As part of a major replication and robustness project of articles in the American Economic Review, this fall I assigned students in my Masters Macro course at the New Economic School (Moscow) to replicate and test robustness for Macro papers published in the AER. In our sample of AER papers, 66% had full data available online, and the replicated results were exactly the same as in the paper 72% of the time.
(REPOST FROM JOHN COCHRANE’S BLOG, THE GRUMPY ECONOMIST) On replication in economics. Just in time for bar-room discussions at the annual meetings. “I have a truly marvelous demonstration of this proposition which this margin is too narrow to contain.” –Fermat “I have a truly marvelous regression result, but I can’t show you the data and won’t even show you the computer program that produced the result” – Typical paper in economics and finance.