Collected papers on monetary theory / Robert E. Lucas, Jr. ; edited by Max Gillman.

Format:

Book

Author/Creator:

Lucas, Robert E.

Contributor:

Gillman, Max.

Language:

English

Subjects (All):

Lucas, Robert E.

Monetary policy.

Money.

Physical Description:

1 online resource (540 p.)

Edition:

1st ed.

Place of Publication:

Cambridge, Mass. : Harvard University Press, 2013.

Language Note:

English

Summary:

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.

Contents:

Front matter

Contents

Preface

Introduction

1 Expectations and the Neutrality of Money

2 Asset Prices in an Exchange Economy

3 Equilibrium in a Pure Currency Economy

4 Two Illustrations of the Quantity Theory of Money

5 Discussion of Stanley Fischer, "Towards an Understanding of the Costs of Inflation: II"

6 Interest Rates and Currency Prices in a Two-Country World

7 Optimal Fiscal and Monetary Policy in an Economy without Capital (with Nancy L. Stokey)

8 Money in a Theory of Finance

9 Principles of Fiscal and Monetary Policy

10 Money and Interest in a Cash-in- Advance Economy (with Nancy L. Stokey)

11 Money Demand in the United States: A Quantitative Review

12 The Effects of Monetary Shocks When Prices Are Set in Advance

13 Liquidity and Interest Rates

14 Supply-Side Economics: An Analytical Review

15 Review of Milton Friedman and Anna J. Schwartz

16 Nobel Lecture: Monetary Neutrality

17 Inflation and Welfare

18 Interest Rates and Inflation (with Fernando Alvarez and Warren Weber)

19 Macroeconomic Priorities

20 Menu Costs and Phillips Curves (with Mikhail Golosov)

21 Occasional Pieces

Index

Notes:

Description based upon print version of record.

Includes bibliographical references and index.

ISBN:

9780674071216

0674071212

9780674067851

0674067851

OCLC:

819325470