منابع مشابه
Marketing Models and the Lucas Critique
ERIM Report Series reference number ERS-2004-080-MKT Publication August 2004 Number of pages 21 Email address corresponding author [email protected] Address Erasmus Research Institute of Management (ERIM) Rotterdam School of Management / Rotterdam School of Economics Erasmus Universiteit Rotterdam P.O. Box 1738 3000 DR Rotterdam, The Netherlands Phone: +31 10 408 1182 Fax: +31 10 408 9640 Ema...
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In this paper we re-consider the theoretical basis for the Lucas Critique from the point of view of Robust Decision Theory. We ...rst emphasise that the Lucas Critique rests on a weak theoretical paradigm in that it fails to consider the motivation for the policy change by the government and hence inconsistently assumes limited rationality by the government. When placed in a proper dynamic gene...
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According to Phillips curve, one could achieve and maintain a permanently low level of unemployment merely by tolerating a permanently high level of inflation. As you can recall from Phillips curve, the cost of reducing inflation is often measured by the sacrifice ratio, which is the number of percentage points of GDP that must be forgone to reduce inflation by 1 percentage point. Because these...
متن کاملSelf-confirming equilibrium and the Lucas critique
We examine the role of off-path “superstitions” in macro-economics, and show how a false belief about off-path play is the key element underlying both the Lucas Critique and the game-theoretic concept of self-confirming equilibrium. However, the impact of false beliefs in these two cases is different: In the Lucas case, a policy maker’s incorrect beliefs about off-path play can lead to the adop...
متن کاملAn Austrian Version of the Lucas Critique
The Austrian School of economics is mainly interested in human action. Austrian economists acknowledge that individual human beings act and that interacting economic agents form a complex system called the economy. Consequently, Austrians try to understand economic phenomena by analyzing human action. Compared to mainstream economists the methodology applied by scholars classified as Austrian u...
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ژورنال
عنوان ژورنال: Economic Modelling
سال: 2014
ISSN: 0264-9993
DOI: 10.1016/j.econmod.2013.12.002