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Lucas critique

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Journal Article
History of Political Economy (2019) 51 (3): 535–556.
Published: 01 June 2019
... of economics consider that Lucas’s critique led forcefully to an immediate disqualification of the Keynesian macroeconometric approach. This narrative is based on the interpretation of the Lucas critique as a fundamental principle for economic reasoning that was (and still is) logically unquestionable. We...
Journal Article
History of Political Economy (2012) 44 (suppl_1): 226–249.
Published: 01 December 2012
... . “ Econometric Testing of the Natural Rate Hypothesis .” Reprinted in Lucas 1981 , 90 – 103 . ———. 1973 . “ Some International Evidence on Output-Inflation Tradeoffs .” American Economic Review 63 ( 3 ): 326 – 34 . ———. 1976 . “ Econometric Policy Evaluation: A Critique .” Reprinted in Lucas 1981...
Journal Article
History of Political Economy (2021) 53 (4): 790–793.
Published: 01 August 2021
... to reinterpreting Lucas s concrete modeling practice (notably the islands model and the Lucas critique) through the lens of the methodological interpretation built previously. In short, the main case for the thesis of a realist Lucas can be found in this chapter. Those read- ers who are open to the idea...
Journal Article
History of Political Economy (2019) 51 (3): 425–447.
Published: 01 June 2019
... of Credit Rationing ”. American Economic Review 59 : 850 – 72 . Kling Arnold . n.d. “ Memoirs of a Would-Be Macroeconomist .” arnoldkling.com/essays/papers/macromemoir.pdf . Lucas Robert E. 1976 . “ Econometric Policy Evaluation: A Critique .” Carnegie-Rochester Conference...
Journal Article
History of Political Economy (2017) 49 (4): 713–714.
Published: 01 December 2017
..., for example, put forth a concept of “implicit expectations” more or less at the same time John Muth put forward his concept of “rational expectations,” but Muth gets all the attention (chap- ters 4–5). And A. W .H. Phillips apparently anticipated the famous Lucas critique, worrying about whether...
Journal Article
History of Political Economy (1997) 29 (suppl_1): 289–308.
Published: 01 January 1997
... aside by later developments in macroeconomics, his contributions of the Lucas critique and development of rational expectations analysis still stand as breakthrough achievements in the eyes of even his critics. What may we learn about Lucas from Pickering? Lucas, along with Thomas Sargent...
Journal Article
History of Political Economy (1997) 29 (suppl_1): 313–329.
Published: 01 January 1997
... vs. Simon, 77, 85-86 naturalistic conception of, 93-94, Simon’s influence on, 75-76, 83 96, 97, 103 on superficiality, 75-76 process in, 96-97, 98-99 Lucas Critique, 74-75, 83, 294 Proculian vs. Sabinian school, 96...
Journal Article
History of Political Economy (1997) 29 (suppl_1): 63–90.
Published: 01 January 1997
... using these models can, in principle, provide no useful information as to the actual consequences of alternative economic policies (1976,20). The underlying idea, known as the Lucas Critique, is Lucas and Artificial Worlds 75 that parameters may change when...
Journal Article
History of Political Economy (2017) 49 (Supplement): 158–186.
Published: 01 December 2017
... . Goutsmedt Aurélien Pinzon-Fuchs Erich Renault Matthieu Sergi Francesco . 2015 . “ Criticizing the Lucas Critique: Macroeconometricians’ Response to Robert Lucas .” Documents de travail du Centre d’Economie de la Sorbonne 2015.59 . halshs.archives-ouvertes.fr/halshs-01179114...
Journal Article
History of Political Economy (2004) 36 (Suppl_1): 1–11.
Published: 01 December 2004
... framework. Lucas soon came to see that the failure to model expectations appropriately was part 8 Michel De Vroey and Kevin D. Hoover of a larger problem. In his important paper “Econometric Policy Evalu- ation: A Critique” (1976), he argued that the failure of the macroecono- metric models...
