Robert E Lucas
Biographic Data
| ID | 3591441 |
|---|---|
| NAME | Robert E Lucas |
| GIVEN NAMES | Robert E |
| FAMILY NAME | Lucas |
| SIGNATURE | LUCAS R E |
| AFFILIATIONS | University of Chicago |
| VERIFIED | No |
| TOTAL WORKS | 29 |
| TOTAL CITATIONS | 288 |
| AUTHOR COUNT | 29 |
| EDITOR COUNT | 0 |
| FIRST PUBLICATION YEAR | 1966 |
| LATEST PUBLICATION YEAR | 2017 |
| H-INDEX | 8 |
Memories of Friedman and Patinkin
Knowledge Growth and the Allocation of Time
We analyze a model economy with many agents, each with a different productivity level. Agents divide their time between two activities: producing goods with the production-related knowledge they already have and interacting with others in search of new, productivity-increasing ideas. These choices jointly determine the economy’s current production level and its rate of learning and real growth. We construct the balanced growth path for this econo…
Collected Papers on Monetary Theory
Robert Lucas is one of the outstanding monetary theorists of the past hundred years. Along with Knut Wicksell, Irving Fisher, John Maynard Keynes, James Tobin, and Milton Friedman (his teacher), Lucas revolutionized our understanding of how money interacts with the real economy of production, consumption, and exchange. Lucas’s contributions are both methodological and substantive. Methodologically, he developed dynamic, stochastic, general equili…
Ideas and Growth
This paper introduces and partially develops a new model of endogenous technological change, viewed as the product of a class of problem‐solving producers. The model, based on earlier work by Eaton and Kortum, is built up from the premise that all knowledge resides in the head of some individual person and the knowledge of a firm, or economy, or any group of people is simply the knowledge of the individuals that comprise it. The model is applied …
Handbook of Regional and Urban Economics, Volume 4: Cities and Geography
Life Earnings and Rural‐Urban Migration
This paper is a theoretical study of rural‐urban migration—urbanization—as it has occurred in many low‐income economies in the postwar period. This process is viewed as a transfer of labor from a traditional, land‐intensive technology to a human capital–intensive technology with an unending potential for growth. The model emphasizes the role of cities as places in which new immigrants can accumulate the skills required by modern production techno…
Keynote Address to the 2003 Hope Conference: My Keynesian Education
Research Article| December 01 2004 Keynote Address to the 2003 HOPE Conference: My Keynesian Education Robert E. Lucas, Jr. Robert E. Lucas, Jr. Search for other works by this author on: This Site Google History of Political Economy (2004) 36 (Suppl_1): 12–24. https://doi.org/10.1215/00182702-36-Suppl_1-12 Cite Icon Cite Share Icon Share Facebook Twitter LinkedIn MailTo Permissions Search Site Citation Robert E. Lucas; Keynote Address to the 2003…
Macroeconomic Priorities
Macroeconomics was born as a distinct field in the 1940s, as a part of the intellectual response to the Great Depression. The term then referred to the body of knowledge and expertise that we hoped would prevent the recurrence of that economic disaster. My thesis in this lecture is that macroeconomics in this original sense has succeeded: Its central problem of depression-prevention has been solved, for all practical purposes, and has in fact bee…
On the Internal Structure of Cities
We prove the existence of a symmetric equilibrium in a circular city in which businesses and housing can both be located anywhere in the city. In this equilibrium, firms balance the external benefits from locating near other producers against the costs of longer commutes for workers. An equilibrium city need not take the form of a central business district surrounded by a residential area. We propose a general algorithm for constructing equilibri…
Some Macroeconomics for the 21st Century
This note describes a numerical simulation of a model of economic growth, a simplified version of Robert Tamura's (1996) model of world income dynamics, based on technology diffusion. The model makes predictions for trends in average world income growth and about the evolution of the relative income distribution that accord well with observation. The model is used to forecast the course of world income growth and income inequality over the centur…
Nobel Lecture: Monetary Neutrality
John Maynard Keynes. Volume 1: Hopes Betrayed, 1883-1920 . Robert Skidelsky John Maynard Keynes. Volume 2: The Economist as Savior, 1920-1937 . Robert Skidelsk
Making a Miracle
This lecture surveys recent models of growth and trade in search of descriptions of technologies that are consistent with episodes of very rapid income growth. Emphasis is placed on the on-the-job accumulation of human capital: learning by doing. Possib le connections between learning rates and international trade are discussed Copyright 1993 by The Econometric Society.
