Lessons from Leading Minds
Chapter: Robert E. Lucas, Jr (University of Chicago)
Robert Lucas was born in Yakima, Washington in 1937 and graduated with both a BA in history and a PhD in economics from the University of Chicago in 1959 and 1964 respectively. Between 1964 and 1975, he taught at the Graduate School of Industrial Administration at Carnegie Mellon University before moving to the University of Chicago, where he has remained ever since, currently serving as the John Dewey Distinguished Service Professor in Economics and the College. Professor Lucas is widely acknowledged as one of the most inﬂuential macroeconomists of the twentieth century. He is perhaps best known for his work on the development of the theory of rational expectations, but he has also made signiﬁcant contributions to the theory of investment, the theory of endogenous growth, the theory of asset pricing, and the theory of money. In addition, he introduced the ‘Lucas critique’ of the use of econometric models in policy design. His most-cited articles in chronological order include ‘Expectations and the Neutrality of Money’, Journal of Economic Theory (1972), ‘Some International Evidence on Output-Inﬂation Tradeoffs’, American Economic Review (1973), ‘Econometric Policy Evaluation: A Critique’, Carnegie-Rochester Conference Series on Public Policy (1976), ‘Asset Prices in an Exchange Economy’, Econometrica (1978), and 249 Columns Design XML Ltd / Job: Bowmaker-Art_and_Practice_Economics_Research / Division: 13Lucas /Pg. Position: 1 / Date: 23/8 JOBNAME: Bowmaker PAGE: 2 SESS: 3 OUTPUT: Thu Aug 23 16:50:48 2012 250 The art and practice of economics research ‘On the Mechanics...
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