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Robert Lucas and the Twist of Modeling Methodology. On some Econometric Methods and Problems in New Classical Macroeconomics

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  • Francesco Sergi

    (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)

Abstract

The purpose of this contribution to the epistemology and history of recent macroeconomics is to construct a clear understanding of econometric methods and problems in New Classical macroeconomics. Most historical work have focused so far on theoretical or policy implication aspects of this research program set in motion by Robert Lucas in the early seventies. On the contrary, the empirical and econometric works of New Classical macroeconomics have received little attention. I focus especially on the contributions gathered in Rational Expectations and Econometric Practice, edited in 1981 by Lucas and Thomas Sargent. The main claim of this article is that the publication of this book must be regarded as a turn in macroeconomics, that would bring macroeconometric modeling methodology closer to Lucas's conception of models. The analysis of the New Classical macroeconometrics through the Lucas methodology allow us to propose an original historical account of the methods presented in Rational Expectations and Econometric Practice, but also of the problems that flawed this approach.

Suggested Citation

  • Francesco Sergi, 2015. "Robert Lucas and the Twist of Modeling Methodology. On some Econometric Methods and Problems in New Classical Macroeconomics," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-01244393, HAL.
  • Handle: RePEc:hal:cesptp:halshs-01244393
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-01244393
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    Cited by:

    1. Aurélien Goutsmedt & Erich Pinzon-Fuchs & Matthieu Renault & Francesco Sergi, 2017. "Reacting to the Lucas Critique: The Keynesians' Pragmatic Replies," Documents de travail du Centre d'Economie de la Sorbonne 17042, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
    2. Aurélien Goutsmedt & Erich Pinzón-Fuchs & Matthieu Renault & Francesco Sergi, 2019. "Reacting to the Lucas Critique: The Keynesians' Replies," Post-Print hal-03878386, HAL.
    3. Matthieu Renault, 2018. "Edmond Malinvaud´s Criticisms of the New Classical Economics: Restoring the Nature and the Rationale of the Old Keynesians´ Opposition," Working Papers, Department of Economics 2018_21, University of São Paulo (FEA-USP).

    More about this item

    Keywords

    history of macroeconomics; macroeconometrics; modeling methodology; histoire de la macroéconomie; Lucas (Robert); Sargent (Thomas); macroéconométrie; méthodologie et modélisation;
    All these keywords.

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