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An empirical critique of the Lucas critique
This study provides a quantitative review of the empirical literature on the Lucas critique. Although there is great dissonance concerning the Lucas critique, our meta-analysis revealed how the apparent applicability of the Lucas critique may be attributed to misspecification and the manner in which expectations are treated. When models with questionable specification are discounted, empirical support for the Lucas critique vanishes.
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Journal
Journal of socio-economicsVolume
29Issue
1Pagination
91 - 107Publisher
ElsevierLocation
Amsterdam, The NetherlandsPublisher DOI
ISSN
1053-5357Language
engPublication classification
C1.1 Refereed article in a scholarly journalCopyright notice
2000, Elsevier Science IncUsage metrics
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