Macroeconomics after a Decade of Rational Expectations: Some Critical Issues

Abstract

It has now been just over a decade since the start of the rational expectations revolution in macroeconomics. In saying that, I am accepting the conventional view that the first papers to be widely influential were those published in 1972 by Robert Lucas. 1 As is well known, these were soon followed by landmark pieces by Thomas Sargent (1973, 1976a), Sargent and Wallace (1975) and Robert Barro (1976, 1977a), as well as others by Lucas (1976, 1977). 2 And, as is also well known, the revolution has been highly controversial because of the criticism of prevailing views that was implicit in the above-mentioned papers and explicit in others (e.g. Barro, 1979; Lucas and Sargent, 1978). These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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