The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Lucas, Robert (Born 1937)

  • Levon Barseghyan
Reference work entry
DOI: https://doi.org/10.1057/978-1-349-95189-5_2728

Abstract

Robert E. Lucas, Jr is one of the most influential economists of our time. His work on rational expectations offered a truly new way of thinking about economics and policy that led to most of the recent successes in macroeconomics. Lucas’s path breaking research on so many issues of vital importance has advanced the frontier of science and set the stage for new exciting discoveries.

Keywords

Business cycles Cash-in-advance constraint Dynamic stochastic general equilibrium models Economic growth Endogenous growth theory Human capital Inflation Lucas Critique Lucas trees Lucas, R Monetary business cycle models Monetary shocks Money growth Neoclassical growth theory Neutrality of money Overlapping generations models Phillips curve rational expectations Time consistency of monetary and fiscal policy 

JEL Classification

B31 
This is a preview of subscription content, log in to check access.

Bibliography

  1. Barro, R., and X. Sala-i-Martin. 2004. Economic growth, 2nd ed. Cambridge, MA: MIT Press.Google Scholar
  2. Chari, V.V. 1998. Nobel Laureate Robert E. Lucas, Jr.: Architect of modern macroeconomics. Journal of Economic Perspectives 12(1), 171–186 Repr. in Federal Reserve Bank of Minneapolis Quarterly Review 23, 2–12, 1999.Google Scholar
  3. Fisher, S. 1996. Robert Lucas’s Nobel memorial prize. Scandinavian Journal of Economics 98: 11–31.CrossRefGoogle Scholar
  4. Friedman, M. 1968. The role of monetary policy. American Economic Review 58: 1–15.Google Scholar
  5. Hall, R.E. 1996. Robert Lucas, recipient of the 1995 Nobel memorial prize in economics. Scandinavian Journal of Economics 98: 33–48.CrossRefGoogle Scholar
  6. Kareken, J.A., T. Muench, and N. Wallace. 1973. Optimal open market strategy: The use of information variables. American Economic Review 63: 156–172.Google Scholar
  7. Muth, J.F. 1961. Rational expectations and the theory of price movements. Econometrica 29: 315–335.CrossRefGoogle Scholar
  8. Phelps, E. 1968. Money-wage dynamics and labor market equilibrium. Journal of Political Economy 76: 687–711.Google Scholar
  9. Ramsey, F.P. 1927. A contribution to the theory of taxation. Economic Journal 37: 47–61.CrossRefGoogle Scholar
  10. Romer, P. 1986. Increasing returns and long run growth. Journal of Political Economy 94: 1002–1037.CrossRefGoogle Scholar
  11. Samuelson, P.A. 1958. An exact consumption-loan model of interest with or without the contrivance of money. Journal of Political Economy 66: 467–482.CrossRefGoogle Scholar
  12. Sargent, T.J. 1996. Expectations and nonneutrality of Lucas. Journal of Monetary Economics 37: 535–548.CrossRefGoogle Scholar
  13. Svensson, L.E.O. 1996. The scientific contributions of Robert E. Lucas, Jr. Scandinavian Journal of Economics 98: 1–10.CrossRefGoogle Scholar

Copyright information

© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Levon Barseghyan
    • 1
  1. 1.