Robert E. Lucas, Jr.

Clerc, Pierrick; De Vroey, Michel

doi:10.1007/978-3-031-01775-9_33

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Contribution to collective works (Parts of books)

Robert E. Lucas, Jr.

Clerc, Pierrick; De Vroey, Michel

2022 • In Cord, Robert (Ed.) The Palgrave Companion to Chicago Economics

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https://hdl.handle.net/2268/292330

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10.1007/978-3-031-01775-9_33

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Abstract :

[en] Our aim in this chapter is to give an overview of Lucas’s theoretical itinerary. In Section II, we describe how he initiated what at the time was called the ‘rational expectations revolution’ and is now called ‘Dynamic General equilibrium’ (DGE) macroeconomics (after having also been labeled ‘new classical macroeconomics’, and ‘Dynamic Stochastic General Equilibrium’ (DSGE) macroeconomics). In the third and fourth section, we describe his contributions to monetary and growth theory. In the last section we ponder over his relationship with ‘Chicago economics’, which we differentiate from ‘Chicago school of economics’ by assigning it the narrow scope of exclusively relating to theory and method. Departing from the standard view according to which Lucas is a full-fledged member of Chicago economics, we will put forward that, on the contrary, his hiring marked the beginning of its unravelling.

Disciplines :

General economics & history of economic thought

Author, co-author :

Clerc, Pierrick ; Université de Liège - ULiège > HEC Recherche > HEC Recherche: Economic analysis and policy

De Vroey, Michel; UCL - Université Catholique de Louvain [BE] > IRES

Language :

English

Title :

Robert E. Lucas, Jr.

Publication date :

08 May 2022

Main work title :

The Palgrave Companion to Chicago Economics

Author, co-author :

Cord, Robert

Publisher :

Springer International Publishing

ISBN/EAN :

9783031014918

Available on ORBi :

since 15 June 2022

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Bibliography

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