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- DescriptionRobert Lucas is one of the outstanding monetary theorists of the past hundred years. Along with Knut Wicksell, Irving Fisher, John Maynard Keynes, James Tobin, and Milton Friedman (his teacher), Lucas revolutionized our understanding of how money interacts with the real ecomy of production, consumption, and exchange. Lucas's contributions are both methodological and substantive. Methodologically, he developed dynamic, stochastic, general equilibrium models to analyze ecomic decision-makers operating through time in a complex, probabilistic environment. Substantively, he incorporated the quantity theory of money into these models and derived its implications for money growth, inflation, and interest rates in the long run. He also showed the different effects of anticipated and unanticipated changes in the stock of money on ecomic fluctuations, and helped to demonstrate that there was t a long-run trade-off between unemployment and inflation (the Phillips curve) that policy-makers could exploit. The twenty-one papers collected in this volume fall primarily into three categories: core monetary theory and public finance, asset pricing, and the real effects of monetary instability. Published between 1972 and 2007, they will inspire students and researchers who want to study the work of a master of ecomic modeling and to advance ecomics as a pure and applied science.
- Author BiographyRobert E. Lucas, Jr., is John Dewey Distinguished Service Professor of Economics at the University of Chicago. In 1995, he was awarded the Nobel Prize in Economics. Max Gillman is Professor of Economics at Cardiff Business School.
- Author(s)Robert E. Lucas
- PublisherHarvard University Press
- Date of Publication04/01/2013
- SubjectEconomics: Professional & General
- Place of PublicationCambridge, Mass
- Country of PublicationUnited States
- ImprintHarvard University Press
- Content Note53 graphs, 11 tables
- Weight975 g
- Width155 mm
- Height235 mm
- Spine48 mm
- Edited byMax Gillman
- Format DetailsSewn,Cloth over boards,With printed dust jacket
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