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The standard narrative on history of macroeconomics: Central banks and DSGE models

Sergi, Francesco

Authors



Abstract

How do macroeconomists write the history of their own discipline? This article provides a careful reconstruction of the history of macroeconomics
told by the practitioners working today in the dynamic stochastic general equilibrium (DSGE) approach.

Such a tale is a "standard narrative": a widespread and standardizing view of macroeconomics as a field evolving toward "scientific progress". The standard narrative explains scientific progress as resulting from two factors: "consensus" about theory and "technical change" in econometric tools and computational power. This interpretation is a distinctive feature of central banks' technical reports about their DSGE models.

Furthermore, such a view on "consensus" and "technical change" is a significantly different view with respect to similar tales told by macroeconomists in the past, which rather emphasized the role of "scientific revolutions" and struggles among competing "schools of thought". Thus, this difference raises some new questions for historians of macroeconomics.

Citation

Sergi, F. (2017, June). The standard narrative on history of macroeconomics: Central banks and DSGE models. Paper presented at History of Economics Society 45th Annual Meeting

Presentation Conference Type Conference Paper (unpublished)
Conference Name History of Economics Society 45th Annual Meeting
Start Date Jun 22, 2017
End Date Jun 25, 2017
Acceptance Date Jul 22, 2017
Publicly Available Date Nov 30, -0001
Peer Reviewed Not Peer Reviewed
Keywords DSGE models, central banks, history of macroeconomics, history of economic thought
Publisher URL https://historyofeconomics.org/best-conference-paper-by-a-young-scholar/
Related Public URLs https://historyofeconomics.org/best-conference-paper-by-a-young-scholar/
Additional Information Title of Conference or Conference Proceedings : History of Economics Society 45th Annual Meeting

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