Macroeconomic Research, Present and Past

Posted: 23 Aug 2018

See all articles by Philip Glandon

Philip Glandon

Kenyon College

Kenneth N. Kuttner

Williams College; National Bureau of Economic Research (NBER)

Sandeep Mazumder

Wake Forest University - Department of Economics; Johns Hopkins University - Department of Economics; International Monetary Fund (IMF)

Caleb Stroup

Davidson College

Date Written: August 13, 2018

Abstract

What is the state of macroeconomics? We answer this question by hand collecting information about the epistemological approaches, theoretical and empirical methods, and data sources used by macroeconomists in their research. During the past 40 years, there has been an increasing reliance on mathematical theory —particularly DSGE models— with theory-based papers now occupying the majority of space in macro journals. This shift is mirrored by a decline in the use of empirical falsification methods testing theoretical predictions. Microeconometric techniques have displaced time series methods, and empirical papers increasingly rely on micro and proprietary data sources. We document a decline and subsequent resurgence of financial frictions appearing in macro theory. Finally, we find that topics outside of macroeconomics are studied in more than three fourths of macro field journal publications.

Keywords: macroeconomics, methods, research, macroeconomic research

JEL Classification: A11, A14, B22, E00, O30

Suggested Citation

Glandon, Philip and Kuttner, Kenneth N. and Mazumder, Sandeep and Stroup, Caleb, Macroeconomic Research, Present and Past (August 13, 2018). Available at SSRN: https://ssrn.com/abstract=3225417 or http://dx.doi.org/10.2139/ssrn.3225417

Philip Glandon

Kenyon College ( email )

Gambier, OH 43022
United States

Kenneth N. Kuttner

Williams College ( email )

326 Schapiro Hall
24 Hopkins Hall Drive
Williamstown, MA 01267
United States
413-597-2300 (Phone)

HOME PAGE: http://econ.williams.edu/people/knk1

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

Sandeep Mazumder

Wake Forest University - Department of Economics ( email )

Winston-Salem, NC 27109
United States

Johns Hopkins University - Department of Economics ( email )

3400 Charles Street
Baltimore, MD 21218-2685
United States

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

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