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Collected Papers on Monetary Theory

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Synopses & Reviews

Publisher Comments:

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.

Synopsis:

One of the outstanding monetary theorists of the past 100 years, Lucas revolutionized our understanding of how money interacts with the real economy of production, consumption, and exchange. These 21 papers, published 1972-2007, cover core monetary theory and public finance, asset pricing, and the real effects of monetary instability.

Synopsis:

When I moved from Carnegie-Mellon to Chicago in 1975, I began to teach in the first-year sequence in macroeconomics, a practice I maintained for more than twenty-five years. For the core (as we called it) I thought I needed a coherent approach to the basics of monetary theory, which I thought of as the quantity theory of money and the evidence that supported that theory. I wanted to do this in a way that made maximum use of modern general equilibrium theory. I'm sure I began with Samuelson's 1958 overlapping generations model and the developments of that theory due to David Cass, Menahem Yaari, and others, but I became dissatisfied with the abstractness of that framework and sought a view in which money is an asset that we hold to pay bills with, a factor in a payments system.

About the Author

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 Professor of Economics at Cardiff Business School.

Cardiff Business School, Cardiff University

Product Details

ISBN:
9780674066878
Author:
Lucas, Robert E., Jr.
Publisher:
Harvard University Press
Author:
Gillman, Max
Author:
Robert E. Lucas
Location:
Cambridge
Subject:
Economics - Theory
Subject:
Economics - General
Subject:
Business & Economics-Economics - Macroeconomics
Subject:
Business & Economics-Money & Monetary Policy
Edition Description:
Cloth
Publication Date:
20130131
Binding:
HARDCOVER
Language:
English
Illustrations:
53 graphs, 11 tables
Pages:
568
Dimensions:
9 x 6 in

Related Subjects

Business » Accounting and Finance
Business » Personal Finance
History and Social Science » Economics » General
History and Social Science » Economics » US Economy

Collected Papers on Monetary Theory New Hardcover
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Product details 568 pages Harvard University Press - English 9780674066878 Reviews:
"Synopsis" by , One of the outstanding monetary theorists of the past 100 years, Lucas revolutionized our understanding of how money interacts with the real economy of production, consumption, and exchange. These 21 papers, published 1972-2007, cover core monetary theory and public finance, asset pricing, and the real effects of monetary instability.
"Synopsis" by , When I moved from Carnegie-Mellon to Chicago in 1975, I began to teach in the first-year sequence in macroeconomics, a practice I maintained for more than twenty-five years. For the core (as we called it) I thought I needed a coherent approach to the basics of monetary theory, which I thought of as the quantity theory of money and the evidence that supported that theory. I wanted to do this in a way that made maximum use of modern general equilibrium theory. I'm sure I began with Samuelson's 1958 overlapping generations model and the developments of that theory due to David Cass, Menahem Yaari, and others, but I became dissatisfied with the abstractness of that framework and sought a view in which money is an asset that we hold to pay bills with, a factor in a payments system.
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