Identification in Macroeconomics
Bibliographic Data
| ID | 4029288 |
|---|---|
| Authors | Emi Nakamura (0009-0002-5022-6633, Emi Nakamura is Chancellor’s Professors of Economics at the University of California at Berkeley, Berkeley, California.), Jón Steinsson (Jón Steinsson is Chancellor’s Professors of Economics at the University of California at Berkeley, Berkeley, California.) |
| Year | 2018 |
| Volume | 32 |
| Issue | 3 |
| Pages | 59-86 |
| Publication date | 2018-08-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | The Journal of Economic Perspectives (JOURNAL) |
| Journal identifiers | ISSN: 0895-3309 • E-ISSN: 1944-7965 |
| Publisher | American Economic Association (PUBLISHER • US) |
| DOI | 10.1257/jep.32.3.59 |
| OpenAlex | W2765686824 |
| Language | EN |
| Citations received | 37 |
| References cited | 77 |
This paper discusses empirical approaches macroeconomists use to answer questions like: What does monetary policy do? How large are the effects of fiscal stimulus? What caused the Great Recession? Why do some countries grow faster than others? Identification of causal effects plays two roles in this process. In certain cases, progress can be made using the direct approach of identifying plausibly exogenous variation in a policy and using this variation to assess the effect of the policy. However, external validity concerns limit what can be learned in this way. Carefully identified causal effects estimates can also be used as moments in a structural moment matching exercise. We use the term "identified moments" as a short-hand for "estimates of responses to identified structural shocks," or what applied microeconomists would call "causal effects." We argue that such identified moments are often powerful diagnostic tools for distinguishing between important classes of models (and thereby learning about the effects of policy). To illustrate these notions we discuss the growing use of cross-sectional evidence in macroeconomics and consider what the best existing evidence is on the effects of monetary policy
Cognitive psychology · Econometrics · Economics · Fiscal policy · Great recession · Keynesian economics · Macroeconomics · Monetary policy · Recession · Fiscal Policies and Political Economy · Global Financial Crisis and Policies · Monetary Policy and Economic Impact · Psychology
Money, Banking, and Old-School Historical Economics
Local Projections and VARs Estimate the Same Impulse Responses
Financial Intermediaries and the Macroeconomy
A Model of Scientific Communication
Populism’s original sin
The Many Channels of Firm's Adjustment to Energy Shocks
Five Facts about MPCs
Populism's Original Sin
Why and When Temporary Workers Engage in More Counterproductive Work Behaviors with Permanent Employees in Chinese State-Own Enterprise
Credit expansion through targeted reserve requirements
Trade disruptions and early US industrialization
Reassessing the Cross‐Sectional Fiscal Multiplier
Time-varying relationship between conventional and unconventional monetary policies and risk aversion
‘Bargain your share’
A Guide to Autoregressive Distributed Lag Models for Impulse Response Estimations
Pinching Pennies
Do Fed Forecast Errors Matter
Corporate Taxes and Monetary Effectiveness
The Real Effects of Credit Supply Shocks
Reforms of collective bargaining institutions in European Union countries
Residential sorting, local environments, and human capital
Transparency in Structural Research
Long-Run Saving Dynamics
The Vagaries of the Sea
Reading the Candlesticks
Granular Instrumental Variables
Exchange Rate Disconnect in General Equilibrium
Instrumental Variable Identification of Dynamic Variance Decompositions
A macroscope of English print culture, 1530–1700, applied to the coevolution of ideas on religion, science, and institutions
Financial Stress and Effect on Real Economy
Market power and monetary policy transmission
The Costs of Economic Nationalism
Cyclical Government Spending
As Implicações Monetárias Do Bndes
Risk Appetite and the Risk-Taking Channel of Monetary Policy
Outside the Box
UK fiscal policy and external balance under Bretton Woods
Consumer Spending and the Economic Stimulus Payments of 2008
Estimation and Inference of Impulse Responses by Local Projections
The Solution of Linear Difference Models under Rational Expectations
Sufficient Statistics for Welfare Analysis
Are Technology Improvements Contractionary?
Fiscal Stimulus in a Monetary Union
What Explains the 2007-2009 Drop in Employment?
An Empirical Characterization of the Dynamic Effects of Changes in Government Spending and Taxes on Output
The Cyclical Behavior of Equilibrium Unemployment and Vacancies
The Dynamic Effects of Personal and Corporate Income Tax Changes in the United States
Empirical exchange rate models of the seventies
Production, growth and business cycles
Five Facts about Prices
Understanding the Effects of Government Spending on Consumption
A New Measure of Monetary Shocks
The equity premium
Time to Build and Aggregate Fluctuations
The Employment Effects of Credit Market Disruptions
Household Expenditure and the Income Tax Rebates of 2001
The Geographic Determinants of Housing Supply
Monetary Policy Surprises, Credit Costs, and Economic Activity
Household Balance Sheets, Consumption, and the Economic Slump
Macroeconomic Effects From Government Purchases and Taxes
Technology, Employment, and the Business Cycle
Disentangling the Channels of the 2007–09 Recession
Misallocation and Manufacturing TFP in China and India
The China Syndrome
The Gold Standard and the Great Depression
Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy
Some Evidence on the Importance of Sticky Prices
Consumption versus Expenditure
Chronicle of a Deflation Unforetold
Government Spending Multipliers in Good Times and in Bad
Large Devaluations and the Real Exchange Rate
Exchange Rates and Economic Recovery in the 1930s
By How Much Does GDP Rise If the Government Buys More Output
Identifying Government Spending Shocks
The Credibility Revolution in Empirical Economics
How the World Achieved Consensus on Monetary Policy
The Hyperbolic Consumption Model
| Unique citing works | 37 |
|---|---|
| Citations per year | 4,63 |
| Citation span | 2018 - 2026 (9) |
| Citation velocity | current |
| Highly cited | No |
| Citation types | Neutral: 36 |