What type of reactions did it elicit from macroeconomists?
I also had a great deal of skepticism of whether the macroeconomists would get the details right.
The other cointegration relation examined in this paper is concerned with financial variables: the long-run money demand, a long-run relation often investigated by macroeconomists.
A derailment of the system as a whole is not an issue that is in the mental setup of most of today's macroeconomists.
Standard time-series tools used by macroeconomists assume, for example, that impulse response functions are invariant with respect to the stage of the business cycle.
The rebels prevailed, and that became a lesson for young macroeconomists.
This subsequently proved to be a rather influential group of young macroeconomists at the time.
Because of the simplicity of our techniques, our approach can be easily applied by macroeconomists to similar models.
