Expectations and the neutrality of money
1972/04/01 by Robert E Lucas, Robert E. Lucas · 4,770 citations
Economics, Econometrics and Finance · #Economic Theory and Policy #Economic theories and models #Economics #Microeconomics #Monetary Policy and Economic Impact #Monetary economics #Monetary policy #Neutrality #Price level #Profit (economics) #Shock (circulatory)
paper · doi:10.1016/0022-0531(72)90142-1
published in Journal of Economic Theory 4(2), 103-124 (Elsevier BV)
openalex publication_date 1972/04/01 · openalex created_date 2025/10/10 · openalex updated_date 2026/08/01
Citations
Cited by
- On regional borrowing, default, and migration
- Imperfect Common Knowledge, Staggered Price Setting, and the Effects of Monetary Policy
- Costly Information, Planning Complementarities, and the Phillips Curve
- Dominant root characterization of Pareto optimality and the existence of optimal equilibria in stochastic overlapping generations models
- Are Random Trading Strategies More Successful than Technical Ones?
- Imperfect information, composition of demand shocks, and the flattening of the Phillips curve
- Search and matching in the housing market
- Evolution and The Knightian Blindspot of Machine Learning
- Understanding the dynamics of vessel pricing and investor behavior in dry bulk shipping
- The applied general-equilibrium program of the ENSAE’s band
- Firms’ Inflation Expectations in a Monetary Union
- Complexity, causality, and expectations: Why macroeconomics needs a program of empirical microfoundations
- Enacting the future: institutions, temporal affordances, and the formation of expectations
- Formalizing the Future: How Central Banks Set Out to Govern Expectations but Ended Up (En-)Trapped in Indicators
- Dynamic pricing and imperfect common knowledge
- Setting the right prices for the wrong reasons
- Aggregate shocks or aggregate information? Costly information and business cycle comovement
- The Return of Greenspan: Mumbling with Great Incoherence
- The rise and fall of French disequilibrium macroeconomics: the case of Jean-Pascal Bénassy (1948–2022)
- Modelling Information Incorporation in Markets, with Application to Detecting and Explaining Events
- Economic thermodynamics and inflation
- The Indeterminate Fate of Sunspots in Economics
- Michael Woodford’s Interest & Prices after 20 years
- Expecting Robert Lucas: Revisiting the Relationship between American Keynesianism and Neoliberalism
- Spending Allocation Under Nominal Uncertainty: A Model of Effective Price Rigidity
- Monetarism and Monetary Policy
- Relative price variability and inflation: New evidence
- Rationality, Psychology and Capitalism
- Existence and Calculation of Optimal Equilibria on Overlapping Generations Economies
- Extended nonlinear feedback model for describing episodes of high inflation
- The Origin and the Resolution of Nonuniqueness in Linear Rational\n Expectations
- Modeling revolutions in networked societies: learning from the Tunisian spring
- Inflation, unemployment, and labor force. Phillips curves and long-term projections for Japan
- Does Banque de France control inflation and unemployment?
- The rise of inflation targeting
- Why Does Money Affect Output? A Survey
- Imperfect Information and Aggregate Supply
- An interdisciplinary model for macroeconomics
- Drawing on different disciplines: macroeconomic agent-based models
- Inattentive Producers
- Behavioural Macroeconomic Policy: New perspectives on time inconsistency
- Heterogeneous Trader Responses to Macroeconomic Surprises: Simulating Order Flow Dynamics
- A Nobel Prize for Asymmetric Information: The economic contributions of George Akerlof, Michael Spence and Joseph Stiglitz
- After Keynesian macroeconomics
- Conservative Liberalism as a Disciplinary Revolution
- Malinvestment
- Recurrence quantification analysis of business cycles
- The Missing Motivation in Macroeconomics
- Long-Term Contracts, Rational Expectations, and the Optimal Money Supply Rule
- A Quick Refresher Course in Macroeconomics
- Aggregate Demand Management in Search Equilibrium
- Behavioral Economics: How Psychology Made Its (Limited) Way Back Into Economics
- The History of Macroeconomics Viewed against the Background of the Marshall-Walras Divide
- Vector autoregressions for causal inference?
- Implicit Contracts and Underemployment Equilibria
- Understanding business cycles
- History of macroeconomic thought [wikipedia]
- New classical macroeconomics [wikipedia]
- Political cycles: Beyond rational expectations. [europepmc]
- Classification of position management strategies at the order-book level and their influences on future market-price formation. [europepmc]
- Micro-Foundations of Diverging Economic Policies: Keynesian, Behavioural, Neoclassic. [europepmc]
- To maximize or randomize? An experimental study of probability matching in financial decision making. [europepmc]
- Coordinating expectations through central bank projections. [europepmc]
- A framework for the analysis of self-confirming policies. [europepmc]
- The symmetric and asymmetric impacts of external debt on economic growth in Tunisia: evidence from linear and nonlinear ARDL models. [europepmc]
- Rethinking stabilization policies; Including supply-side measures and entrepreneurial processes. [europepmc]
- The great dispersal: The fall and rise of global environmental governance. [europepmc]
- Testing for the footprints of stabilization economic policy in forecast errors. [europepmc]
- Agentic Finance: An Adaptive Inference Framework for Bounded-Rational Investing Agents. [europepmc]
- Inflation persistence, noisy information and the Phillips curve [europepmc]