Lucas on the Lucasian transformation of macroeconomics: an assessment
Robert Lucas is rightfully credited with having changed the course of macroeconomic theory. The aim of this paper is to document his transformation from a potential contributor to Keynesian macroeconomics to the master builder of an alternative paradigm, equilibrium macroeconomics. I reconstruct Lucas’s theoretical journey as involving seven steps: (1) his pre-macroeconomic years, (2) his early work as a macroeconomist, jointly with Rapping, (3) the ‘Expectations and the Neutrality of Money’ 1972 article, (4) his inaugural equilibrium model of the business cycle, (5) his all-out attack on Keynesian macroeconomics, (6) the passing of the baton to Kydland and Prescott, and (7) his standpoint after the victory of the approach he so much contributed to launch
|Date of creation:||31 Jul 2010|
|Date of revision:|
|Contact details of provider:|| Postal: |
Fax: +32 10473945
Web page: http://www.uclouvain.be/ires
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Michel, DE VROEY, 2005. "Involuntary Unemployment : the Elusive Quest for a Theory," Discussion Papers (ECON - Département des Sciences Economiques) 2005004, Université catholique de Louvain, Département des Sciences Economiques.
- De Vroey, Michel, 2010.
"Lucas on the relationship between theory and ideology,"
Economics Discussion Papers
2010-28, Kiel Institute for the World Economy.
- De Vroey, Michel, 2011. "Lucas on the relationship between theory and ideology," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy, vol. 5, pages 1-39.
- Michel DE VROEY, 2010. "Lucas on the relationship between theory and ideology," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 2010031, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
When requesting a correction, please mention this item's handle: RePEc:ctl:louvir:2010032. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Anne DAVISTER-LOGIST)
If references are entirely missing, you can add them using this form.