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The Lucas Critique and Keynes Response.Considering the History of Macroeconomics

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Author Info
Elke Muchlinski (Freie Universität Berlin)
Abstract

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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Publisher Info
Paper provided by EconWPA in its series Macroeconomics with number 0503019.

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Length: 33 pages
Date of creation: 23 Mar 2005
Date of revision:
Handle: RePEc:wpa:wuwpma:0503019

Note: Type of Document - pdf; pages: 33
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Web page: http://129.3.20.41

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Related research
Keywords: Keynes on expectations; macroeconomics and modelbuildung contra Lucas and Tinbergen;

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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  1. David C. Colander, 1993. "The Macrofoundations of Micro," Eastern Economic Journal, Eastern Economic Association, vol. 19(4), pages 447-457, Fall. [Downloadable!]
  2. Lawson, Tony, 1995. "The 'Lucas Critique': A Generalisation," Cambridge Journal of Economics, Oxford University Press, vol. 19(2), pages 257-76, April.
  3. Morishima, Michio, 1991. "General Equilibrium Theory in the Twenty-First Century," Economic Journal, Royal Economic Society, vol. 101(404), pages 69-74, January. [Downloadable!] (restricted)
  4. Sargent, Thomas J., 1996. "Expectations and the nonneutrality of Lucas," Journal of Monetary Economics, Elsevier, vol. 37(3), pages 535-548, June. [Downloadable!] (restricted)
    Other versions:
  5. Stiglitz, Joseph, 1997. "Reflections on the Natural Rate Hypothesis," Journal of Economic Perspectives, American Economic Association, vol. 11(1), pages 3-10, Winter. [Downloadable!] (restricted)
  6. Lucas, Robert Jr, 1976. "Econometric policy evaluation: A critique," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 1(1), pages 19-46, January. [Downloadable!] (restricted)
  7. Lucas, Robert Jr., 1986. "Principles of fiscal and monetary policy," Journal of Monetary Economics, Elsevier, vol. 17(1), pages 117-134, January. [Downloadable!] (restricted)
  8. Bennett T. McCallum, . "Recent Developments in monetary policy analysis: The roles of theory and evidence," GSIA Working Papers 1999-12, Carnegie Mellon University, Tepper School of Business.
    Other versions:
  9. James Tobin, 1989. "On the Theory of Macroeconomic Policy," Cowles Foundation Discussion Papers 931, Cowles Foundation, Yale University. [Downloadable!]
  10. Kirman, Alan, 1989. "The Intrinsic Limits of Modern Economic Theory: The Emperor Has No Clothes," Economic Journal, Royal Economic Society, vol. 99(395), pages 126-39, Supplemen. [Downloadable!] (restricted)
  11. Alex Cukierman, 2002. "Are contemporary central banks transparent about economic models and objectives and what difference does it make?," Review, Federal Reserve Bank of St. Louis, issue Jul, pages 15-36. [Downloadable!]
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  12. Boland, Lawrence A, 1998. "Knowledge in Economics: Game-Theoretic versus Market-Process: A Review Article," Scottish Journal of Political Economy, Scottish Economic Society, vol. 45(5), pages 604-13, November. [Downloadable!] (restricted)
  13. Kirman, Alan P, 1992. "Whom or What Does the Representative Individual Represent?," Journal of Economic Perspectives, American Economic Association, vol. 6(2), pages 117-36, Spring. [Downloadable!] (restricted)
  14. Kydland, Finn E & Prescott, Edward C, 1977. "Rules Rather Than Discretion: The Inconsistency of Optimal Plans," Journal of Political Economy, University of Chicago Press, vol. 85(3), pages 473-91, June. [Downloadable!] (restricted)
  15. Summers, Lawrence H, 1991. " The Scientific Illusion in Empirical Macroeconomics," Scandinavian Journal of Economics, Blackwell Publishing, vol. 93(2), pages 129-48.
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