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Innovative Methodological Tools on Macroeconomics in a new book by Fabio Canova

13.02.2007

 

February 13th 2007

According to Fabio Canova, Professor at the Department of Economics and Business of Pompeu Fabra University, macroeconomists have made huge advances in the past 20 years in the mathematical, statistical, and computational tools available to them. These developments have added greatly to the way in which researchers test models and validate theories in the field. In the forthcoming publication of his new book, Methods for Applied Macroeconomic Research (Princeton University Press), Canova will be among the first to deal with econometric, computational and macroeconomics substantive issues together rather than treating each one individually.

Canova's book which he worked on for 4 years, was released at the beginning of February and it makes a significant contribution to macroeconomic inquiry with the introduction of a comprehensive, unified set of techniques to approach the problem of estimating economic models and testing whether they are adequate for policy purposes. It is unique in that it begins with a Dynamic Stochastic General Equilibrium, then finds an approximate linear representation for the decision rules and describes methods needed to estimate their parameters, examining their fit to the data.

Of his new work, Canova says "it is somewhat unusual because it combines materials from different fields and tries to give practical hints that people do not usually find." As a result, the book is especially useful to economists in academia as well as professional macroeconomists in banking and finance, industry, and government.

Commenting on Canova's new work, Thomas Sargent of New York University says, "This book is unprecedented among econometrics books for the way it incorporates careful and sophisticated macroeconomic theory. It is unprecedented among books on dynamic macroeconomics for its level of practical statistical advice and econometric sophistication. There is simply nothing close to this book available."

Canova received his PhD in Economics from the University of Minnesota in 1988 and is involved with research in Monetary Economics, Time Series Economics and Forecasting, and Growth Policies. In 1998 he was inducted into the Econometric Hall of Fame (Econometric Theory), and in 1999 was inducted into the Applied Econometric Hall of Fame (Journal of Applied Econometrics).

Currently, Canova is an ICREA (Catalan Institute for Research and Advanced Studies) Research Professor at Pompeu Fabra University (UPF) in Barcelona and a Fellow of the Center for Economic Policy Research in London. He is a member of the Academic Committee and Director of the GPEFM PhD Program at the Department of Economics and Business of UPF, one of the two reference PhD programs of the future Barcelona GSE.

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