{"product_id":"causality-in-macroeconomics-hardback-9780521452175","title":"Causality in Macroeconomics (Hardback) 9780521452175","description":"\u003cfont face=\"Georgia\"\u003e\r\n\u003cp\u003e\u003cfont size=\"6\"\u003eCausality in Macroeconomics\u003c\/font\u003e\u003cbr\u003e\r\n\r\n\r\n\u003c\/p\u003e\n\u003cp\u003e\u003cem\u003eFirst published in 2001, Causality in Macroeconomics examines causality while taking macroeconomics seriously.\u003c\/em\u003e\u003c\/p\u003e\r\n\r\n\r\n\u003cp\u003e\u003cfont size=\"4\"\u003eKevin D. Hoover (Author)\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e9780521452175, Cambridge University Press\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003eHardback, published 13 August 2001\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e326 pages, 69 b\/w illus.  15 tables\u003cbr\u003e22.9 x 15.2 x 2.2 cm, 0.65 kg\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\r\n\u003cp align=\"justify\"\u003e\u003cem\u003e\u003cfont size=\"3\"\u003e'Twenty years from now, a whole subdiscipline may look back to Causality in Macroeconomics gratefully for point the way forward.' Journal of Economic Methodology\u003c\/font\u003e\u003c\/em\u003e\u003c\/p\u003e\r\n\r\n\u003cp align=\"justify\"\u003e\u003cstrong\u003e\u003cfont size=\"3\"\u003eFirst published in 2001, Causality in Macroeconomics addresses the long-standing problems of causality while taking macroeconomics seriously. The practical concerns of the macroeconomist and abstract concerns of the philosopher inform each other. Grounded in pragmatic realism, the book rejects the popular idea that macroeconomics requires microfoundations, and argues that the macroeconomy is a set of structures that are best analyzed causally. Ideas originally due to Herbert Simon and the Cowles Commission are refined and generalized to non-linear systems, particularly to the non-linear systems with cross-equation restrictions that are ubiquitous in modern macroeconomic models with rational expectations (with and without regime-switching). These ideas help to clarify philosophical as well as economic issues. The structural approach to causality is then used to evaluate more familiar approaches to causality due to Granger, LeRoy and Glymour, Spirtes, Scheines and Kelly, as well as vector autoregressions, the Lucas critique, and the exogeneity concepts of Engle, Hendry and Richard.\u003c\/font\u003e\u003c\/strong\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e1. The problem of causality in macroeconomics\u003cbr\u003e 2. The notion of causal structure\u003cbr\u003e 3. Representing causal structure\u003cbr\u003e 4. Articulating causal structure\u003cbr\u003e 5. The reality of macroeconomic structures\u003cbr\u003e 6. Causality and macroeconomic constraints\u003cbr\u003e 7. Macroeconomics and causality\u003cbr\u003e 8. Inferring causal direction\u003cbr\u003e 9. Case study I: the causal direction between taxes and government spending in the postwar period\u003cbr\u003e 10. Case study II: the causal direction between money and prices\u003cbr\u003e 11. Causality and macroeconomics.\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003eSubject Areas: Macroeconomics [\u003ca title=\"See our other books on Macroeconomics\" href=\"https:\/\/freshlyprintedbooks.co.uk\/search?q=%22Macroeconomics%20%5BKCB%5D%22\"\u003eKCB\u003c\/a\u003e], Economic theory \u0026amp; philosophy [\u003ca title=\"See our other books on Economic theory \u0026amp; philosophy\" href=\"https:\/\/freshlyprintedbooks.co.uk\/search?q=%22Economic%20theory%20\u0026amp;%20philosophy%20%5BKCA%5D%22\"\u003eKCA\u003c\/a\u003e], Research methods: general [\u003ca title=\"See our other books on Research methods: general\" href=\"https:\/\/freshlyprintedbooks.co.uk\/search?q=%22Research%20methods:%20general%20%5BGPS%5D%22\"\u003eGPS\u003c\/a\u003e]\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\u003c\/font\u003e","brand":"Cambridge University Press","offers":[{"title":"Default Title","offer_id":46007489659160,"sku":"9780521452175","price":74.49,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0730\/2037\/5320\/products\/9780521452175i_cf7907cf-d77a-46ac-a15b-034108120de8.jpg?v=1691382237","url":"https:\/\/freshlyprintedbooks.co.uk\/products\/causality-in-macroeconomics-hardback-9780521452175","provider":"Freshly Printed Books","version":"1.0","type":"link"}