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Encyclopedia > Robert Lucas, Jr.

Robert Lucas, Jr.
Born September 15, 1937 (1937-09-15) (age 70)
Yakima, Washington
Residence U.S.
Nationality American
Field Economics
Institutions Carnegie Mellon University
University of Chicago
Alma mater University of Chicago
Academic advisor   Arnold Harberger
Gregg Lewis
Known for Rational expectations
Lucas critique
Neutrality of money - "islands" model
Notable prizes Nobel Prize in Economics (1995)

Robert Emerson "Bob" Lucas, Jr. (born September 15, 1937 in Yakima, Washington) is an American economist at the University of Chicago. He received the Nobel Prize in Economics in 1995. He is married to economist Nancy Stokey. If you hold the copyright to an image (e. ... is the 258th day of the year (259th in leap years) in the Gregorian calendar. ... Year 1937 (MCMXXXVII) was a common year starting on Friday (link will display the full calendar) of the Gregorian calendar. ... Location of Yakima in Washington Coordinates: , Country State County Yakima Incorporated December 1, 1883 Government  - Mayor Dave Edler Area  - City 20. ... Image File history File links This is a lossless scalable vector image. ... For other uses of terms redirecting here, see US (disambiguation), USA (disambiguation), and United States (disambiguation) Motto In God We Trust(since 1956) (From Many, One; Latin, traditional) Anthem The Star-Spangled Banner Capital Washington, D.C. Largest city New York City National language English (de facto)1 Demonym American... Image File history File links This is a lossless scalable vector image. ... Face-to-face trading interactions on the New York Stock Exchange trading floor. ... Carnegie Mellon University is a private research university in Pittsburgh, Pennsylvania, United States. ... For other uses, see University of Chicago (disambiguation). ... For other uses, see University of Chicago (disambiguation). ... Economist responsible for Harbergers Triangle, used largely in welfare economics. ... Rational expectations is a theory in economics originally proposed by John F. Muth (1961) and later developed by Robert E. Lucas Jr. ... The Lucas Critique, named for Robert Lucass work on macroeconomic policymaking, says that its naive to try to predict the effect of a policy experiment based purely on correlations in historical data, especially high-level aggregated historical data. ... In economics, neutrality of money occurs whenever a change in the stock of money affects only nominal variables in the economy such as prices, wages and exchange rates. ... Image File history File links No higher resolution available. ... The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, commonly called the Nobel Prize in Economics, is a prize awarded each year for outstanding intellectual contributions in the field of economics. ... is the 258th day of the year (259th in leap years) in the Gregorian calendar. ... Year 1937 (MCMXXXVII) was a common year starting on Friday (link will display the full calendar) of the Gregorian calendar. ... Location of Yakima in Washington Coordinates: , Country State County Yakima Incorporated December 1, 1883 Government  - Mayor Dave Edler Area  - City 20. ... Alan Greenspan, former chairman, United States Federal Reserve. ... For other uses, see University of Chicago (disambiguation). ... The Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel (in Swedish Sveriges Riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), is a prize awarded each year for outstanding intellectual contributions in the field of economics. ... Year 1995 (MCMXCV) was a common year starting on Sunday (link will display full 1995 Gregorian calendar). ... Nancy Stokey is a professor of economics at the University of Chicago. ...


He received his B.A. in History in 1959 and Ph.D. in Economics in 1964, both from the University of Chicago. He taught at the Graduate School of Industrial Administration (now Tepper School of Business) at Carnegie Mellon University until 1975, when he returned to the University of Chicago. A B.A. issued from the University of Tennessee. ... This article is about the study of the past in human terms. ... Year 1959 (MCMLIX) was a common year starting on Thursday (link will display full calendar) of the Gregorian calendar. ... Doctor of Philosophy (Ph. ... Face-to-face trading interactions on the New York Stock Exchange trading floor. ... Also Nintendo emulator: 1964 (emulator). ... The David A. Tepper School of Business, located at Carnegie Mellon University in Pittsburgh, Pennsylvania, consistently ranks among the top business schools in the world. ... The Tepper School of Business at Carnegie Mellon, located in Pittsburgh, Pennsylvania, consistently ranks among the top business schools in the world[4][5]. It is also consistently among the leaders in a wide range of specializations, such as Finance, Entrepreneurship, Operations Management and Information Technology. ... Carnegie Mellon University is a private research university in Pittsburgh, Pennsylvania, United States. ... Year 1975 (MCMLXXV) was a common year starting on Wednesday (link will display full calendar) of the Gregorian calendar. ...


