
Collected Papers on Monetary Theory
Robert E., Jr. Lucas(Author)
Max Gillman(Editor)
Harvard University Press
Published on 1. January 2013
Book
Hardback
568 pages
978-0-674-06687-8 (ISBN)
Description
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.
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.
More details
Language
English
Place of publication
Cambridge, Mass
United States
Target group
Professional and scholarly
US School Grade: College Graduate Student
Illustrations
53 graphs, 11 tables
Dimensions
Height: 235 mm
Width: 156 mm
ISBN-13
978-0-674-06687-8 (9780674066878)
Copyright in bibliographic data and cover images is held by Nielsen Book Services Limited or by the publishers or by their respective licensors: all rights reserved.
Schweitzer Classification
Other editions
Additional editions

Robert E., Jr. Lucas | Max Gillman
Collected Papers on Monetary Theory
E-Book
01/2013
1st Edition
Harvard University Press
€68.29
Available for download

Lucas | Jr. | Robert E.
Collected Papers on Monetary Theory
E-Book
12/2012
1st Edition
Harvard University Press
€72.79
Available for download
Persons
Robert E. Lucas, Jr., is John Dewey Distinguished Service Professor of Economics at the University of Chicago. In 1995, he was awarded the Nobel Prize in Economics. Max Gillman is Freidrich A. Hayek Professor in Economic History at the University of Missouri-St. Louis.