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Macroeconometric models - from "Little Science" to "Big Science"

A review article
: Heilemann, U.

Jahrbücher für Nationalökonomie und Statistik 235 (2015), Nr.1, S.82-89
ISSN: 0021-4027
Fraunhofer MOEZ ()

This is a fine, useful book on the history and structure of macroeconometric models. Its perspective is "applied" and has a "positivistic bias". It gives a good (or not so good) picture of the state of the art. The problems of the now "Big Science" deserve more attention than the modelling community (and Welfe) so far has been willing to pay. The trend towards ever larger policy-relevant models will continue. However, few of them are accessible to third parties. "Transparency", a major goal models had once started to increase, continues to get out of sight.