Expectations and the nonneutrality of Lucas

Thomas J. Sargent

    Research output: Contribution to journalArticlepeer-review

    Abstract

    This paper was written to kick off the conference celebrating the anniversary of Lucas's 'Expectations and the Neutrality of Money'. It recalls the state of macroeconomics in the late 1960's, cites some technical and substantive precursors of Lucas's idea, and explores the legacies of the equilibrium concept, monetarism, fiscalism, and standards proposed in Lucas's paper.

    Original languageEnglish (US)
    Pages (from-to)535-548
    Number of pages14
    JournalJournal of Monetary Economics
    Volume37
    Issue number3
    DOIs
    StatePublished - Jun 1996

    Keywords

    • Competitive equilibrium
    • Dynamic
    • Rational expectations
    • Recursive
    • Stochastic

    ASJC Scopus subject areas

    • Finance
    • Economics and Econometrics

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