On Efficiency and Distribution
Journal Article On Efficiency and Distribution Get access Robert E. Lucas, Jr Robert E. Lucas, Jr University of Chicago Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 102, Issue 411, 1 March 1992, Pages 233–247, https://doi.org/10.2307/2234510 Published: 01 March 1992 Article history Accepted: 01 August 1991 Published: 01 March 1992
On the mechanics of economic development
Models of Business Cycles
Yrjo Jahnsson Lectures: Models of Business Cycles
Journal Article Yrjö Jähnsson Lectures: Models of Business Cycles Get access Yrjo Jahnsson Lectures: Models of Business Cycles. By ROBERT E. LUCAS. (Oxford: Basil Blackwell, 1987. Pp. 115. à £15.00 paperback.) Nigel W. Duck Nigel W. Duck University of Bristol Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 97, Issue 387, 1 September 1987, Pages 755–756, https://doi.org/10.2307/2232939 Publishe…
Optimal fiscal and monetary policy in an economy without capital
Studies in business-cycle theory
Equilibrium Search and Unemployment
On the Size Distribution of Business Firms
This paper proposes a new theory of the size distributions of business firms. It postulates an underlying distribution of persons by managerial "talent" and then studies the division of persons into managers and employees and the allocation of productive factors across managers. The implications of the theory for secular changes in average firm size are developed and tested on U.S. time series.
Asset Prices in an Exchange Economy
THIS PAPER IS A THEORETICAL examination of the stochastic behavior of equilibrium asset prices in a one-good, pure exchange economy with identical consumers. The single good in this economy is (costlessly) produced in a number of different productive units; an asset is a claim to all or part of the output of one of these units. Productivity in each unit fluctuates stochastically through time, so that equilibrium asset prices will fluctuate as wel…
Econometric policy evaluation: A critique
An Equilibrium Model of the Business Cycle
This paper develops a theoretical example of a business cycle, that is, a model economy in which real output undergoes serially correlated movements about trend which are not explainable by movements in the availability of factors of production. The mechanism generating these movements involves unsystematic monetary-fiscal shocks, the effects of which are distributed through time due to information lags and an accelerator effect. Associated with …
Expectations and the neutrality of money
Studies in business-cycle theory
An Equilibrium Model of the Business Cycle
This paper develops a theoretical example of a business cycle, that is, a model economy in which real output undergoes serially correlated movements about trend which are not explainable by movements in the availability of factors of production. The mechanism generating these movements involves unsystematic monetary-fiscal shocks, the effects of which are distributed through time due to information lags and an accelerator effect. Associated with …
Real Wages, Employment, and Inflation
Life Earnings and Rural‐Urban Migration
This paper is a theoretical study of rural‐urban migration—urbanization—as it has occurred in many low‐income economies in the postwar period. This process is viewed as a transfer of labor from a traditional, land‐intensive technology to a human capital–intensive technology with an unending potential for growth. The model emphasizes the role of cities as places in which new immigrants can accumulate the skills required by modern production techno…
Nobel Lecture: Monetary Neutrality
Adjustment Costs and the Theory of Supply
Keynote Address to the 2003 Hope Conference: My Keynesian Education
Research Article| December 01 2004 Keynote Address to the 2003 HOPE Conference: My Keynesian Education Robert E. Lucas, Jr. Robert E. Lucas, Jr. Search for other works by this author on: This Site Google History of Political Economy (2004) 36 (Suppl_1): 12–24. https://doi.org/10.1215/00182702-36-Suppl_1-12 Cite Icon Cite Share Icon Share Facebook Twitter LinkedIn MailTo Permissions Search Site Citation Robert E. Lucas; Keynote Address to the 2003…
