La crítica de Lucas como impulsor de los modelos macroeconómicos modernos
Date
Authors
Subject
Macroeconomics
macroeconomic models
Lucas critique
economic policy
Macroeconomía
modelos macroeconómicos
crítica de Lucas
política económica
macroeconomic models
Lucas critique
economic policy
Macroeconomía
modelos macroeconómicos
crítica de Lucas
política económica
Language:
Journal Title
Journal ISSN
Volume Title
Publisher
Instituto Tecnológico de Santo Domingo (INTEC)
En el año de 1976, Robert Lucas, profesor de la Universidad de Chicago y uno de los macroeconomistas más importantes del siglo XX, publicó su trabajo Evaluación econométrica de la política económica: Una crítica. Este trabajo representó un ataque frontal contra la forma tradicional de construir modelos macroeconométricos, particularmente aquella representada por la escuela neokeynesiana. La crítica esbozada por Lucas se concentró en los problemas de diseño de estos modelos que, en su visión, los descalificaban para la evaluación de distintas alternativas de políticas, uno de sus usos principales. Adicionalmente, Lucas presentó una prescripción de cómo construir sistemas basados en modelos de equilibrio general con expectativas racionales que fuesen inmunes a su crítica, lo que terminó por cambiar dramáticamente la forma de modelar en macroeconomía. Este documento resume de forma sucinta esos hechos.
In 1976, Robert Lucas, a professor at the University of Chicago and one of the most influential macroeconomists of the 20th century, published an article titled “Economic Evaluation of Economic Policy: A Critique”. This work represented a frontal assault on the traditional way of constructing macroeconometric models, particularly as represented by the neo-Keynesian school. Lucas’s critique focused on the design problems of these models, which, in his view, disqualified them from evaluating different policy alternatives, one of their primary uses. Additionally, Lucas presented a prescription for constructing systems based on general equilibrium models with rational expectations that would be immune to his critique, ultimately dramatically changing the way macroeconomics is modeled. This document succinctly summarizes these events.
In 1976, Robert Lucas, a professor at the University of Chicago and one of the most influential macroeconomists of the 20th century, published an article titled “Economic Evaluation of Economic Policy: A Critique”. This work represented a frontal assault on the traditional way of constructing macroeconometric models, particularly as represented by the neo-Keynesian school. Lucas’s critique focused on the design problems of these models, which, in his view, disqualified them from evaluating different policy alternatives, one of their primary uses. Additionally, Lucas presented a prescription for constructing systems based on general equilibrium models with rational expectations that would be immune to his critique, ultimately dramatically changing the way macroeconomics is modeled. This document succinctly summarizes these events.
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info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
info:eu-repo/semantics/publishedVersion
Source
Science, Economy & Business; Vol. 7 No. 2 (2023): Science, Economics and Business; 59-73
Ciencia, Economía y Negocios; Vol. 7 Núm. 2 (2023): Ciencia, Economía y Negocios; 59-73
2613-8778
2613-876X
10.22206/ceyn.2023.v7i2
Ciencia, Economía y Negocios; Vol. 7 Núm. 2 (2023): Ciencia, Economía y Negocios; 59-73
2613-8778
2613-876X
10.22206/ceyn.2023.v7i2