Lucas (1972) a personal view from the wrong side of the subsequent fifty years
Bibliographic Data
| ID | 21604456 |
|---|---|
| Authors | David Laidler (corresponding author) |
| Year | 2024 |
| Volume | 31 |
| Issue | 6 |
| Pages | 1058-1076 |
| Publication date | 2024-11-01 |
| Peer Reviewed | Yes |
| Open Access | No |
| Type | ARTICLE |
| Venue | European Journal of the History of Economic Thought (JOURNAL) |
| Journal identifiers | ISSN: 0967-2567 • E-ISSN: 1469-5936 |
| Publisher | Informa UK Limited (PUBLISHER • GB) |
| DOI | 10.1080/09672567.2024.2329045 |
| OpenAlex | W4394622463 |
| Language | EN |
| Citations received | 2 |
| References cited | 58 |
Lucas (Citation1972) permanently changed the course of macroeconomics, even though his “money supply surprise” model lost its central place in the area within a decade because of empirical difficulties. However, Lucas’s novel methodology, based on clearing markets and rational expectations, still dominates orthodox macroeconomic theorising. An unfortunate side effect of this has been that, because mainstream models have no analytic room for money to play a key role in economic activity, the theoretical case for taking that role seriously was undermined just at the time when traditional monetarist macro-models were facing empirical problems, not least in policy applications. Some consequences for today’s monetary policy environment are briefly discussed
Economics · Keynesian economics · Personal account · Personal consumption expenditures price index · Economic Theory and Policy · Economic, financial, and policy analysis · Monetary Policy and Economic Impact · Philosophy · Psychology
A monetary history of the United States, 1867-1960
The general theory of employment, interest, and money
Rules, discretion and reputation in a model of monetary policy
Time to Build and Aggregate Fluctuations
Expectations and the neutrality of money
Monetary non-neutrality and stabilisation policies 50 years after Lucas’s “expectations” paper
On the Principles of Political Economy, and Taxation
Reintegrating Money into Monetary Policy
Keynesian Economics and the Economics of Keynes
Expectations and the Phillips Trade Off
Money, Interest and Prices
"Rational" Expectations, the Optimal Monetary Instrument, and the Optimal Money Supply Rule
Long-Term Contracts, Rational Expectations, and the Optimal Money Supply Rule
Rules Rather than Discretion
A Note on Lucas's Equilibrium Model of the Business Cycle
Economically Rational Expectations
Real Wages, Employment, and Inflation
On Money as a Medium of Exchange
Activist Monetary Policy under Rational Expectations
Stabilizing Powers of Monetary Policy under Rational Expectations
An Equilibrium Model of the Business Cycle
Nobel Lecture
Unanticipated Money, Output, and the Price Level in the United States
The Origin and Development of Media of Exchange
The Relation between Unemployment and the Rate of Change of Money Wage Rates in the United Kingdom, 1862-1957
Phillips Curves, Expectations of Inflation and Optimal Unemployment over Time
The Relation between Unemployment and the Rate of Change of Money Wage Rates in the United Kingdom, 1861-1957
The Monetarist Counter-Revolution Today-An Appraisal
Inflation
Introduction to Microeconomics
Keynote Address to the 2003 Hope Conference
| Unique citing works | 2 |
|---|---|
| Citations per year | 0,67 |
| Citation span | 2023 - 2024 (2) |
| Citation velocity | recent |
| Highly cited | No |
| Citation types | Neutral: 2 |