Assessing the Lucas critique in monetary policy models.(Lucas critique )(traditional macroeconometric models) Posted: Mar 27, 2008 19:30:34
LUCAS (1976) ARGUES that the parameters of traditional macroeconometric ... optimization, and, most recently, New Keynesian models. Second, the Lucas critique helped change the focus of policy evaluation from ... interest rate, output, and inflation. From the standpoint of the Lucas critique, the most ...
