Monetary non-neutrality and stabilisation policies 50 years after Lucas's "expectations" paper: a roundtable discussion. Issue 6 (2nd November 2022)

• Record Type: Journal Article
• Authors: Blanchard, Olivier J.; Cherrier, Beatrice; Clerc, Pierrick; Laidler, David E. W.; Orphanides, Athanasios; Trautwein, Hans-Michael
• Is Part Of: European journal of the history of economic thought. Volume 29:Issue 6(2022)
• Page Start: 1165
• Page End: 1189
• Publication Date: 2022-11-02
• Subjects: Robert E. Lucas -- methodology -- neutrality of money -- monetary policy; B41 -- D50 -- E52; Economic history -- Periodicals; 330.94
• DOI: 10.1080/09672567.2022.2137552
• Languages: English
• ISSNs: 0967-2567

Abstract

Abstract: Half a century has passed since Robert Lucas got his paper on expectations and the neutrality of money published in the Journal of Economic Theory . That article is widely considered as pathbreaking, starting a movement that changed the professional standards of doing macroeconomics. It arguably also affected the perception, if not the conduct of monetary policy and other stabilisation policies. This roundtable discussion collects comments from a panel of experts in a combination of prominent macroeconomists who have gathered ample experience of work in central banks and other authorities, and historians of economic thought.