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Expectations and the Neutrality of Money (1972)
by
Robert E. Lucas, Jr.
| Venue: | JOURNAL OF ECONOMIC THEORY |
| Citations: | 847 - 5 self |
BibTeX
@ARTICLE{Lucas72expectationsand,
author = {Robert E. Lucas and Jr.},
title = {Expectations and the Neutrality of Money},
journal = {JOURNAL OF ECONOMIC THEORY},
year = {1972},
volume = {4},
pages = {103--124}
}
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Abstract
This paper provides a simple example of an economy in which equi-librium prices and quantities exhibit what may be the central feature of the modern business cycle: a systematic relation between the rate of change in nominal prices and the level of real output. The relationship,
