Econometrics and Economic Theory in the 20th Century

"Ragnar Frisch was perhaps the seminal figure in the transformation of economics into a quantitative science, equally at home in modern economic theory and in econometric methodology. A symposium to represent the breadth and depth of his interests faces a daunting task. This one meets the challenge fully, with a combination of expositions of Frisch's work and outstanding new work which show the current importance of Frisch's program." Kenneth J. Arrow, Stanford University

• Introduction; List of contributors; Part I. Ragnar Frisch and his Contributions to Economics: 1. Ragnar Frisch at the University of Oslo Jens C. Andvig and Tore Thonstad; 2. Ragnar Frisch and the foundation of the econometric society and Econometrica Olav Bjerkholt; 3. The contributions of Ragnar Frisch to economics and econometrics John S. Chipman; Part II. Utility Measurement: 4. Nonparametric estimation of exact consumer surplus and deadweight loss Jerry A. Hausman and Whitney K. Newey; 5. Consumer demand and intertemporal allocations: Engle, Slutsky and Frisch Richard Blundell; Part III. Production Theory: 6. Production functions: the search for identification Zvi Griliches and Jacques Mairesse; 7. Investment and growth Dale W. Jorgenson; Part IV. Microeconomic Policy: 8. Evaluating the Welfare State James J. Heckman and Jeffrey Smith; 9. Frisch, hotelling and the marginal-cost pricing controversy Jean-Jacques Laffont; Part V. Econometrics Methods: 10. Scientific explanations in econometrics Bernt P. Stigum; 11. An autoregressive distribution-lag modelling approach to cointegration analysis M. Hashem Pesaran and Yongcheol Shin; 12. Econometric issues related to errors in variables in financial models G. S. Maddala; 13. Statistical analysis of some nonstationary time series Søren Johansen; Part VI. Macrodynamics: 14. Frisch's vision and explanation of the trade-cycle phenomenon: his connection with Wicksell, Åkerman and Schumpeter Bjørn Thalberg; 15. Ragnar Frisch's conception of the business cycle Lawrence R. Klein; 16. Business cycles: real facts or fallacies? Gunnar Bårdsen, Paul G. Fisher and Ragnar Nymoen; Part VII. Macroeconomic Planning: 17. The influence of Ragnar Frisch on macroeconomic planning and policy in Norway Petter Jakob Bjerve; 18. How Frisch saw in the 1960s the contribution of economists to development planning E. Malinvaud; 19. On the need for macroeconomic planning in market economies: three examples from the European Monetary Union project A. J. Hughes Hallett; Author index; Subject index.