Robert Lucas and the foundations of macroeconomic models

Redouane Taouil ()
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Redouane Taouil: CREG - Centre de recherche en économie de Grenoble - UGA [2016-2019] - Université Grenoble Alpes [2016-2019]

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Abstract: It is rarely underlined that Lucas's work contains epistemological considerations on the scope and method of macroeconomics. The purpose of this article is to clarify the nature of these considerations and to identify their impact on modeling today. Lucas is the craftsman of a model based on the combination of fictions, according to the equilibrium discipline, in order to infer predictions. This approach, which governs the dynamic stochastic general equilibrium methodology (DSGE), is at the basis of the New Synthesis aiming to establish the micro-foundations of imperfect competition macroeconomics and the rules of monetary policy through a rewriting of the aggregate demand function and the Phillips equation.

Keywords: models; DSGE; new synthesis (search for similar items in EconPapers)
Date: 2019
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Published in Frontiers in Science and Engineering International Journal, 2019, 9 (1), pp.11-36

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-02090266

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