"Statistical adequacy" is an important prerequisite for securing reliable inference in empirical modelling. This paper argues for more emphasis on replication that specifically assesses whether the results reported in empirical studies are based on statistically adequate models, i.e., models...

"Statistical adequacy" is an important prerequisite for securing reliable inference in empirical modelling. This paper argues for more emphasis on replication that specifically assesses whether the results reported in empirical studies are based on statistically adequate models, i.e., models...

The single most crucial weakness of current macroeconometric modeling stems from the fact that modelers ‘quantify/estimate’ their structural modeldirectly, ignoring the fact that behind every structural model there is a statistical model whose validity vis-a-vis the data underwrites the...