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

  • Elke Muchlinski

    (Freie Universität Berlin)

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    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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    File URL: http://128.118.178.162/eps/mac/papers/0503/0503019.pdf
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    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
    Contact details of provider: Web page: http://128.118.178.162

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    1. Lawson, Tony, 1995. "The 'Lucas Critique': A Generalisation," Cambridge Journal of Economics, Oxford University Press, vol. 19(2), pages 257-76, April.
    2. David C. Colander, 1993. "The Macrofoundations of Micro," Eastern Economic Journal, Eastern Economic Association, vol. 19(4), pages 447-457, Fall.
    3. Alan S. Blinder, 2000. "Central-Bank Credibility: Why Do We Care? How Do We Build It?," American Economic Review, American Economic Association, vol. 90(5), pages 1421-1431, December.
    4. 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.
    5. Morishima, Michio, 1991. "General Equilibrium Theory in the Twenty-First Century," Economic Journal, Royal Economic Society, vol. 101(404), pages 69-74, January.
    6. Frank Hahn, 1985. "Money and Inflation," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262580624, June.
    7. Lucas, Robert Jr, 1976. "Econometric policy evaluation: A critique," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 1(1), pages 19-46, January.
    8. Robert Leeson, 1998. "“The Ghosts I Called I Can't Get Rid of Now”: The Keynes-Tinbergen-Friedman-Phillips Critique of Keynesian Macroeconometrics," History of Political Economy, Duke University Press, vol. 30(1), pages 51-94, Spring.
    9. Muchlinski, Elke, 2003. "Against rigid rules: Keynes's economic theory," Discussion Papers 2003/2, Free University Berlin, School of Business & Economics.
    10. Sargent, Thomas J., 1996. "Expectations and the nonneutrality of Lucas," Journal of Monetary Economics, Elsevier, vol. 37(3), pages 535-548, June.
    11. 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.
    12. 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.
    13. Summers, Lawrence H, 1991. " The Scientific Illusion in Empirical Macroeconomics," Scandinavian Journal of Economics, Wiley Blackwell, vol. 93(2), pages 129-48.
    14. Joseph Stiglitz, 1997. "Reflections on the Natural Rate Hypothesis," Journal of Economic Perspectives, American Economic Association, vol. 11(1), pages 3-10, Winter.
    15. James Tobin, 1989. "On the Theory of Macroeconomic Policy," Cowles Foundation Discussion Papers 931, Cowles Foundation for Research in Economics, Yale University.
    16. Lucas, Robert Jr., 1986. "Principles of fiscal and monetary policy," Journal of Monetary Economics, Elsevier, vol. 17(1), pages 117-134, January.
    17. 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.
    18. Alan P. Kirman, 1992. "Whom or What Does the Representative Individual Represent?," Journal of Economic Perspectives, American Economic Association, vol. 6(2), pages 117-136, Spring.
    19. 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.
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