One of the most influential economists since the 1970s, he changed the foundations of macroeconomic theory (previously dominated by the Keynesian economics approach), arguing that a macroeconomic model should be built in analogy with microeconomic models. He is well known for his investigations into the implications of the assumption of rational expectations. He developed the "Lucas critique" of economic policymaking, which holds that relationships that appear to hold in the economy, such as an apparent relationship between inflation and unemployment, could change in response to changes in economic policy. He also developed the Lucas-Islands model, which suggests that people are tricked by unsystematic parts of monetary policy, and the Lucas-Uzawa model (with Hirofumi Uzawa) of human capital accumulation. The 1970s decade refers to the years from 1970 to 1979, also called The Seventies. ... Keynesian economics (pronounced kainzian, IPA ), also called Keynesianism, or Keynesian Theory, is an economic theory based on the ideas of the 20th-century British economist John Maynard Keynes. ... A model in macroeconomics is designed to simulate the operation of a national or international economy in terms of factors including the total amount of goods and services produced, total income earned, the level of employment of productive resources, and the general behavior of prices. ... In economics, the term microfoundations refers to the microeconomic analysis of the behavior of individual agents such as households or firms that underpins a macroeconomic theory (Barro, 1993, Glossary, p. ... Rational expectations is a theory in economics originally proposed by John F. Muth (1961) and later developed by Robert E. Lucas Jr. ... The Lucas Critique, named for Robert Lucass work on macroeconomic policymaking, says that its naive to try to predict the effect of a policy experiment based purely on correlations in historical data, especially high-level aggregated historical data. ... The Lucas-Islands model is an economic model formulated by Robert Lucas, Jr. ... Hirofumi Uzawa (宇沢弘文 1928 - ) is a Japanese economist, professor emeritus of Tokyo University, and a member of the Japan Academy. ...

Contents

Trivia

His ex-wife, Rita Lucas, upon their divorce in 1988, had a clause placed in their divorce settlement that she would receive half of any Nobel Prize won by Lucas in the next seven years. When Lucas did win the Nobel Prize in 1995 (falling just within the time limit), she was awarded half of the prize money. [1]


He did Economics for his PHD on "quasi-Marxist" grounds. He believed that economics was the true drive of history, and so he planned to fully immerse himself in economics and then migrate back to the history department. [2]


Bibliography

  • Lucas, Robert (1972). "Expectations and the Neutrality of Money". Journal of Economic Theory 4: 103–124. 
  • Lucas, Robert (1976). "Econometric Policy Evaluation: A Critique". Carnegie-Rochester Conference Series on Public Policy 1: 19–46. 
  • Lucas, Robert (1988). "On the Mechanics of Economic Development". Journal of Monetary Economics 22: 3–42. 
  • Lucas, Robert (1990). "Why Doesn't Capital Flow from Rich to Poor Countries". American Economic Review 80: 92–96. 
  • Lucas, Robert (1981). Studies in Business-Cycle Theory. MIT Press. ISBN 0-262-62044-8. 
  • Lucas, Robert (1995) - MONETARY NEUTRALITY Prize Lecture - 1995 Nobel Prize in economics , December 7, 1995
  • Stokey, Nancy; Robert Lucas; and Edward Prescott (1989), Recursive Methods in Economic Dynamics. Harvard University Press, ISBN 0674750969.

References

Year 1995 (MCMXCV) was a common year starting on Sunday (link will display full 1995 Gregorian calendar). ... is the 294th day of the year (295th in leap years) in the Gregorian calendar. ...

See also

Circulation in macroeconomics Macroeconomics is a branch of economics that deals with the performance, structure, and behavior of a national economy as a whole. ... New Classical Economics emerged as a school in Macroeconomics during the 1970s. ... Rational expectations is a theory in economics originally proposed by John F. Muth (1961) and later developed by Robert E. Lucas Jr. ... This is an alphabetical list of notable economists, that is, experts in the social science of economics. ... The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, commonly called the Nobel Prize in Economics, is a prize awarded each year for outstanding intellectual contributions in the field of economics. ...

External links

Persondata
NAME Lucas, Robert, Jr.
ALTERNATIVE NAMES
SHORT DESCRIPTION Economist
DATE OF BIRTH September 15, 1937
PLACE OF BIRTH Yakima, Washington
DATE OF DEATH
PLACE OF DEATH

  Results from FactBites:
 
Robert Lucas at AllExperts (187 words)
Robert Lucas (April 1, 1781–February 7, 1853) was the 12th governor of Ohio, from 1832 to 1836.
Lucas had attained the rank of major general in the Ohio militia during the War of 1812.
Lucas County, Ohio, was established and named for the governor during his second term, in defiance of the Michigan Territory, which also claimed the land around the mouth of the Maumee River — thus provoking the almost-bloodless Toledo War.
Robert Lucas Jr (123 words)
Robert Lucas (born 1937) is an American economist who received The Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel in 1995.
One of the most influential economists in the post-war era, he changed the foundations of macroeconomic theory (previously dominated by the Keynesian economics approach), arguing that a macroeconomic model should have micro-foundations.
He developed the "Lucas critique[?]" of economic policymaking, which held that the relationships that appear to hold in the economy, such as an apparent relationship between inflation and unemployment, would change in response to changes in economic policy.
  More results at FactBites »

 

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