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Lucas, Keynes, and the Crisis

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Abstract

This paper examines Robert E. Lucas's views on the relationship of macroeconomics to real world economic phenomena, and on Keynes's place in its history, suggesting that these stem from a particular and debatable understanding of how the subdiscipline has evolved. It considers some implications for today's awkward economic facts of aspects of Keynes' General Theory, not so much its speculations about the role of psychology and social conventions in the economic decisions of individual agents recently highlighted by Akerlof and Shiller (2009) however, as its insights into the influence of the monetary system on the coordination of these decisions, along lines later extended by Clower (1965) and Leijonhufvud (1968). It concludes that the questions about co-ordination that Keynes addressed, not to mention some of his answers, are well worth revisiting.

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File URL: http://economics.uwo.ca/research/department_working_papers_docs/wp2009/wp2009_2.pdf
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Bibliographic Info

Paper provided by University of Western Ontario, Department of Economics in its series UWO Department of Economics Working Papers with number 20092.

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Date of creation: 2009
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Handle: RePEc:uwo:uwowop:20092

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Postal: Department of Economics, Reference Centre, Social Science Centre, University of Western Ontario, London, Ontario, Canada N6A 5C2
Phone: 519-661-2111 Ext.85244
Web page: http://economics.uwo.ca/research/research_papers/department_working_papers.html

Related research

Keywords: Crisis; Co-ordination; Clearing Markets; Auctioneer; Money; Financial Markets; Animal Spirits; Psychology; Keynes; Lucas;

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  1. John F. Helliwell, 2006. "From Flapper to Bluestocking: What Happened to the Young Woman of Wellington Street?," Bank of Canada Review, Bank of Canada, vol. 2005(Winter), pages 31-39.
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Cited by:
  1. Giancarlo Bertocco, 2011. "Finance and risk: does finance create risk?," Economics and Quantitative Methods qf1115, Department of Economics, University of Insubria.
  2. Heinz D. Kurz, 2011. "Von Fall und Wiedeaufstieg einiger Ideen von Lord Keynes. Oder: Zum trostlosen Zustand einer "elenden Wissenschaft"," Wirtschaft und Gesellschaft - WuG, Kammer für Arbeiter und Angestellte für Wien, Abteilung Wirtschaftswissenschaft und Statistik, vol. 37(1), pages 15-36.
  3. William R. White, 2013. "Is Monetary Policy a Science? The Interaction of Theory and Practice over the Last 50 Years," SUERF 50th Anniversary Volume Chapters, SUERF - The European Money and Finance Forum.
  4. Moutot, Philippe, 2011. "Systemic risk and financial development in a monetary model," Working Paper Series 1352, European Central Bank.
  5. Giancarlo Bertocco, 2011. "Housing bubble and economic theory: is mainstream theory able to explain the crisis?," Economics and Quantitative Methods qf1116, Department of Economics, University of Insubria.
  6. Signorino, Rodolfo, 2010. "Economics in the mirror of the financial crisis," MPRA Paper 39470, University Library of Munich, Germany.

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