volume 36, issue 3, P556-578 2020
DOI: 10.1093/oxrep/graa011
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Ray C Fair

Abstract: Abstract This paper lists 19 points that follow from results I have obtained using a structural macroeconomic model (SEM). Such models are more closely tied to the aggregate data than are DSGE models, and I argue that DSGE models and similar models should have properties that are consistent with these points. The aim is to try to bring macro back to its empirical roots.