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The Friedman-Lucas Transition in Macroeconomics

  • ID: 4991047
  • Book
  • February 2020
  • 396 Pages
  • Elsevier Science and Technology
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The Friedman-Lucas Transition in Macroeconomics: A Structuralist Approach considers how and to what extent monetarist and new classical theories of the business-cycle can be regarded as approximately true descriptions of a cycle's causal structure or whether they can be no more than useful predictive instruments. This book will be of interest to upper-division undergraduates, graduate students, researchers and professionals concerned with practical, theoretical and historical aspects of macroeconomics and business-cycle modeling.

  • Offers a wide selection of Robert Lucas's unpublished works
  • Discusses the history of business-cycle theories in the context of methodological advancements
  • Suggests effective arguments for emphasizing the key role of representative agents and their assumed properties in macro-modeling

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1. Methodology.?! Why? 2. Standing on the edge: Lucas in the Chicago tradition 3. Agents and structures 4. Realism and instrumentalism along the Friedman-Lucas transition 5. The end of economics?

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Galbács, Peter
Peter Galbács is professor of economics at the Institute of Economics and Methodology, Budapest Business School. His principal research interests cover the history and the methodology of modern business-cycle theories with a special emphasis on new classical macroeconomics and Robert E. Lucas's oeuvre. Recently he has published a monograph on the theory of new classical macroeconomics in which he made efforts to find the adequate scope of highly formalized and isolative new classical macro-models in practical-operative economic policy contexts.
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