The DOI matches its Crossref record; 2 of the 2 references it cites were found in a registry or an index.
Identification in Macroeconomics
Open accessAbstract
This paper discusses empirical approaches macroeconomists use to answer questions like: What does monetary policy do? How large are the effects of fiscal stimulus? What caused the Great Recession? Why do some countries grow faster than others? Identification of causal effects plays two roles in this process. In certain cases, progress can be made using the direct approach of identifying plausibly exogenous variation in a policy and using this variation to assess the effect of the policy. However, external validity concerns limit what can be learned in this way. Carefully identified causal effects estimates can also be used as moments in a structural moment matching exercise. We use the term “identified moments” as a short-hand for “estimates of responses to identified structural shocks,” or what applied microeconomists would call “causal effects.” We argue that such identified moments are often powerful diagnostic tools for distinguishing between important classes of models (and thereby learning about the effects of policy). To illustrate these notions we discuss the growing use of cross-sectional evidence in macroeconomics and consider what the best existing evidence is on the effects of monetary policy.
Overview
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Integrity signals
Registry
Cites
Statistics
Verification
Claims the paper makes
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Self-check
Percentages, sums and reported differences re-computed from the paper’s own numbers.
The self-check needs the paper’s full text.
Citations
Cites
Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy
Christiano, L. J., Eichenbaum, M., & Evans, C. L. (2005) · Journal of Political Economy · doi:10.1086/426038 · Cited by 6,238
Angrist, J. D., & Pischke, J.-S. (2010) · Journal of Economic Perspectives · doi:10.1257/jep.24.2.3 · Cited by 1,566
Cited by
Local Projections and VARs Estimate the Same Impulse Responses
Plagborg-Møller, M., & Wolf, C. K. (2021) · Econometrica · doi:10.3982/ecta17813 · Cited by 732
The Macroeconomic Effects of Oil Supply News: Evidence from OPEC Announcements
Känzig, D. R. (2021) · American Economic Review · doi:10.1257/aer.20190964 · Cited by 448
Consumer Spending during Unemployment: Positive and Normative Implications
Ganong, P., & Noel, P. (2019) · American Economic Review · doi:10.1257/aer.20170537 · Cited by 433
Causal models for longitudinal and panel data: a survey
Arkhangelsky, D., & Imbens, G. (2024) · The Econometrics Journal · doi:10.1093/ectj/utae014 · Cited by 50
Five Facts about MPCs: Evidence from a Randomized Experiment
Boehm, J., Fize, E., & Jaravel, X. (2025) · American Economic Review · doi:10.1257/aer.20240138 · Cited by 30
Metadata
- Authors
- Nakamura, E., & Steinsson, J.
- Venue
- Journal of Economic Perspectives
- Publisher
- American Economic Association
- Published
- 2018-08-01
- Volume
- 32
- Issue
- 3
- Pages
- 59-86
- ISSN
- 0895-3309 (ISSN-L)
- OpenAlex
- W2765686824
- Cited by
- 419
- References
- 2
- FWCI
- 87.13
- Type
- journal article
- Language
- en
- Open access
- diamond
About these checks
Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
Statistics and arithmetic are recomputed, not judged.
Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.
What counts as a claim ›How we measure confidence ›How we check this ›
Are you an author, or do you see a problem with this page? Request a review
How to cite
Cite CoChat for the checks on this page, and the paper for its own findings.
- This page
- CoChat. (2026). Citation check: Identification in Macroeconomics. https://app.cochat.ai/papers/10.1257/jep.32.3.59
- The paper
- Nakamura, E., & Steinsson, J. (2018). Identification in Macroeconomics. Journal of Economic Perspectives. https://doi.org/10.1257/jep.32.3.59
Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.