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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
... applied to different areas of macroeconomics. Rational expectations, the focus on market-clearing, general equilib- rium models, and the characterization of government policy as the exe- cution of stable rules came together in Lucas’s (1976) famous policy noninvariance argument (the “Lucas critique...
Journal Article
History of Political Economy (2021) 53 (4): 790–793.
Published: 01 August 2021
... 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 of an exegesis of Lucas s writings will found the bottom line...
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
... and constraints of agents, and that these agents would adapt to new economic policies by adapting their behavior in a way that would shift the parameters of aggregate models. The Lucas critique was widely taken to demand a microeconomic ba- sis for macroeconomics. It is, of course, a difficult problem...
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
.... LeRoy. 1981 . Identification and Estimation of Money Demand. American Economic Review 71 ( September ): 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...
Journal Article
History of Political Economy (2011) 43 (suppl_1): 283–308.
Published: 01 December 2011
... in the history of econometrics, such as Denis 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...
Journal Article
History of Political Economy (2019) 51 (5): 805–826.
Published: 01 October 2019
... Matthieu Sergi Francesco . 2019 . “ Reacting to the Lucas Critique: The Keynesians’s Replies .” In “ The History of Macroeconometric Modeling ,” edited by Boumans Marcel Duarte Pedro Garcia . Special issue , History of Political Economy 51 ( 3 ): 535 – 56 . Greenberg Clement...
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 (2004) 36 (4): 689–734.
Published: 01 November 2004
... l'évolution du résidu de Solow. Annales d'économie et statistique 24 : 133 -54. Lines, M. 1990 . Slutzky and Lucas: Random Causes of the Business Cycle. Structural Change and Economic Dynamics 1.2 : 359 -70. Long, J., and C. Plosser. 1983 . Real Business Cycles. Journal of Political Economy...
Journal Article
History of Political Economy (2012) 44 (suppl_1): 253–269.
Published: 01 December 2012
... models, 236 196–97, 197n8 and FORTRAN program, 236 Lamale, Helen Humes, 169, 173 “Lucas critique,” 234, 235 L’ami des homes (Mirabeau), 74, on models testing, 235 75n8, 79, 80 and rational expectations Land valuation...
Journal Article
History of Political Economy (2012) 44 (suppl_1): 1–24.
Published: 01 December 2012
... and Var- ian 1978; Simon and Bartel 1986). The Nobel laureate Robert Lucas wrote that his “earlier papers” on business cycles were concerned with “coffee- break facts” that he obtained “second-hand,” or “common knowledge around Chicago and Carnegie Mellon” (Boumans 2005, 92). Others refer...