Why Does Data Reject the The Lucas Critique?1
نویسنده
چکیده
This paper examines the consequences for macroeconomic theory of the Favero-Hendry finding that the Lucas critique of econometric policy evaluation is rejected by the data. I revisit the idea that this failure may be explained by models with indeterminate equilibria and I develop a class of expectations rules that I call generalized adaptive expectations. I illustrate how these rules may be implemented in a series of examples.
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تاریخ انتشار 2001