The Lucas Critique and Keynes Response.Considering the History of Macroeconomics
Elke Muchlinski ()
Macroeconomics from University Library of Munich, Germany
Considering the history of macroeconomics it is surprising that Tinbergens theory of policy is identified with so-called Keynesian economics by Lucas and Lucasians. Keynesian macropolicy is accused of neglecting the role of expectations and the effects of any changes of institutions. Due to textual evidence this paper explains that both the disregard of expectations and the institutional evolutionary process can not be addressed to Keynes's analysis.
Keywords: Keynes on expectations; macroeconomics and modelbuildung contra Lucas and Tinbergen (search for similar items in EconPapers)
JEL-codes: B E (search for similar items in EconPapers)
Pages: 33 pages
New Economics Papers: this item is included in nep-hpe and nep-mac
Note: Type of Document - pdf; pages: 33
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Persistent link: https://EconPapers.repec.org/RePEc:wpa:wuwpma:0503019
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