Collected Papers on Monetary Theory.

LUCAS, Robert E.

$1,800.00

Item Number: 142698

Cambridge, MA: Harvard University Press , 2013.

First edition of this collection of papers by “the economist who has had the greatest influence on macroeconomic research since 1970″ (Nobel Committee). Octavo, original boards. Presentation copy, inscribed by the author on the half-title page, “For Mark, with best wishes Robert E. Lucas Jr.” Fine in a fine dust jacket. Jacket design by Tim Jones. Edited by Max Gillman. Rare and desirable signed and inscribed.

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.