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Quantitative Theory and Econometrics
Academic journal article from Economic Quarterly - Federal Reserve Bank of Richmond, Vol. 81, No. 3
Beginning of article
Quantitative theory uses simple, abstract economic models together with a small amount of economic data to highlight major economic mechanisms. To illustrate the methods of quantitative theory, we review studies of the production function by Paul Douglas, Robert Solow, and Edward Prescott. Consideration of these studies takes an important research area from its earliest days through contemporary real business cycle analysis. In these quantitative theoretical studies, economic models are employed in two ways. First, they are used to organize economic data in a new and suggestive manner. Second, models are combined with economic data to display successes and failures of particular …
