Bring out the important issues on which Lucas criticizes Keynesian mac

Question

Bring out the important issues on which Lucas criticizes Keynesian macroeconomics. To what extent the New-Keynesian economists have accepted these criticisms?

30 Aug 2021

Answer :

Word Count : 462

In 1976, Lucas criticizes Keynesian became as one of the most influential articles in macroeconomics of the 1970s: ‘Econometric Policy Evaluation: A Critique’, as Lucas himself seems to acknowledge: “This ‘Lucas critique’ is probably the most influential paper . A core concern of Lucas was to state that there are limits to the use of short-term forecasting. A key point was that with macro econometric models of the 1970s you should not, in general, have expected to be able
to make quantitative policy evaluations, as he noted, “simulations using these models ________ ________ _____ ____ ________ __________ ________ _________ _______ ________ _______ ________.
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