Robert E. Lucas, Jr.

Robert E. Lucas, Jr.

Surveying and extending the Bailey-Friedman tradition of estimating the welfare cost of inflation, Lucas fits U.S. money-demand data for 1900-1994 and estimates that reducing annual inflation from 10 …

Robert E. Lucas, Jr.

Lucas's 1995 Nobel Prize lecture asks why changes in the quantity of money seem, from David Hume onward, to be both neutral "units changes" in the long run and yet a source of real stimulus or …

Robert E. Lucas, Jr.

Writing for the 30th anniversary of Milton Friedman and Anna Schwartz's *A Monetary History of the United States, 1867-1960*, Lucas argues the book's lasting contribution is a normative one -- it …

Robert E. Lucas, Jr.

Using quarterly U.S. money, price, and interest-rate data smoothed with a two-sided exponentially weighted moving-average filter, Lucas shows that once high-frequency "business cycle" noise is …

Robert E. Lucas, Jr.

If two countries produce the same good with the same constant-returns technology, diminishing returns imply the poorer one has the higher marginal product of capital -- and on 1988 data, US output per …