategorized | Tagged , , , , | Leave a comment

Further thoughts on historicizing the computerization of economics

Why the computerization of economics needs to be historicized I’m co-organizing a conference investigating whether the transformation of economics from the 1970s is better characterized as an “applied turn” (applied meaning empirical and/or concerned with real-world and/or policy-related). Economists’ reaction … Continue reading

Posted in Uncategorized | Tagged , , , , | 2 Comments

The Wesley Clair Mitchell medal : the AEA award that never came to be

Initially posted on the INET blog. At the end of World War II, the American Economic Association began seeking a way to stimulate, reward and publicize outstanding contributions to economic knowledge. An exploratory committee on honors and awards was set … Continue reading

Posted in Uncategorized | Tagged , , , | Leave a comment

Theory vs data, computerization, old wine and new bottles: Morgenstern and Econometric Society fellows, 1953

The proposal In January 1953, Oskar Morgentern wrote Alfred Cowles to suggest a change in the Constitution of the Econometric Society (ES). The Fellow section stated that: Instead, Morgenstern proposed that candidates be required to “have done some econometric work in the … Continue reading

Posted in Uncategorized | Tagged , , , , | Leave a comment