Robert Lucas

Clerc, Pierrick [Banque de France] De Vroey, Michel [UCL]

(eng) Our aim in this chapter is to give an overview of Robert Lucas’s theoretical contributions. After an introduction, Section 2 describes how he initiated what at the time was called the “rational expectations revolution” and is now called “Dynamic General Equilibrium” (DGE) macroeconomics (after having also been labelled “New Classical macroeconomics”, and “Dynamic Stochastic General Equilibrium” (DSGE) macroeconomics). In the third and fourth sections, we describe Lucas’s contributions to monetary and growth theory. Section 5 ponders his relationship with “Chicago economics”.