Conceptual Analysis and Fieldwork in Macroeconometric Methodology: Modeling Unemployment, Inflation and Production
Read full paper at: http://www.scirp.org/journal/PaperInformation.aspx?PaperID=49048#.VDYinVfHRK0 Author(s) Karim Errouaki Affiliation(s) Foundation for the Culture of Peace, Autonomous University of Madrid, Madrid, Spain . ABSTRACT The recent failure of commonly accepted, inductive, econometric models to provide insights into real, macroeconomic phenomenon during economic crises has provoked a debate concerning contemporary econometric methodology. Based on the foundations laid by Haavelmo, and Hollis and Nell, an assessment of Edward J. Nell’s (1998) “unifying methodological framework” (UMF) is offered. Nell’s UMF places socioeconomic institutions and interdependencies, and technological realities as basis of analysis. U si...