The Friedman-Lucas Transition in Macroeconomics

The Friedman-Lucas Transition in Macroeconomics

A Structuralist Approach

1st Edition - February 19, 2020

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  • Author: Peter Galbacs
  • Paperback ISBN: 9780128165652
  • eBook ISBN: 9780128165539

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The Friedman-Lucas Transition in Macroeconomics: A Structuralist Approach considers how and to what extent monetarist and new classical theories of the business-cycle can be regarded as approximately true descriptions of a cycle’s causal structure or whether they can be no more than useful predictive instruments. This book will be of interest to upper-division undergraduates, graduate students, researchers and professionals concerned with practical, theoretical and historical aspects of macroeconomics and business-cycle modeling.

Key Features

  • Offers a wide selection of Robert Lucas’s unpublished works
  • Discusses the history of business-cycle theories in the context of methodological advancements
  • Suggests effective arguments for emphasizing the key role of representative agents and their assumed properties in macro-modeling


Upper-division undergraduates, graduate students, researchers, and professionals concerned with business cycles, especially in macroeconomics

Table of Contents

  • 1. Methodology…?! Why?
    2. Standing on the edge: Lucas in the Chicago tradition
    3. Agents and structures
    4. Realism and instrumentalism along the Friedman-Lucas transition
    5. The end of economics?

Product details

  • No. of pages: 396
  • Language: English
  • Copyright: © Academic Press 2020
  • Published: February 19, 2020
  • Imprint: Academic Press
  • Paperback ISBN: 9780128165652
  • eBook ISBN: 9780128165539

About the Author

Peter Galbacs

Peter Galbács is professor of economics at the Institute of Economics and Methodology, Budapest Business School. His principal research interests cover the history and the methodology of modern business-cycle theories with a special emphasis on new classical macroeconomics and Robert E. Lucas’s oeuvre. Recently he has published a monograph on the theory of new classical macroeconomics in which he made efforts to find the adequate scope of highly formalized and isolative new classical macro-models in practical-operative economic policy contexts.

Affiliations and Expertise

Professor of Economics, Department of Economics and Methodology, Budapest Business School, Budapest, Hungary

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