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Lucas’ expectational equilibrium, price rigidity, and descriptive realism
Journal of Economic Methodology ( IF 1.409 ) Pub Date : 2022-02-24 , DOI: 10.1080/1350178x.2022.2033299
Mauro Boianovsky 1
Affiliation  

ABSTRACT

Robert Lucas' ([1972b] 1981a) article on the neutrality of money represented the first effective challenge to Samuelson’s neoclassical synthesis methodological separation between static microeconomic optimisation and macroeconomic dynamics. Lucas rejected disequilibrium price dynamics, as expressed by the Walrasian tâtonnement and auctioneer mechanisms. Lucas’ new treatment of equilibrium as an expectational concept, determined by the rational behaviour of information processing agents, was not restricted to market clearing competitive economies. Lucas’ effort to compare alternative rational expectations models of price stickiness (including his 1972 original formulation) led him to stress the notion of descriptive realism of the models’ main assumptions, which played an important role in his original discussion of model robustness.



中文翻译:

卢卡斯的预期均衡、价格刚性和描述性现实主义

摘要

Robert Lucas([1972b] 1981a)关于货币中立性的文章代表了对萨缪尔森在静态微观经济优化和宏观经济动态之间的新古典综合方法论分离的第一个有效挑战。卢卡斯拒绝了不平衡的价格动态,正如 Walrasian tâtonnement 和拍卖机制所表达的那样。卢卡斯将均衡作为一种预期概念的新处理,由信息处理代理的理性行为决定,并不仅限于市场出清竞争经济。Lucas 比较价格粘性的替代理性预期模型(包括他 1972 年的原始公式)的努力使他强调了模型主要假设的描述性现实主义的概念,这在他最初对模型稳健性的讨论中发挥了重要作用。

更新日期:2022-02-24
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