Knowledge Growth and the Allocation of Time
We analyze a model economy with many agents, each with a different productivity level. Agents divide their time between two activities: producing goods with the production-related knowledge they already have and interacting with others in search of new, productivity-increasing ideas. These choices jointly determine the economy’s current production level and its rate of learning and real growth. We construct the balanced growth path for this econo…
Some Macroeconomics for the 21st Century
This note describes a numerical simulation of a model of economic growth, a simplified version of Robert Tamura's (1996) model of world income dynamics, based on technology diffusion. The model makes predictions for trends in average world income growth and about the evolution of the relative income distribution that accord well with observation. The model is used to forecast the course of world income growth and income inequality over the centur…
Ideas and Growth
This paper introduces and partially develops a new model of endogenous technological change, viewed as the product of a class of problem‐solving producers. The model, based on earlier work by Eaton and Kortum, is built up from the premise that all knowledge resides in the head of some individual person and the knowledge of a firm, or economy, or any group of people is simply the knowledge of the individuals that comprise it. The model is applied …
Unemployment in the Great Depression: Is There a Full Explanation
Handbook of Regional and Urban Economics, Volume 4: Cities and Geography
John Maynard Keynes. Volume 1: Hopes Betrayed, 1883-1920 . Robert Skidelsky John Maynard Keynes. Volume 2: The Economist as Savior, 1920-1937 . Robert Skidelsk
On Efficiency and Distribution
Journal Article On Efficiency and Distribution Get access Robert E. Lucas, Jr Robert E. Lucas, Jr University of Chicago Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 102, Issue 411, 1 March 1992, Pages 233–247, https://doi.org/10.2307/2234510 Published: 01 March 1992 Article history Accepted: 01 August 1991 Published: 01 March 1992
Yrjo Jahnsson Lectures: Models of Business Cycles
Journal Article Yrjö Jähnsson Lectures: Models of Business Cycles Get access Yrjo Jahnsson Lectures: Models of Business Cycles. By ROBERT E. LUCAS. (Oxford: Basil Blackwell, 1987. Pp. 115. à £15.00 paperback.) Nigel W. Duck Nigel W. Duck University of Bristol Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 97, Issue 387, 1 September 1987, Pages 755–756, https://doi.org/10.2307/2232939 Publishe…
Maxima and Minima: Theory and Economic Applications . Ragnar Frisch , A. Nataf
Adjustment Costs and the Theory of Supply
Real Wages, Employment, and Inflation
Expectations and the neutrality of money
Unemployment in the Great Depression: Is There a Full Explanation
An Equilibrium Model of the Business Cycle
This paper develops a theoretical example of a business cycle, that is, a model economy in which real output undergoes serially correlated movements about trend which are not explainable by movements in the availability of factors of production. The mechanism generating these movements involves unsystematic monetary-fiscal shocks, the effects of which are distributed through time due to information lags and an accelerator effect. Associated with …
Econometric policy evaluation: A critique
Equilibrium Search and Unemployment
On the Size Distribution of Business Firms
This paper proposes a new theory of the size distributions of business firms. It postulates an underlying distribution of persons by managerial "talent" and then studies the division of persons into managers and employees and the allocation of productive factors across managers. The implications of the theory for secular changes in average firm size are developed and tested on U.S. time series.
