Expectations and the nonneutrality of Lucas

• 成果类型: Article; Proceedings Paper
• 署名作者: Sargent, TJ
• 署名单位: University of Chicago
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/0304-3932(96)01256-1
• 发表日期: 1996
• 页码: 535-548
• 关键词: Rational expectations; competitive equilibrium; recursive; stochastic; dynamic

摘要

This paper was written to kick off the conference celebrating the anniversary of Lucas's 'Expectations and the Neutrality of Money'. It recalls the state of macroeconomics in the late 1960's, cites some technical and substantive precursors of Lucas's idea, and explores the legacies of the equilibrium concept, monetarism, fiscalism, and standards proposed in Lucas's paper.