One of the big watershed moments of the past few decades of macroeconomics is the Lucas Critique. Noah Smith explains: The Lucas Critique is simple, and it is correct. If you have a model of the ...

Nobel-winning economist Robert Lucas Jr. died on Monday. His revolutionary theories transformed the field of macroeconomics. His influential "Lucas critique" argued economic policy must take into ...

Economics is full of equations named after their inventor. Robert Lucas, who died on May 15th aged 85, was different. His name graces something edgier: a “critique”. When he presented an early version ...

Empirical estimates of monetary policy rules suggest that the behavior of U.S. monetary policymakers changed during the past few decades. However, at the same time, statistical analyses of lagged ...