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Understanding Robert E Lucas Jr His Influence And Influences
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Book Synopsis Understanding Robert E. Lucas Jr. His Influence and Influences by : Alexandre Andrada
Download or read book Understanding Robert E. Lucas Jr. His Influence and Influences written by Alexandre Andrada and published by . This book was released on 2016 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes Robert Lucas' contribution to economic theory between 1967 (year of his first solo publication) and 1981 (the year before the emergence of Real Business Cycle approach), and it has two parts. In the first one, using citation data from four different sources, we try to answer two questions: (i) what are Lucas' most influential papers currently? and; (ii) how this influence changed through time? We show, for instance, that according to two of those three sources, Lucas' most influential paper today is not from his business cycle research agenda, which gave him his Nobel Prize in 1995. Moreover, it is clear the loss of influence of Lucas' macroeconomic theory since early 1980s. In the second part, by cataloguing all the works that Lucas had used as bibliographical references in his papers, and separate those in two categories (positive and negative), we try two understand who exerted influence on him. We show that the author that Lucas most cited in a positive context were John Muth, Milton Friedman and Edmund Phelps. The authors more often cited in a negative context were John M. Keynes and A. W. Phillips. We discuss the reasons behind this data.
Book Synopsis Lectures on Economic Growth by : Robert E. Lucas
Download or read book Lectures on Economic Growth written by Robert E. Lucas and published by Harvard University Press. This book was released on 2002 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this book, Robert Lucas brings together several of his seminal papers on the subject, together with the Kuznets Lectures that he gave at Yale University, to present a coherent view of economic growth."--BOOK JACKET.
Book Synopsis Collected Papers on Monetary Theory by : Robert E. Lucas Jr.
Download or read book Collected Papers on Monetary Theory written by Robert E. Lucas Jr. and published by Harvard University Press. This book was released on 2013-01-07 with total page 517 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis An Analysis of Robert E. Lucas Jr.'s Why Doesn't Capital Flow from Rich to Poor Countries? by : Pádraig Belton
Download or read book An Analysis of Robert E. Lucas Jr.'s Why Doesn't Capital Flow from Rich to Poor Countries? written by Pádraig Belton and published by CRC Press. This book was released on 2017-07-05 with total page 118 pages. Available in PDF, EPUB and Kindle. Book excerpt: Robert Lucas is known among economists as one of the most influential macroeconomists of recent times – a reputation founded in no small part on the critical thinking skills displayed in his seminal 1990 paper ‘Why Doesn’t Capital Flow from Rich to Poor Countries?’ Lucas’s paper tackles a puzzle in economic theory that has since come to be known as the ‘Lucas paradox,’ and it deploys the author’s brilliant problem solving skills to explain why such an apparent paradox in fact makes sense. Classical economic theory makes a simple prediction of how capital flows between countries: it should, it states, flow from rich to poor countries, because of the law of diminishing returns on capital. Since poor countries have so little capital invested in them, the returns on new investment should be proportionally far better than investment in rich countries. This should mean that investors seeking new opportunities will invest in poorer countries, making capital consistently flow from rich nations to poorer ones. But, problematically, this is not in fact the case. Having defined the problem, Lucas did what any good problem solver would: he looked critically at the criteria involved, and offered a series of possible solutions. Indeed, in just six pages, he puts forward four hypotheses to explain the paradox’s existence. The popularity of his paper, and the influence it has had, are also greatly magnified by careful reasoning embodied in Lucas’s marshalling of evidence and his explanations of the judgements he has made.
Book Synopsis The Legacy of Robert Lucas, Jr by : Kevin D. Hoover
Download or read book The Legacy of Robert Lucas, Jr written by Kevin D. Hoover and published by Edward Elgar Publishing. This book was released on 1999 with total page 712 pages. Available in PDF, EPUB and Kindle. Book excerpt: Celebrates the legacy of Robert E. Lucas, Jr., winner of the Nobel Memorial Prize in Economic Science in 1994. Lucas was the founder of the New Classical School and is regarded as one of the most influential macroeconomists of the late 20th century. The 71 articles date from 1969 to 1995.
Book Synopsis Recursive Methods in Economic Dynamics by : Nancy L. Stokey
Download or read book Recursive Methods in Economic Dynamics written by Nancy L. Stokey and published by Harvard University Press. This book was released on 1989-10-10 with total page 607 pages. Available in PDF, EPUB and Kindle. Book excerpt: This rigorous but brilliantly lucid book presents a self-contained treatment of modern economic dynamics. Stokey, Lucas, and Prescott develop the basic methods of recursive analysis and illustrate the many areas where they can usefully be applied.
