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on Sociology of Economics |
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Issue of 2009‒10‒24
two papers chosen by Jonas Holmström Swedish School of Economics and Business Administration |
| By: | David Colander; Tiziana Dominguez; Gail Hoyt; KimMarie McGoldrick |
| Abstract: | This paper reports the results of a survey of median economics graduate programs and compares it with the results of a survey of top economics graduate programs done by Colander. Overall it finds that while there are some differences in the programs, there are large areas of similarity. Some of the particular finding are that there are more US respondents in median programs than in top programs, median students have more interest in econometrics, history of thought and economic literature than do students at top programs, although after the fifth year, their interest in any field drops significantly. It also finds that students at top schools are much more likely to be involved in writing scholarly papers, and that students at top schools give far less emphasis to excellence in mathematics as a path to the fast track than do students at median schools. |
| Date: | 2009 |
| URL: | http://d.repec.org/n?u=RePEc:mdl:mdlpap:0913&r=sog |
| By: | David Colander |
| Abstract: | This paper argues that the DSGE approach to macroeconometrics is the dominant approach because it meets the institutional needs of the replicator dynamics of the profession, not because it is necessarily the best way to do macroeconometrics. It further argues that this “DSGE-theory first” approach is inconsistent with the historical approach that economists have advocated in the past and that the alternative European CVAR approach is much more consistent with economist’s historically used methodology, correctly understood. However, because the European CVAR approach requires explicit researcher judgment, it does not do well in the replicator dynamics of the profession. The paper concludes with the suggestion that there should be an increase in dialog between the two approaches. |
| Keywords: | methodology, macroeconometrics, general to specific, DSGE, VAR, judgment, incentives |
| JEL: | C10 A1 |
| Date: | 2009–12 |
| URL: | http://d.repec.org/n?u=RePEc:mdl:mdlpap:0912&r=sog |