The History of Macroeconometric Modeling

Abstract

Just as islands-isolated places with unique, rich biodiversityhave relevance for the ecosystems everywhere, so does studying seemingly isolated or overlooked people and events from the past turn up unexpected connections and insights to modern life.

THE “PLACE OF THE PHILLIPS CURVE” IN MACROECONOMETRIC MODELS: THE CASE OF THE FEDERAL RESERVE BOARD’S MODEL (1966–1980s)

“…The multi-countries model (MCM) was applied during the 1980s to simulate alternative scenarios in an open economy (Brayton et al 1997, p. 5). 7 On a history of postwar macroeconomics that comprises the macroeconomics practiced outside academia, to enrich our knowledge of the evolution of the discipline, see Boumans and Duarte (2019).…”

“… 7 On a history of postwar macroeconomics that comprises the macroeconomics practiced outside academia, to enrich our knowledge of the evolution of the discipline, see Boumans and Duarte (2019). …”

Introduction

“…Yet, because we need to start somewhere, we must at least identify the sites where economics and engineering knowledge are produced and the communities that produce them. Traditionally, historians of economics have studied the sort of economics that has been produced within academe and whose output is mostly found in treatises or scienti c articles-but the practice turn has challenged this and opened up what we understand by economics (see Boumans and Duarte 2019). The question of whether economics taken in that sense is a uni ed eld is subject to debate (see, for instance, Davis 2019), but at least when considered from an academic perspective, it is one discipline, and a relatively structured one-with journal rankings, JEL codes, and so on.…”

An independent European macroeconomics? A history of European macroeconomics through the lens of the European Economic Review

“…Historians have also underlined the discontinuities within these transformations, as well as the resistance against them (Goutsmedt, 2021;Goutsmedt et al, 2019;Renault, 2020), their varying impact on applied and empirical works (Boumans and Duarte, 2019;Qin, 2013;Renault, 2022), but also the existence of alternative theoretical research programmes (Backhouse and Boianovsky, 2013;Cherrier and Saïdi, 2018;Hoover, 2012). Nevertheless, these historical contributions remained generally US-centred.…”