Book Synopsis Rational Expectations and Econometric Practice by : Robert E. Lucas
Download or read book Rational Expectations and Econometric Practice written by Robert E. Lucas and published by U of Minnesota Press. This book was released on 1988 with total page 335 pages. Available in PDF, EPUB and Kindle. Book excerpt: Assumptions about how people form expectations for the future shape the properties of any dynamic economic model. To make economic decisions in an uncertain environment people must forecast such variables as future rates of inflation, tax rates, governme.
Book Synopsis Conversations with Economists by : Arjo Klamer
Download or read book Conversations with Economists written by Arjo Klamer and published by Totowa, N.J. : Rowman & Allanheld. This book was released on 1984 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: A collection of interviews with 11 of the nation's leading economic theorists providing an introduction to current issues in economic theory and to the ways in which economists think.
Book Synopsis Studies in Business-cycle Theory by : Robert E. Lucas
Download or read book Studies in Business-cycle Theory written by Robert E. Lucas and published by MIT Press (MA). This book was released on 1983 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt: An academic colleague has called Lucas "the dominant figure in Americanmacroeconomics." And another refers to this group of 14 essays, nearly all of which were firstpublished during the 1970s, as the most influential contribution to macroeconomics in thatdecade.
Book Synopsis Knowledge, Information, and Expectations in Modern Macroeconomics by : Philippe Aghion
Download or read book Knowledge, Information, and Expectations in Modern Macroeconomics written by Philippe Aghion and published by Princeton University Press. This book was released on 2003-01-26 with total page 596 pages. Available in PDF, EPUB and Kindle. Book excerpt: Assembling some of the leading figures in the field of macroeconomics, this text highlights the continuing influence of the ideas of Edmund Phelps since the early 1960s. The contributions address many of the most important current areas of macroeconomic research in 2003.
Download or read book Milton Friedman written by Robert Cord and published by Oxford University Press. This book was released on 2016 with total page 887 pages. Available in PDF, EPUB and Kindle. Book excerpt: Milton Friedman is regarded as one of the most influential economists of the twentieth century. This volume assesses the importance of the full range of Friedman's ideas, from his work on methodology in economics, and his consumption theory, his research on monetary economics, to his views on contentious social and political issues such as education, conscription, and drugs. It also presents personal recollections of Friedman by some of those who knew him, both asstudents and colleagues, and offers new evidence on Friedman's interactions with other noted economists. The volume provides readers with an up to date account of Friedman's continuing influence andwill help to stimulate further research across a variety of areas, including macroeconomics, the history of economic thought, and public policy. With contributions from a stellar cast, this book will be invaluable to academics and students alike.
Book Synopsis Solutions Manual for Recursive Methods in Economic Dynamics by : Claudio IRIGOYEN
Download or read book Solutions Manual for Recursive Methods in Economic Dynamics written by Claudio IRIGOYEN and published by Harvard University Press. This book was released on 2009-06-30 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: This solutions manual is a companion volume to the classic textbook Recursive Methods in Economic Dynamics by Nancy L. Stokey and Robert E. Lucas. Efficient and lucid in approach, this manual will greatly enhance the value of Recursive Methods as a text for self-study.
Book Synopsis Models of Business Cycles by : Robert E. Lucas, Jr.
Download or read book Models of Business Cycles written by Robert E. Lucas, Jr. and published by Wiley-Blackwell. This book was released on 1991-01-08 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the past decade macroeconomic theory has undergone a remarkable transformation. At the forefront has been the "rational expectations revolution," and this school's most brilliant exponent is Robert E. Lucas. In this elegant and relatively non-technical survey, Lucas reviews the nature and consequences of recent developments in monetary and business cycle theory. He discusses the usefulness of alternative models in determining the effects of economic policy on consumption streams and individual welfare. Drawing on a specific model of aggregate activity which represents the current frontier in business cycle research, he then examines the contemporary theory of unemployment. Finally and most controversially, he explores the role of monetary disturbances.
