Collected Papers on Monetary Theory

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Format: Hardcover
Pub. Date: 2013-01-07
Publisher(s): Harvard Univ Pr
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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.

Table of Contents

Prefacep. ix
Introductionp. xvii
Expectations and the Neutrality of Money: Journal of Economic Theoryp. 1
Asset Prices in an Exchange Economy: Econometricap. 25
Equilibrium in a Pure Currency Economy: Economic Inquiryp. 45
Two Illustrations of the Quantity Theory of Money: American Economic Reviewp. 65
Discussion of Stanley Fischer, "Towards an Understanding of the Costs of Inflation: II": Carnegie-Rochester Conference Series on Public Policyp. 81
Interest Rates and Currency Prices in a Two-Country World: Journal of Monetary Economicsp. 90
Optimal Fiscal and Monetary Policy in an Economy without Capital (with Nancy L. Stokey): Journal of Monetary Economicsp. 118
Money in a Theory of Finance: Carnegie-Rochester Conference Series on Public Policyp. 161
Principles of Fiscal and Monetary Policy: Journal of Monetary Economicsp. 193
Money and Interest in a Cash-in-Advance Economy (with Nancy L. Stokey): Econometricap. 214
Addendum: Money and Interest in a Cash-in-Advance
Economy: A Reply (with Nancy L. Stokey) Econometrica
Money Demand in the United States: A Quantitative Review: Carnegie-Rochester Conference Series on Public Policyp. 246
The Effects of Monetary Shocks When Prices Are Set in Advance: Unpublished manuscriptp. 272
Liquidity and Interest Rates: Journal of Economic Theoryp. 300
Supply-Side Economics: An Analytical Review: Oxford Economic Papersp. 331
Review of Milton Friedman and Anna J. Schwartz, A Monetary History of the United States, 1867-1960: Journal of Monetary Economicsp. 361
Nobel Lecture: Monetary Neutrality: Journal of Political Economyp. 375
Inflation and Welfare: Econometricap. 400
Interest Rates and Inflation (with Fernando Alvarez and Warren Weber): American Economic Reviewp. 433
Macroeconomic Priorities: American Economic Reviewp. 445
Menu Costs and Phillips Curves (with Mikhail Golosov): Journal of Political Economyp. 469
Occasional Pieces: The Death of Keynesian Economicsp. 500
Issues and Ideas
Keynote Address to the 2003 HOPE Conference: My Keynesian Education
History of Political Economy
Review of Robert Skidelsky, John Maynard Keynes, Volumes 1 and 2
Journal of Modern History
Panel Discussion: Is Science Replacing Art?
Monetary Policy: A Journey from Theory to Practice
Indexp. 527
Table of Contents provided by Ingram. All Rights Reserved.

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