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Examples
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During the 1970s macroeconomics was rapidly and thoroughly transformed: the rational expectations hypothesis was developed and applied, an equilibrium theory of business cycles emerged, and the problems in macroeconometric evaluation of economic policy and their solutions were clarified.
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To me, climate models are like macroeconometric models.
Global Warming, Arnold Kling | EconLog | Library of Economics and Liberty 2009
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Because, he wrote in a path-breaking 1980 article, the standard macroeconometric models rested on "incredible" assumptions.
A Nobel for Non-Keynesians David R. Henderson 2011
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Lawrence Klein and Multi-equation macroeconometric models
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In the 1970's macroeconometric models were structurally unstable.
Climate Models, Arnold Kling | EconLog | Library of Economics and Liberty 2009
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In particular, he has shown how conventionally statistically estimated macroeconomic behavior functions for the private sector may become unreliable after a change in the policy regime - the so-called "Lucas Critique" of traditional macroeconometric estimations.
The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1969-2006 2010
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Plenty of respected macroeconomists still use macroeconomic models, which is in itself a refutation of the idea that "the profession has decided that this macroeconometric project was a blind alley."
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Obviously, that does not leave me highly enamored of macroeconometric models, but you already knew that.
Rethinking Macroeconomics, Continued, Arnold Kling | EconLog | Library of Economics and Liberty 2009
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The way I would put it is that macroeconometric models built on the assumption of one good called GDP and one type of labor work fine as long as nothing happens in the economy that requires a major recalculation.
Rethinking Macroeconomics, Continued, Arnold Kling | EconLog | Library of Economics and Liberty 2009
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My own view of what went wrong with macroeconometric modeling has more to do with hubris and the inherent inadequacy of the data.
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