The Lucas Critique in Practice PDF Download

Author: Neil R. Ericsson
Publisher:
ISBN:
Category : Economic policy
Languages : en
Pages : 108

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Author: Kevin D. Hoover
Publisher: Springer Science & Business Media
ISBN: 940110669X
Category : Business & Economics
Languages : en
Pages : 575

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Book Description
Each chapter of Macroeconometrics is written by respected econometricians in order to provide useful information and perspectives for those who wish to apply econometrics in macroeconomics. The chapters are all written with clear methodological perspectives, making the virtues and limitations of particular econometric approaches accessible to a general readership familiar with applied macroeconomics. The real tensions in macroeconometrics are revealed by the critical comments from different econometricians, having an alternative perspective, which follow each chapter.

Author: William M. Scarth
Publisher: Edward Elgar Publishing
ISBN: 9781781953877
Category : Macroeconomics
Languages : en
Pages : 0

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Book Description
This important textbook offers a comprehensive look into the two main traditions in contemporary macroeconomics ? New Classical and Keynesian ? and examines the work of economists who have drawn on principles from both traditions to form a new, integrated approach known as New Neoclassical Synthesis. Importantly, this provides the theoretical foundation for much of current mainstream economics and the work done by central banks around the world. With a dual focus on research methods and policy applications, this book bridges the gap between intermediate macroeconomic and advanced graduate-level texts, making it an ideal resource for senior undergraduate and Masters students in applied economics programs. Key topics include: ? a concise summary of intermediate macroeconomics, including the foundational ideas of both the New Classical and Keynesian traditions? the Lucas critique of standard methods for evaluating policy design? debt sustainability and austerity vs. stimulation debate? optimal inflation rates? tax reform and growth analysis? alternative monetary policies for pursuing price stability? theories of unemployment.Students and instructors will find additional useful resources on the book's companion website, including practice questions for each chapter

Author: Michel De Vroey
Publisher: Cambridge University Press
ISBN: 0521898439
Category : Business & Economics
Languages : en
Pages : 451

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Book Description
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.

Author: Paul Mizen
Publisher: Edward Elgar Publishing
ISBN: 9781781950777
Category : Business & Economics
Languages : en
Pages : 312

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Book Description
Commenting on the quality of the contributors when opening the conference on which these books are based, the former Governor of the Bank of England, Sir Edward George, said "I cannot remember ever before having had such a galaxy of academic economist and central banking superstars gathered together under one roof!"' Celebrating the contribution that Charles Goodhart has made to monetary economics and policy, this unique compendium of original papers draws together a highly respected group of international academics, central bankers and financial market regulators covering a broad range of issues in modern monetary economics. Topics discussed include: central bank independence credibility and transparency the inflation forecast and the loss function monetary policy experiences in the US and the UK the implications of Goodhart's Law the benefits of single versus multiple currencies money, near monies and credit. Each chapter of the volume relates to subjects that have been research projects in Charles Goodhart's wide-ranging portfolio, and all are interconnected. Through these, the book offers a summary of current thinking and insights into monetary controversies. Covering recent thinking on monetary theory, central banking, financial regulation and international finance, academic and professional economists alike will find this book an invaluable source of information. The companion volume examines monetary history, exchange rates and financial markets.

Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1451953607
Category : Business & Economics
Languages : en
Pages : 44

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Book Description
This paper considers the demand for various monetary aggregates with a view to assessing their potential roles as intermediate variables for monetary policy. Illustrative estimates using a generalized autoregressive distributed lag model are presented. For M1, the results support an “error correction” model. However, the demand function for M1 may still be subject to shifts due to the continuing process of financial reform and innovation. The demand function for M1A resulting from the particular empirical strategy used in this paper is not well behaved. The estimated equation for M2 is well behaved and robust, though the use of M2 as an intermediate target variable is questionable due to an inability accurately to control it.

