Observing Shocks
Bibliographic Data
| ID | 4298450 |
|---|---|
| Authors | Pedro Garcia Duarte (0000-0003-3525-7036), Kevin D Hoover (0000-0002-0215-2628) |
| Year | 2012 |
| Volume | 44 |
| Issue | suppl_1 |
| Pages | 226-249 |
| Publication date | 2012-12-01 |
| Peer Reviewed | Yes |
| Open Access | No |
| Type | ARTICLE |
| Venue | History of Political Economy (JOURNAL) |
| Journal identifiers | ISSN: 0018-2702 • E-ISSN: 1527-1919 |
| Publisher | Duke University Press (PUBLISHER • US) |
| DOI | 10.1215/00182702-1631851 |
| OpenAlex | W4244847988 |
| Language | EN |
| Citations received | 5 |
| References cited | 42 |
Macroeconomists have observed business cycle fluctuations over time by constructing and manipulating models in which shocks have increasingly played a greater role. Shock is a term of art that pervades modern economics appearing in nearly one-quarter of all journal articles in economics and in nearly half in macroeconomics. Surprisingly, its rise as an essential element in the vocabulary of economists can be dated only to the early 1970s. We trace the history of shocks in macroeconomics from Ragnar Frisch and Eugen Slutsky in the 1920s and 1930s through real business cycle and DSGE models and to the use of shocks as generators of impulse-response functions, which are in turn used as data in matching estimators. The history is organized around the observability of shocks. As well as documenting a critical conceptual development in economics, the history of shocks shows that James Bogen and James Woodward's distinction between data and phenomena must be substantially relativized if it is to be at all plausible
Business cycle · Dynamic stochastic general equilibrium · Econometrics · Economics · Impulse response · Keynesian economics · Macroeconomics · Monetary policy · Shock (circulatory · TRACE (psycholinguistics) · Complex Systems and Time Series Analysis · Market Dynamics and Volatility · Mathematics · Monetary Policy and Economic Impact · Philosophy
The History of Econometric Ideas
Models as Mediators
Production, growth and business cycles
The Probability Approach in Econometrics
Rational Expectations and the Theory of Price Movements
Time to Build and Aggregate Fluctuations
The Summation of Random Causes as the Source of Cyclic Processes
Shocks and Frictions in US Business Cycles
Interpreting the macroeconomic time series facts
Generalized Instrumental Variables Estimation of Nonlinear Rational Expectations Models
Macroeconomics and Reality
Large Sample Properties of Generalized Method of Moments Estimators
Econometric Model Performance
The Effects of Monetary Policy Shocks
Saving the Phenomena
Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy
Measuring Causes
The Computational Experiment
| Unique citing works | 5 |
|---|---|
| Citations per year | 0,45 |
| Citation span | 2015 - 2024 (10) |
| Citation velocity | recent |
| Highly cited | No |
| Citation types | Neutral: 5 |