Economics, Econometrics and Finance
4 years ago

Keynesians' Innovative Responses to the Lucas Critique Shake Economic Theory.

SSRN Electronic Journal
Reacting to the Lucas Critique: The Keynesians' Pragmatic Replies
Aurélien Goutsmedt, Erich Pinzón-Fuchs, Matthieu Renault, Francesco Sergi

Paper Summary

The article discusses how Keynesian economists responded to the Lucas Critique. They used practical methods to address the critique and found ways to make their economic models more reliable.

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