Robert E. Lucas, Jr

December 5, 2009Economistsby

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Robert E. Lucas, Jr was an American Economist who was awarded Nobel Prize for Economics in1995 for his contribution in developing and applying econometric hypothesis.

Personal, career and Academic profiles

  • Robert E. Lucas, Jr was born on September 15, 1937 in Yakima, Washington.
  • 1959: Robert E. Lucas completed his B.A. degree in History
  • 1964: Lucas was awarded PhD. in Economics for his study on "quasi-Marxist" grounds from the University of Chicago.
  • 1970-74: Robert E. Lucas was a professor of economics at Carnegie Mellon
  • 1974: He joined as a faculty at the University of Chicago and until 1975.
  • 1995: Awarded the Nobel Prize in Economics

Honors and awards

In 1995, Robet E. Lucas, Jr was awarded the Nobel Prize in Economics (1995).

Theories propounded

The most famous work of Robert E. Lucas Jr was based on macroeconomic theory. He modified the Keynesian economics approach of macroeconomic theory and developed the Lucas-Islands model. This model clarifies about human capital accumulation. Lucas altered the macroeconomic analysis and intensified our understanding of economic policy.

People will also remember Lucas for his contributions to international finance, investment theory and economic growth theory. Robert E. Lucas, Jr. is the author of "Models of Business Cycles".

Major Works and publications of Robert Lucas

  • 1967: "Optimal Investment Policy and the Flexible Accelerator"
  • 1967: "Adjustment Costs and the Theory of Supply"
  • 1969 (with Leonard A. Rapping): "Real Wages, Employment and Inflation"
  • 1971 (with E.C. Prescott): "Investment Under Uncertainty"
  • 1972: "Expectations and the Neutrality of Money"
  • 1972: "Econometric Testing of the Natural Rate Hypothesis"
  • 1973: "Some International Evidence on Output-Inflation Tradeoffs"
  • 1974 (with E. C. Prescott): "Equilibrium Search and Unemployment"
  • 1975: "An Equilibrium Model of the Business Cycle"
  • 1976: "Econometric Policy Evaluation: A critique"
  • 1977: "Understanding Business Cycles"
  • 1978: "Asset Prices in an Exchange Economy"
  • 1978 (with T.J. Sargent): "'New' Explanations of the Persistence of Inflation and Unemployment"
  • 1978 (with T.J. Sargent): "After Keynesian Macroeconomics"
  • 1980: "Rules, Discretion and the Role of the Economic Advisor"
  • 1980: "Methods and Problems in Business Cycle Theory"
  • 1981: "Tobin and Monetarism: A review article"
  • 1982: "Interest Rates and Currency Prices in a Two-Country World"
  • 1983 ( with N.L. Stokey): "Optimal Fiscal and Monetary Policy in an Economy without Capital"
  • 1984(with N. L. Stokey): "Optimal Growth with Many Consumers"
  • 1984: "Money in a Theory of Finance"
  • 1987(with N. L. Stokey): "Money and Interest in a Cash-in-Advance Economy"
  • 1988: "On the Mechanics of Economic Development"
  • 1989(with N. L. Stokey):Recursive Methods in Economic Dynamics
  • 1990: "Liquidity and Interest Rates"

Books by Robert E. Lucas, Jr

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