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This paper aims to argue that Economics is not a neutral science.
Abstract
Purpose
This paper aims to argue that Economics is not a neutral science.
Design/methodology/approach
Post-structuralist perspective of Lyotard (1984), alongside the Pragmatics of Searle (1979) and Travis (1981) are useful for analyzing enunciations in mainstream Economics.
Findings
Economists use illocutionary acts expressed in formal language to achieve perlocutionary effects. Because of the importance attached to objectivity in mainstream Economics, the use of artificial languages is preferred to natural language. However, formal language is preferred regarding its perlocutionary effects on economists' community.
Originality/value
This paper puts together the Continental and the Analytical Philosophy and show, in an original manner, how their intersections and how they can be useful to better understand the epistemology of Economics.
Details
Keywords
The term “agent-based modelling” (ABM) is a buzzword which is widely used in the scientific literature even though it refers to a variety of methodologies implemented in different…
Abstract
Purpose
The term “agent-based modelling” (ABM) is a buzzword which is widely used in the scientific literature even though it refers to a variety of methodologies implemented in different disciplinary contexts. The numerous works dealing with ABM require a clarification to better understand the lines of thinking paved by this approach in economics. All modelling tasks are a means and a source of knowledge, and this epistemic function can vary depending on the methodology. this paper is to present four major ways (deductive, abductive, metaphorical and phenomenological) of implementing an agent-based framework to describe economic systems. ABM generates numerous debates in economics and opens the room for epistemological questions about the micro-foundations of macroeconomics; before dealing with this issue, the purpose of this paper is to identify the kind of ABM the author can find in economics.
Design/methodology/approach
The profusion of works dealing with ABM requires a clarification to understand better the lines of thinking paved by this approach in economics. This paper offers a conceptual classification outlining the major trends of ABM in economics.
Findings
There are four categories of ABM in economics.
Originality/value
This paper suggests a methodological categorization of ABM works in economics.
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Keywords
While there exist many surveys on the use stochastic frontier analysis (SFA), many important issues and techniques in SFA were not well elaborated in the previous surveys, namely…
Abstract
Purpose
While there exist many surveys on the use stochastic frontier analysis (SFA), many important issues and techniques in SFA were not well elaborated in the previous surveys, namely, regular models, copula modeling, nonparametric estimation by Grenander’s method of sieves, empirical likelihood and causality issues in SFA using regression discontinuity design (RDD) (sharp and fuzzy RDD). The purpose of this paper is to encourage more research in these directions.
Design/methodology/approach
A literature survey.
Findings
While there are many useful applications of SFA to econometrics, there are also many important open problems.
Originality/value
This is the first survey of SFA in econometrics that emphasizes important issues and techniques such as copulas.
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Keywords
Cleomar Gomes da Silva and Fábio Augusto Reis Gomes
The purpose of this paper is to contribute to the teaching of undergraduate macroeconomics.
Abstract
Purpose
The purpose of this paper is to contribute to the teaching of undergraduate macroeconomics.
Design/methodology/approach
To suggest a roadmap, based on a consumption function, to be used by instructors willing to teach the Lucas Critique subject.
Findings
Therefore, this paper proposes a lesson, which consists of three parts, to help undergraduates better understand the subject: (1) a grading exercise to bring the topic closer to students’ lives; (2) a Keynesian and an optimal consumption function, followed by an example based on an unemployment insurance policy; and (3) two optional topics consisting of extensions of the optimal consumption function and some empirical results related to the Lucas Critique.
Originality/value
The Lucas Critique influenced the evolution of research in macroeconomics, but it is not easily grasped in a classroom.
Details
Keywords
The purpose of this paper is to evaluate and analyze impacts of the monetary policy (MP) – money aggregate and interest rate – on the exchange rate in Vietnam.
Abstract
Purpose
The purpose of this paper is to evaluate and analyze impacts of the monetary policy (MP) – money aggregate and interest rate – on the exchange rate in Vietnam.
Design/methodology/approach
The study uses data over the period of 2008–2018 and applies the vector autoregression model, namely recursive restriction and sign restriction approaches.
Findings
The main empirical findings are as follows: a contraction of the money aggregate significantly leads to the real effective exchange rate (REER) depreciating and then appreciating; a tightening of the interest rate immediately causes the REER appreciating and then depreciating; and both the money aggregate and the interest rate strongly determine fluctuations of the REER.
Originality/value
The quantitative results imply that the MP affects the REER considerably.
Details