TY  - BOOK
AU  - Fair,Ray C.
ED  - National Bureau of Economic Research.
TI  - The Cowles Commission Approach, Real Business Cycle Theories, and New Keynesian Economics
T2  - NBER working paper series
PY  - 1992///
CY  - Cambridge, Mass.
PB  - National Bureau of Economic Research
N1  - February 1992; Hardcopy version available to institutional subscribers
N2  - The Cowles Commission approach is reviewed and compared to the approaches of real business cycle (RBC) theorists and new Keynesian economists. It is argued that RBC models are not tested in a serious enough way and that the new Keynesian literature is not empirical enough for testing even to be a serious possibility. Macroeconomics seems to be moving away from its traditional empirical basis, which is sad. This paper argues for returning to the path that was abandoned by most macroeconomists around 1970, namely the specification and testing of structural macroeconometric models
UR  - https://www.nber.org/papers/w3990
UR  - http://dx.doi.org/10.3386/w3990
ER  -