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Robert E. Lucas, Jr. (1937–)

In: The Palgrave Companion to Chicago Economics

Author

Listed:
  • Pierrick Clerc

    (University of Liège)

  • Michel De Vroey

    (Universite catholique de Louvain)

Abstract

Our aim in this chapter is to give an overview of Robert Lucas’s theoretical contributions. After an introduction, Section 2 describes how he initiated what at the time was called the “rational expectations revolution” and is now called “Dynamic General Equilibrium” (DGE) macroeconomics (after having also been labelled “New Classical macroeconomics”, and “Dynamic Stochastic General Equilibrium” (DSGE) macroeconomics). In the third and fourth sections, we describe Lucas’s contributions to monetary and growth theory. Section 5 ponders his relationship with “Chicago economics”.

Suggested Citation

  • Pierrick Clerc & Michel De Vroey, 2022. "Robert E. Lucas, Jr. (1937–)," Springer Books, in: Robert A. Cord (ed.), The Palgrave Companion to Chicago Economics, chapter 33, pages 841-869, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-01775-9_33
    DOI: 10.1007/978-3-031-01775-9_33
    as

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