Considering the history of macroeconomics it is surprising that Tinbergens theory of policy is identified with so-called Keynesian economics by Lucas and Lucasians. Keynesian macropolicy is accused of neglecting the role of expectations and the effects of any changes of institutions. Due to textual evidence this paper explains that both the disregard of expectations and the institutional evolutionary process can not be addressed to Keynes's analysis.
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Paper provided by EconWPA in its series Macroeconomics with number
0503019.
Find related papers by JEL classification: B - Schools of Economic Thought and Methodology B - Schools of Economic Thought and Methodology B - Schools of Economic Thought and Methodology E - Macroeconomics and Monetary Economics E - Macroeconomics and Monetary Economics
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