Macroeconomic Research, Present and Past

forthcoming, Journal of Economic Literature

51 Pages Posted: 23 Aug 2018 Last revised: 21 Oct 2021

See all articles by Philip Glandon

Philip Glandon

Kenyon College

Kenneth N. Kuttner

National Bureau of Economic Research (NBER); Williams College

Sandeep Mazumder

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

Caleb Stroup

Davidson College

Date Written: May 23, 2020

Abstract

What is the state of macroeconomics? We explore this question by hand-collecting information on the epistemological approaches, theoretical and empirical methods and data sources used in macro research for 1,894 published papers. We find that over the past 40 years there has been a growing emphasis on increasingly sophisticated quantitative theory, such as DSGEs. Papers employing these methods account for the majority of articles in macro journals. The shift towards quantitative theory is mirrored by a decline in the use of econometric methods to test economic hypotheses. Microeconometric techniques have displaced time series methods, and empirical papers increasingly rely on micro and proprietary data sources. Market imperfections are pervasive, and the amount of research involving financial frictions has increased significantly in the past 10 years. The frequency with which non-macro JEL codes appear in macro articles indicates a a great deal of overlap between macroeconomics and other fields.

Keywords: macroeconomics, methods, research, macroeconomic publications

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

Suggested Citation

Glandon, Philip and Kuttner, Kenneth N. and Kuttner, Kenneth N. and Mazumder, Sandeep and Stroup, Caleb, Macroeconomic Research, Present and Past (May 23, 2020). forthcoming, Journal of Economic Literature, 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

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

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

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

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Downloads
705
Abstract Views
3,942
rank
46,856
PlumX Metrics