The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Lucas, Robert (Born 1937)

  • Levon Barseghyan
Reference work entry


Robert E. Lucas, Jr is one of the most influential economists of our time. His work on rational expectations offered a truly new way of thinking about economics and policy that led to most of the recent successes in macroeconomics. Lucas’s path breaking research on so many issues of vital importance has advanced the frontier of science and set the stage for new exciting discoveries.


Business cycles Cash-in-advance constraint Dynamic stochastic general equilibrium models Economic growth Endogenous growth theory Human capital Inflation Lucas Critique Lucas trees Lucas, R Monetary business cycle models Monetary shocks Money growth Neoclassical growth theory Neutrality of money Overlapping generations models Phillips curve rational expectations Time consistency of monetary and fiscal policy 

JEL Classification

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Copyright information

© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Levon Barseghyan
    • 1
  1. 1.