The 1960s were the glorious age of large-scale, "economy-wide" macroeconometric models, which enabled forecasts and simulations of the quantitative effects of certain policy changes within systems of simultaneous equations. This paper is concerned (1) with the form and character of the kind of...

The 1960s were the glorious age of large-scale, "economy-wide" macroeconometric models, which enabled forecasts and simulations of the quantitative effects of certain policy changes within systems of simultaneous equations. This paper is concerned (1) with the form and character of the kind of...

This paper discusses a longstanding debate between two empirical approaches to macroeconomics: the econometrics program represented by Lawrence R. Klein, and the statistical economics program represented by Milton Friedman. I argue that the differences between these two approaches do not consist...