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Tension has long existed in the social sciences between
quantitative and qualitative approaches on one hand, and
theory-minded and empirical techniques on the other. The latter
divide has grown sharper in the wake of new behavioural and
experimental perspectives which draw on both sides of these
modelling schemes. This book works to address this disconnect by
establishing a framework for methodological unification: empirical
implications of theoretical models (EITM). This framework connects
behavioural and applied statistical concepts, develops analogues of
these concepts, and links and evaluates these analogues. The
authors offer detailed explanations of how these concepts may be
framed, to assist researchers interested in incorporating EITM into
their own research. They go on to demonstrate how EITM may be put
into practice for a range of disciplines within the social
sciences, including voting, party identification, social
interaction, learning, conflict and cooperation to macro-policy
formulation.
Tension has long existed in the social sciences between
quantitative and qualitative approaches on one hand, and
theory-minded and empirical techniques on the other. The latter
divide has grown sharper in the wake of new behavioural and
experimental perspectives which draw on both sides of these
modelling schemes. This book works to address this disconnect by
establishing a framework for methodological unification: empirical
implications of theoretical models (EITM). This framework connects
behavioural and applied statistical concepts, develops analogues of
these concepts, and links and evaluates these analogues. The
authors offer detailed explanations of how these concepts may be
framed, to assist researchers interested in incorporating EITM into
their own research. They go on to demonstrate how EITM may be put
into practice for a range of disciplines within the social
sciences, including voting, party identification, social
interaction, learning, conflict and cooperation to macro-policy
formulation.
This 2006 book's central theme is that a policymaker's role is to
enhance the public's ability to coordinate their price information,
price expectations, and economic activities. This role is fulfilled
when policymakers maintain inflation stability. Inflation persists
less when an implicit or explicit inflation target is met. Granato
and Wong argue that inflation persistence is reduced when the
public substitutes the prespecified inflation target for past
inflation. A by-product of this co-ordination process is greater
economic stability. In particular, inflation stability contributes
to greater economic output stability, including the potential for
the simultaneous reduction of both inflation and output variability
- inflation-output co-stabilization (IOCS). Granato and Wong use
historical, formal, and applied statistical analysis of
business-cycle performance in the United States for the 1960 to
2000 period. They find that during periods when policymakers
emphasize inflation stability, inflation uncertainty and
persistence were reduced.
The book's central theme is that a policymaker's role is to enhance
the public's ability to co-ordinate their price information, price
expectations, and economic activities. This role is fulfilled when
policymakers maintain inflation stability. Inflation persists less
when an implicit or explicit inflation target is met. Granato and
Wong argue that inflation persistence is reduced when the public
substitutes the prespecified inflation target for past inflation. A
by-product of this co-ordination process is greater economic
stability. In particular, inflation stability contributes to
greater economic output stability, including the potential for the
simultaneous reduction of both inflation and output variability -
inflation-output co-stabilization (IOCS). Granato and Wong use
historical, formal, and applied statistical analysis of
business-cycle performance in the United States for the 1960 to
2000 period. They find that during periods when policymakers
emphasise inflation stability, inflation uncertainty and
persistence were reduced.
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