In the past decade macroeconomic theory has undergone a remarkable transformation. At the forefront has been the "rational expectations revolution," and this school's most brilliant exponent is Robert E. Lucas.
In this elegant and relatively non-technical survey, Lucas reviews the nature and consequences of recent developments in monetary and business cycle theory. He discusses the usefulness of alternative models in determining the effects of economic policy on consumption streams and individual welfare. Drawing on a specific model of aggregate activity which represents the...
In the past decade macroeconomic theory has undergone a remarkable transformation. At the forefront has been the "rational expectations revolution," a...
In this book the Nobel Prize-winning economist Robert Lucas collects his writings on economic growth, from his seminal On the Mechanics of Economic Development to his previously unpublished 1997 Kuznets Lectures.
The chapters progress from a general theory of how growth could be sustained and why growth rates might differ in different countries, to a model of exceptional growth in certain countries in the twentieth century, to an account of the take-off of growth in the Industrial Revolution, and finally to a prediction about patterns of growth in this new century. The...
In this book the Nobel Prize-winning economist Robert Lucas collects his writings on economic growth, from his seminal On the Mechanics of Econo...
