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Collected Papers on Monetary Theory by Robert E. Lucas (Hardcover, 2013)

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Product Information

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.

Product Identifiers

PublisherHarvard University Press

ISBN-139780674066878

eBay Product ID (ePID)138715636

Product Key Features

Number of Pages568 Pages

Publication NameCollected Papers on Monetary Theory

LanguageEnglish

SubjectGovernment

Publication Year2013

TypeTextbook

AuthorRobert E. Lucas

FormatHardcover

Dimensions

Item Height235 mm

Item Width156 mm

Additional Product Features

EditorMax Gillman

Country/Region of ManufactureUnited States

Title_AuthorRobert E. Lucas