Robert Lucas, Recipient of the 1995 Nobel Memorial Prize in Economics

Robert Ernest Hall

21 citations0/0 files storedScandinavian Journal of Economics

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Monetary Policy and Economic Impact Economic Theory and Policy Economic theories and models

Abstract

Over the last thirty years, the theory and practice of economic dynamics have undergone an extraordinary transformation. Robert Lucas has been and continues to be the leader of this transformation. He has provided economists with new tools and new ways of thinking about dynamic problems. Moreover, in the process, he has provided new answers to many of the problems of greatest concern to macroeconomists. From investment to unemployment, economic growth to monetary policy, monetary theories of the business cycle to income distribution, one can find a seminal and pathbreaking analysis from Lucas. In my review I will focus first on Lucas's vital contributions to economists' general approach to the subject. Then I will discuss some of his specific substantive applications of the approach. Each application alone represents a contribution that would have established Lucas as a major figure within the world economics profession.

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References

1986Increasing Returns and Long-Run Growth 1977Rules Rather than Discretion: The Inconsistency of Optimal Plans 1975THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.]1973An Intertemporal Capital Asset Pricing Model 1958An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money 1979On the Determination of the Public Debt 1927A Contribution to the Theory of Taxation 1979An intertemporal asset pricing model with stochastic consumption and investment opportunities

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