Cover: Collected Papers on Monetary Theory, from Harvard University PressCover: Collected Papers on Monetary Theory in HARDCOVER

Collected Papers on Monetary Theory

Add to Cart

Product Details

HARDCOVER

$79.00 • £63.95 • €71.00

ISBN 9780674066878

Publication Date: 01/07/2013

Text

568 pages

6-1/8 x 9-1/4 inches

53 graphs, 11 tables

World

Robert Lucas is one of the outstanding monetary theorists of the past hundred years. Along with Knut Wicksell, Irving Fisher, John Maynard Keynes, James Tobin, and Milton Friedman (his teacher), Lucas revolutionized our understanding of how money interacts with the real economy of production, consumption, and exchange.

Lucas’s contributions are both methodological and substantive. Methodologically, he developed dynamic, stochastic, general equilibrium models to analyze economic decision-makers operating through time in a complex, probabilistic environment. Substantively, he incorporated the quantity theory of money into these models and derived its implications for money growth, inflation, and interest rates in the long run. He also showed the different effects of anticipated and unanticipated changes in the stock of money on economic fluctuations, and helped to demonstrate that there was not a long-run trade-off between unemployment and inflation (the Phillips curve) that policy-makers could exploit.

The twenty-one papers collected in this volume fall primarily into three categories: core monetary theory and public finance, asset pricing, and the real effects of monetary instability. Published between 1972 and 2007, they will inspire students and researchers who want to study the work of a master of economic modeling and to advance economics as a pure and applied science.

Awards & Accolades

  • Robert E. Lucas, Jr., Is Winner of the 1995 Nobel Prize in Economics
Murty Classical Library of India

Recent News

Black lives matter. Black voices matter. A statement from HUP »

From Our Blog

logo of the MacArthur Foundation

Nicole Fleetwood and Monica Muñoz Martinez Awarded MacArthur Fellowships

Harvard University Press congratulates its authors Nicole Fleetwood and Monica Muñoz Martinez for being named to the 2021 class of 25 MacArthur Fellows. The prestigious no-strings-attached $625,000 awards are given to individuals “who have shown extraordinary originality and dedication in their creative pursuits and a marked capacity for self-direction.”