Tag: Robert Lucas
“American Pie” – Altered to Lament My Life and Times as an Economist

A long, long time ago . . . I can still remember, Mainstream theory used to make me smile. And I knew if I had my chance That I could make equations dance And, maybe, they’d be happy for a while. But Joseph Stiglitz made me shiver With every paper he’d deliver. Bad news...
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The Best Stimulus Right Now?

Writing in the Wall Street Journal on December 23, Robert Lucas expresses approval of the Fed’s latest reduction of its target range for the Federal Funds Rate to approximately zero, calling it “welcome.” Lucas notes that this policy does not leave the Fed without the ability to inject additional reserves into the banking system,...
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