Discover how economists' assumptions shape economic models, affecting predictions about consumer behavior, resource ...

Structural economic models, while parsimonious and interpretable, often exhibit poor data fit and limited forecasting performance. Machine learning models, by contrast, offer substantial flexibility ...

Papers presented at the conference on “Macroeconomic Models for Monetary Policy” held March 6, 2009, at the Federal Reserve Bank of San Francisco addressed such issues as how to model wage and price ...

Agent-based modelling (ABM) has emerged as a pivotal tool in macroeconomics and economic policy analysis. By simulating the interactions of numerous heterogeneous agents — such as households, firms, ...

Economics is split between analysis of how the overall economy works and how single markets function Physicists look at the big world of planets, stars, galaxies, and gravity. But they also study the ...

The Roundtable on Macroeconomics and Climate-related Risks and Opportunities will improve the understanding of how the physical and transition effects of climate change relate to and affect ...

Marx never made claims about economic theories as science. He pointed out the mechanisms of capitalism and that some of the negative effects of capitalism were inevitable due to the way capitalism ...

Output per capita fell almost 10 percentage points below trend in the 2008 recession. It has since grown at less than 1.5%, and lost more ground relative to trend. Cumulative losses are many trillions ...

I n the epilogue of their blockbuster book Mostly Harmless Econometrics (2009), Josh Angrist and Steve Pischke write, “If applied econometrics were easy, theorists would do it.” As academic jokes go, ...

This article appears in the April 2023 issue of The American Prospect magazine. Subscribe here. Americans have been hammered for decades with an economic message that amounts to this: When wealthy ...