Overview

Robert 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 economy of production, consumption, and exchange. Lucas's contributions are both methodological and substantive. Methodologically, he developed dynamic, stochastic, general equilibrium models to analyze economic 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 economic fluctuations, and helped to demonstrate that there was not 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 economic modeling and to advance economics as a pure and applied science.

Full Product Details

Author:   Robert E., Jr. Lucas ,  Max Gillman
Publisher:   Harvard University Press
Imprint:   Harvard University Press
Dimensions:   Width: 15.60cm , Height: 4.80cm , Length: 23.50cm
Weight:   0.975kg
ISBN:  

9780674066878

ISBN 10:   0674066871
Pages:   568
Publication Date:   07 January 2013
Audience:   Professional and scholarly ,  College/higher education ,  Professional and scholarly ,  Professional & Vocational ,  Tertiary & Higher Education
Format:   Hardback
Publisher's Status:   Active
Availability:   Out of stock  
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Robert 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 Freidrich A. Hayek Professor in Economic History at the University of Missouri–St. Louis.

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