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VERSION:2.0
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DTSTAMP:20260429T224819Z
DTSTART:20230714T084500
DTEND:20230714T191000
SUMMARY:Hybrid Workshop on Microfoundations in Measurement and Theory
TRANSP:TRANSPARENT
UID:2023_07_14_frankfurt_636494
DESCRIPTION:The Research Centre of the Deutsche Bundesbank organizes a hy
 brid workshop on Microfoundations in Measurement and Theory. The neoclas
 sical synthesis has laid down the microfoundation as the tenet dominant 
 among macroeconomists since the 1930s. However\, there is a huge micro-m
 acro gap: the aggregates of many balance sheet items in the household su
 rvey (HS) cover only less than half of national accounts (NA) aggregates
 . This gap poses multiple challenges: 1) NA aggregates are the benchmark
  to recover a true distribution yet there is a disconnect to micro data\
 ; 2) all the microfounded macro researches and policy analysis maintain 
 this zero gap assumption\; 3) horizontal (or inter-sectoral) gap make th
 e macroeconomic aggregates inconsistent.\n\nA growing literature has eme
 rged that aims to reconcile this micro-macro gap. Yet\, the fundamental 
  positive (measurement) and normative (theoretical) questions on the ori
 gins of microfoundations have not been responded: Are the NA aggregates 
 same as the bottom-up (exact) aggregation of their micro counterparts (i
 n survey or even administrative data sources)? Should the NA aggregates 
 (macro reality) always be a reflection of the bottom-up (exact) aggregat
 ion of their micro counterparts? There seems to be a multitude of reason
 s to challenge a positive answer to the positive question. We argue for 
 a retroductive reasoning in redirecting our gap reconciliation efforts: 
 Measurement efforts should reconsider the starting assumption (eg all an
 d only the aggregates in NA should be distributed) when there is suffici
 ent evidence that  the various aggregation theories are fragile\; Theori
 sts should search for the alternative perspective of methodological indi
 vidualism when confronted with the positive evidence of the micro-macro 
 gap..This workshop aims to highlight this issue and open an internationa
 l debate on this fundamental topic.\n\nKeynote Speakers\n\n\nKevin Hoove
 r (Duke University)\n\nPresentations\n\nWorkshop on Microfoundations in 
 Measurement and Theory (bundesbank.de)\n\nScientific Committee\nEddie Ge
 rba (BoE\, LSE and CES Ifo)\nKevin Hoover (Duke University)\nJoachim Hub
 mer (University of Pennsylvania)\nChristos Koulovatianos (University of 
 Luxembourg)\nJunyi Zhu (Deutsch Bundesbank)
LOCATION:Frankfurt Bureau Centre\, Mainzer Landstraße 46\, 60325 Frankfur
 t am Main\, Germany
CONTACT:Conferences section\, conferences@bundesbank.de
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