Quantitative theory and econometrics. From: Economic Quarterly | Date: June 22, 1995| Author: | COPYRIGHT 1995 Federal Reserve Bank of Richmond. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group.Copyright information

A notable development in macroeconomics over the last ten years has been the rise of quantitative theory as a research methodology. The production function studies of Douglas, Solow, and Prescott illustrate the approach. Quantitative theory has grown because economists can use it to learn whether basic models capture the main empirical features of actual economies. More detailed evaluation of contemporary macroeconomic models requires a successful blending of the methods of quantitative theory and econometrics.

Quantitative theory uses simple, abstract economic models together with a small ...

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