Asset Prices in an Exchange Economy
THIS PAPER IS A THEORETICAL examination of the stochastic behavior of equilibrium asset prices in a one-good, pure exchange economy with identical consumers. The single good in this economy is (costlessly) produced in a number of different productive units; an asset is a claim to all or part of the output of one of these units. Productivity in each unit fluctuates stochastically through time, so that equilibrium asset prices will fluctuate as wel…
Optimal fiscal and monetary policy in an economy without capital
Studies in business-cycle theory
Yrjo Jahnsson Lectures: Models of Business Cycles
Journal Article Yrjö Jähnsson Lectures: Models of Business Cycles Get access Yrjo Jahnsson Lectures: Models of Business Cycles. By ROBERT E. LUCAS. (Oxford: Basil Blackwell, 1987. Pp. 115. à £15.00 paperback.) Nigel W. Duck Nigel W. Duck University of Bristol Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 97, Issue 387, 1 September 1987, Pages 755–756, https://doi.org/10.2307/2232939 Publishe…
On the mechanics of economic development
Models of Business Cycles
On Efficiency and Distribution
Journal Article On Efficiency and Distribution Get access Robert E. Lucas, Jr Robert E. Lucas, Jr University of Chicago Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 102, Issue 411, 1 March 1992, Pages 233–247, https://doi.org/10.2307/2234510 Published: 01 March 1992 Article history Accepted: 01 August 1991 Published: 01 March 1992
Making a Miracle
This lecture surveys recent models of growth and trade in search of descriptions of technologies that are consistent with episodes of very rapid income growth. Emphasis is placed on the on-the-job accumulation of human capital: learning by doing. Possib le connections between learning rates and international trade are discussed Copyright 1993 by The Econometric Society.
John Maynard Keynes. Volume 1: Hopes Betrayed, 1883-1920 . Robert Skidelsky John Maynard Keynes. Volume 2: The Economist as Savior, 1920-1937 . Robert Skidelsk
Nobel Lecture: Monetary Neutrality
Some Macroeconomics for the 21st Century
This note describes a numerical simulation of a model of economic growth, a simplified version of Robert Tamura's (1996) model of world income dynamics, based on technology diffusion. The model makes predictions for trends in average world income growth and about the evolution of the relative income distribution that accord well with observation. The model is used to forecast the course of world income growth and income inequality over the centur…
On the Internal Structure of Cities
We prove the existence of a symmetric equilibrium in a circular city in which businesses and housing can both be located anywhere in the city. In this equilibrium, firms balance the external benefits from locating near other producers against the costs of longer commutes for workers. An equilibrium city need not take the form of a central business district surrounded by a residential area. We propose a general algorithm for constructing equilibri…
Macroeconomic Priorities
Macroeconomics was born as a distinct field in the 1940s, as a part of the intellectual response to the Great Depression. The term then referred to the body of knowledge and expertise that we hoped would prevent the recurrence of that economic disaster. My thesis in this lecture is that macroeconomics in this original sense has succeeded: Its central problem of depression-prevention has been solved, for all practical purposes, and has in fact bee…
Life Earnings and Rural‐Urban Migration
This paper is a theoretical study of rural‐urban migration—urbanization—as it has occurred in many low‐income economies in the postwar period. This process is viewed as a transfer of labor from a traditional, land‐intensive technology to a human capital–intensive technology with an unending potential for growth. The model emphasizes the role of cities as places in which new immigrants can accumulate the skills required by modern production techno…
Keynote Address to the 2003 Hope Conference: My Keynesian Education
Research Article| December 01 2004 Keynote Address to the 2003 HOPE Conference: My Keynesian Education Robert E. Lucas, Jr. Robert E. Lucas, Jr. Search for other works by this author on: This Site Google History of Political Economy (2004) 36 (Suppl_1): 12–24. https://doi.org/10.1215/00182702-36-Suppl_1-12 Cite Icon Cite Share Icon Share Facebook Twitter LinkedIn MailTo Permissions Search Site Citation Robert E. Lucas; Keynote Address to the 2003…
Handbook of Regional and Urban Economics, Volume 4: Cities and Geography
Economics (27 works) · Economic Theory and Policy (14 works) · Economic theories and models (13 works) · Macroeconomics (10 works) · Computer Science (9 works) · Keynesian economics (8 works) · Monetary Policy and Economic Impact (8 works) · Political science (8 works) · Economic Growth and Productivity (7 works) · Economic history (7 works)