Author: Michael Woodford
Publisher: Princeton University Press
ISBN: 1400830168
Category : Business & Economics
Languages : en
Pages : 805

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Book Description
With the collapse of the Bretton Woods system, any pretense of a connection of the world's currencies to any real commodity has been abandoned. Yet since the 1980s, most central banks have abandoned money-growth targets as practical guidelines for monetary policy as well. How then can pure "fiat" currencies be managed so as to create confidence in the stability of national units of account? Interest and Prices seeks to provide theoretical foundations for a rule-based approach to monetary policy suitable for a world of instant communications and ever more efficient financial markets. In such a world, effective monetary policy requires that central banks construct a conscious and articulate account of what they are doing. Michael Woodford reexamines the foundations of monetary economics, and shows how interest-rate policy can be used to achieve an inflation target in the absence of either commodity backing or control of a monetary aggregate. The book further shows how the tools of modern macroeconomic theory can be used to design an optimal inflation-targeting regime--one that balances stabilization goals with the pursuit of price stability in a way that is grounded in an explicit welfare analysis, and that takes account of the "New Classical" critique of traditional policy evaluation exercises. It thus argues that rule-based policymaking need not mean adherence to a rigid framework unrelated to stabilization objectives for the sake of credibility, while at the same time showing the advantages of rule-based over purely discretionary policymaking.

Author: Robert E. Lucas
Publisher: U of Minnesota Press
ISBN: 1452908281
Category :
Languages : en
Pages : 335

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Book Description
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.

Author: Avner Offer
Publisher: Princeton University Press
ISBN: 0691196311
Category : Business & Economics
Languages : en
Pages : 344

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Book Description
How the creation of the Nobel Prize in Economics changed the economics profession, Sweden, and the world Our confidence in markets comes from economics, and our confidence in economics is underpinned by the Nobel Prize in Economics, which was first awarded in 1969. Was it a coincidence that the prize and the rise of free-market liberalism began at the same time? The Nobel Factor is the first book to describe the origins and power of the most important prize in economics. It tells how the prize, created by the Swedish central bank, emerged from a conflict between central bank orthodoxy and Sweden's social democracy. The aim was to use the halo of the Nobel brand to influence the future of Sweden and the rest of the developed world by enhancing the bank's authority and the prestige of market-friendly economics. And the strategy has worked spectacularly—with sometimes disastrous results for societies striving to cope with the requirements of economic theory and deregulated markets. Drawing on previously untapped archives and providing a unique analysis of the sway of prizewinners, The Nobel Factor offers an unprecedented account of the real-world consequences of economics and its greatest prize.

Author: Carla Shalaby
Publisher: The New Press
ISBN: 1620972379
Category : Education
Languages : en
Pages : 188

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Book Description
A radical educator's paradigm-shifting inquiry into the accepted, normal demands of school, as illuminated by moving portraits of four young "problem children" In this dazzling debut, Carla Shalaby, a former elementary school teacher, explores the everyday lives of four young "troublemakers," challenging the ways we identify and understand so-called problem children. Time and again, we make seemingly endless efforts to moderate, punish, and even medicate our children, when we should instead be concerned with transforming the very nature of our institutions, systems, and structures, large and small. Through delicately crafted portraits of these memorable children—Zora, Lucas, Sean, and Marcus—Troublemakers allows us to see school through the eyes of those who know firsthand what it means to be labeled a problem. From Zora's proud individuality to Marcus's open willfulness, from Sean's struggle with authority to Lucas's tenacious imagination, comes profound insight—for educators and parents alike—into how schools engender, exclude, and then try to erase trouble, right along with the young people accused of making it. And although the harsh disciplining of adolescent behavior has been called out as part of a school-to-prison pipeline, the children we meet in these pages demonstrate how a child's path to excessive punishment and exclusion in fact begins at a much younger age. Shalaby's empathetic, discerning, and elegant prose gives us a deeply textured look at what noncompliance signals about the environments we require students to adapt to in our schools. Both urgent and timely, this paradigm-shifting book challenges our typical expectations for young children and with principled affection reveals how these demands—despite good intentions—work to undermine the pursuit of a free and just society.