Reacting to the Lucas critique: The Keynesians’ replies
(2019)
Journal Article
Goutsmedt, A., Pinzón-Fuchs, E., Renault, M., & Sergi, F. (2019). Reacting to the Lucas critique: The Keynesians’ replies. History of Political Economy, 51(3), 535-556. https://doi.org/10.1215/00182702-7551912
In 1976, Robert Lucas explicitly criticized Keynesian macroeconometric models for their inability to correctly predict the effects of alternative economic policies. Today, most contemporary macroeconomists and some historians of economics consider th... Read More about Reacting to the Lucas critique: The Keynesians’ replies.