Book Synopsis Reflections on Allan H. Meltzer's Contributions to Monetary Economics and Public Policy by : David Beckworth
Download or read book Reflections on Allan H. Meltzer's Contributions to Monetary Economics and Public Policy written by David Beckworth and published by Hoover Press. This book was released on 2019-10-01 with total page 173 pages. Available in PDF, EPUB and Kindle. Book excerpt: Allan H. Meltzer (1928–2017), a leading monetary economist of the twentieth century, is memorialized in eleven essays by prominent economists. Among his achievements, Meltzer transformed the field of central banking and dissected the economic disasters of the 1930s and late 2000s, as well as the avoidance of disaster in the 1970s. Focusing on his landmark A History of the Federal Reserve, 1913–1986, the first section argues that the Fed's biggest successes are tied to its adherence to classical monetary theory and also examines the monetarist counterrevolution. Next, the book turns to Meltzer's thinking on the monetary transmission mechanism and his close work with Karl Brunner on the Brunner-Meltzer Model; it argues that Meltzer's understanding of monetary economics could be used to measure the impact of the Fed's activities. Finally, Meltzer's contributions to public policy are examined, including his proposed reforms to the International Monetary Fund and his activities at the Carnegie Mellon Graduate School of Industrial Administration. The conference papers that compose this volume celebrate Meltzer's fifty-year career at Carnegie Mellon. The book ends with a transcribed interview, conducted just a few months before his death, in which he shares sharp-witted insights about economics and his legacy. Contributors: Michael Bordo, James Bullard, Joshua R. Hendrickson, Robert Hetzel, Peter N. Ireland, Robert Lucas, Edward Nelson, Gerald P. O'Driscoll Jr., Charles Plosser, George Selgin, and John Taylor.
Book Synopsis The 4% Solution by : The Bush Institute
Download or read book The 4% Solution written by The Bush Institute and published by Crown Currency. This book was released on 2012-07-17 with total page 370 pages. Available in PDF, EPUB and Kindle. Book excerpt: Foreword by President George W. Bush With contributions from world renowned economists and Nobel prizewinners, The 4% Solution is a blueprint for restoring America’s economic health The United States is reaching a pivotal point in its economic history. Millions of Americans owe more on their homes than they are worth, long-term unemployment is alarmingly high, and the Congressional Budget Office is projecting a sustainable growth rate of only 2.3%—a full percentage point below the average for the past sixty years. Unless a turnaround comes quickly, the United States could be mired in debt for years to come and millions of Americans will be pushed to the sidelines of the economy. The 4% Solution offers clear and unflinching ideas on how to revive America’s economy. It sets a positive economic goal and asks some of the top economic minds on how to achieve it. With a focus on removing government constraints, The 4% Solution defines the policies that will allow Americans to save, invest, and create the jobs that the United States needs. The 4% Solution draws on the best minds in the business, including five Nobel laureates: · Robert E. Lucas, Jr., on the history and future of economic growth · Gary S. Becker on why we need immigrants in order to grow · Edward Prescott on the cost (to growth) of the welfare state · Vernon Smith on why housing leads us into and out of recessions · Myron Scholes on why we need to innovate in order to grow the economy
Book Synopsis A History of Macroeconomics from Keynes to Lucas and Beyond by : Michel De Vroey
Download or read book A History of Macroeconomics from Keynes to Lucas and Beyond written by Michel De Vroey and published by Cambridge University Press. This book was released on 2016-01-08 with total page 451 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book retraces the history of macroeconomics from Keynes's General Theory to the present. Central to it is the contrast between a Keynesian era and a Lucasian - or dynamic stochastic general equilibrium (DSGE) - era, each ruled by distinct methodological standards. In the Keynesian era, the book studies the following theories: Keynesian macroeconomics, monetarism, disequilibrium macro (Patinkin, Leijongufvud, and Clower) non-Walrasian equilibrium models, and first-generation new Keynesian models. Three stages are identified in the DSGE era: new classical macro (Lucas), RBC modelling, and second-generation new Keynesian modeling. The book also examines a few selected works aimed at presenting alternatives to Lucasian macro. While not eschewing analytical content, Michel De Vroey focuses on substantive assessments, and the models studied are presented in a pedagogical and vivid yet critical way.
Book Synopsis Ethics Beyond War's End by : Eric Patterson
Download or read book Ethics Beyond War's End written by Eric Patterson and published by Georgetown University Press. This book was released on 2012-03-02 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: The wars in Afghanistan and Iraq have focused new attention on a perennial problem: how to end wars well. What ethical considerations should guide war’s settlement and its aftermath? In cases of protracted conflicts, recurring war, failed or failing states, or genocide and war crimes, is there a framework for establishing an enduring peace that is pragmatic and moral? Ethics Beyond War’s End provides answers to these questions from the just war tradition. Just war thinking engages the difficult decisions of going to war and how war is fought. But from this point forward just war theory must also take into account what happens after war ends, and the critical issues that follow: establishing an enduring order, employing political forms of justice, and cultivating collective forms of conciliation. Top thinkers in the field—including Michael Walzer, Jean Bethke Elshtain, James Turner Johnson, and Brian Orend—offer powerful contributions to our understanding of the vital issues associated with late- and post conflict in tough, real-world scenarios that range from the US Civil War to contemporary quagmires in Afghanistan, the Middle East, and the Congo.