Journal Article
History of Political Economy (2016) 48 (2): 341–347.
Published: 01 June 2016
... to have been primarily con- cerned with the fundamental importance of rational expectations for the design of economic policy—the implications that are typically referred to as the “Lucas Critique.” This aspect of his views of his own creation is illustrated to some extent in Muth 1994, an article...
Journal Article
History of Political Economy (1991) 23 (4): 687–712.
Published: 01 November 1991
... Evaluation: A Critique. Reprinted in Lucas 1981. Lucas , R. 1977 . Understanding Business Cycles. Reprinted in Lucas 1981. Lucas , R. 1981 . Studies in Business Cycle Theory . Cambridge: MIT Press. Lucas , R. , and L. Rapping 1969 . Real Wages, Employment and Inflation. Journal...
Journal Article
History of Political Economy (1998) 30 (1): 51–94.
Published: 01 March 1998
... ): 825 -44. Court , R. 1998 . The Lucas Critique: Did Phillips Make a Comparable Contribution? In Leeson 1998. Cowles , A. 1960 . Ragnar Frisch. Econometrica . 28 . 2 ( April ): 173 -74. Craver , E. , and A. Leijonhufvud. 1987 . Economists in America: The Continental...
Journal Article
History of Political Economy (2011) 43 (suppl_1): 283–308.
Published: 01 December 2011
... Sargan’s Colston paper and Robert E. Lucas’s critique, and involved econometric applications from numerous directions.1 Skimming through the literature, one is soon lost in a labyrinth of economic and econometric issues and debates. Although the topic has been reviewed and surveyed periodically...
Journal Article
History of Political Economy (2019) 51 (5): 805–826.
Published: 01 October 2019
... contributions, indeed, show a difference between the chronology of the standard narrative and their own account, for example, with respect to the influence of the Lucas critique (Gouts- medt, Pinzón-Fuchs, Renault, and Sergi 2019) and the VAR approach (Salazar and Otero 2019). Changes of chronologies...
Journal Article
History of Political Economy (2002) 34 (2): 291–320.
Published: 01 June 2002
... Expectations Hypothesis. American Economic Review 76.1 : 110 -24. Lucas, Robert E. 1972 . Expectations and the Neutrality of Money. Journal of Economic Theory 4.2 : 103 -24. ____. [1976] 1981 . Econometric Policy Evaluation: A Critique. In Studies in Business-Cycle Theory , 104 -30. Oxford...
Journal Article
History of Political Economy (2009) 41 (Suppl_1): 334–355.
Published: 01 December 2009
...—they endorsed Tjalling Koopmans’s (1947) critique of Burns and Mitchell 1946: a theory is needed before variables are selected. Yet, following Lucas’s critique, they disagreed with Koopmans’s use of struc- tural systems of equations, considering that imposing such a straitjacket was a “grave disser- vice...
Journal Article
History of Political Economy (2023) 55 (1): 103–143.
Published: 01 February 2023
... rational, optimizing, and forward-looking single representative agent as the only generator of consumption data, practitioners were now aware that modeling consumption had been turned upside down by Hall as an anticipated deployment of the Lucas critique (Lucas 1976 , 1980 ). In a bold single move...
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Journal Article
History of Political Economy (2004) 36 (4): 689–734.
Published: 01 November 2004
... involve an equilibrium con- cept broader, or at least different from, price-mediated market-clearing” (Solow 1986, S34). The RBC program was also a radical response to the Lucas critique: if fiscal or monetary policy implies a change of parameters, and therefore proves the lack of any autonomy...
Journal Article
History of Political Economy (2012) 44 (suppl_1): 253–269.
Published: 01 December 2012
... “Lucas critique,” 234, 235 L’ami des homes (Mirabeau), 74, on models testing, 235 75n8, 79, 80 and rational expectations Land valuation practices, 107 hypothesis, 232, 233 Landowner associations, 98, 110 on viewing a commodity...