Criticizing the Lucas Critique: Macroeconometricians' Response to Robert Lucas


The purpose of this article is to provide a better explanation of the reactions of the Keynesian macroeconometricians to the Lucas Critique in the years following its publication and, finally, to provide a better explanation of the success of the Lucas Critique. Our explanation will be based on an interpretation of “Econometric Policy Evaluation” both as a positive and as a prescriptive statement. We think that this duality is present as well in Lucas’s paper and in the reactions to it. This allows us to better understand why Kenesians did not provide a global, pertinent, convincing response to Lucas, which weakened their position inside the profession.

Aurélien Goutsmedt
Aurélien Goutsmedt
Chercheur post-doctoral

Je travaille sur l’histoire de la macroéconomie et l’expertise économique.

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