Causality in Macroeconomics
Causality in Macroeconomics by Kevin D. Hoover, published by Cambridge University Press on August 13, 2001, is a comprehensive examination of the complex issues surrounding causality within the field of macroeconomics. This edition spans 311 pages and is presented in English. The book engages with both practical concerns of macroeconomists and the abstract considerations of philosophers, arguing against the notion that macroeconomics must be grounded in microfoundations. Instead, it posits that the macroeconomy should be analyzed through a causal lens, refining ideas from Herbert Simon and the Cowles Commission to address non-linear systems prevalent in modern macroeconomic models.
Readers will find a detailed exploration of various causal approaches, including those of Granger, LeRoy and Glymour, and others, as well as an evaluation of vector autoregressions and the Lucas critique. The structural approach to causality is emphasized, providing insights into both philosophical and economic dimensions of the subject. This book serves as a reference for those interested in the theoretical underpinnings of macroeconomics and the intricate relationships between economic structures and causal analysis.
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First published in 2001, Causality in Macroeconomics addresses the long-standing problems of causality while taking macroeconomics seriously. The practical concerns of the macroeconomist and abstract concerns of the philosopher inform each other. Grounded in pragmatic realism, the book rejects the popular idea that macroeconomics requires microfoundations, and argues that the macroeconomy is a set of structures that are best analyzed causally. Ideas originally due to Herbert Simon and the Cowles Commission are refined and generalized to non-linear systems, particularly to the non-linear systems with cross-equation restrictions that are ubiquitous in modern macroeconomic models with rational expectations (with and without regime-switching). These ideas help to clarify philosophical as well as economic issues. The structural approach to causality is then used to evaluate more familiar approaches to causality due to Granger, LeRoy and Glymour, Spirtes, Scheines and Kelly, as well as vector autoregressions, the Lucas critique, and the exogeneity concepts of Engle, Hendry and Richard.
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