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An empirical critique of the Lucas critique

journal contribution
posted on 2000-01-01, 00:00 authored by Tom StanleyTom Stanley
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.

History

Journal

Journal of socio-economics

Volume

29

Issue

1

Pagination

91 - 107

Publisher

Elsevier

Location

Amsterdam, The Netherlands

ISSN

1053-5357

Language

eng

Publication classification

C1.1 Refereed article in a scholarly journal

Copyright notice

2000, Elsevier Science Inc

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