Intermediate Macroeconomic Theory Robert E. Lucas Essay

Latiefah Stewart Professor Kahhat Intermediate Macroeconomic Theory 10/19/2016 Robert E. Lucas Robert E. Lucas was in Yakima, Washington, in 1937. He attended Seattle Public Schools, and graduated from Roosevelt High School in 1955. He was great at math and science. Growing up it was almost expected of Lucas to attend the University of Washington in Seattle, and become an engineer. This however wasn’t what happened. MIT didn’t grant him the scholarship he needed in order to attend college there, however, University of Chicago did. He studied Mathematics. Over time, it got hard and he lost interest. Instead, he found a new interest in liberal arts; which was the core of the University of Chicago. In 1963 Richard Cyert, the Dean of the Graduate School of Industrial Administration at Carnegie Institute of Technology offered Lucas a faculty position, where he taught until 1974, which is when he returned to Chicago as a faculty member. Between this time, Lucas published his paper, â€Å"Expectations and the Neutrality of Money†. In 1995, Lucas was awarded the Noble Prize in economics, for having developed and applied the hypothesis of Rational Expectation. This, transformed macroeconomics analysis and deepened everyone’s understanding of economic policy. More than any other person in the period from 1970 to 2000, Lucas revolutionized macroeconomic theory. Most of his work led to the work of Finn Kydland and Edward Prescott, which also won them the noble prizeShow MoreRelatedLoanable Funds Theory5819 Words   |  24 PagesInterest Rate Theory S. Kirk Elwood1 ABSTRACT The various theories of interest rate determination presented in economics textbooks each spotlight a particular fundamental force behind the equilibrium rate. Unfortunately, each theory’s successful emphasis of one determinant of the interest rate comes at the cost of distorting some other aspect of its determination. This paper argues that the basic market analysis of debt securities (e.g., bonds and commercial paper) left out of most macroeconomic as wellRead MoreSolution Manual, Test Bank and Instructor Manuals34836 Words   |  140 PagesEdition_ Daryl L. Logan (SM) A Framework for Marketing Management, 4E_Philip R Kotler,Kevin Lane Keller (TB) A Friendly Introduction to Numerical Analysis,Brian Bradie (ISM) A Guide to International Financial Reporting Standards, 3rd Edition_Belverd E. Needles, Marian Powers (SM+TB) A Guide to Modern Econometrics, 4th Edition_Marno Verbeek (SM) A History of Modern Psychology, 10th Edition _ Duane P. Schultz, Sydney Ellen Schultz ( IM+TB) A Microscale Approach to Organic Laboratory Techniques,Read MoreSelected Topics24764 Words   |  100 PagesResearch Topics for Semester Project Topic 1: Demand Theory Title: General demand function Aim: This study empirically investigates the determinants of quantity demanded of any product and the role of the other factors in X economy. Methodology: In this study, Ordinary Least Square (OLS) is conducted to empirically investigate the determinants of quantity demanded of any product. Model: Qd=f (P, I, PR, T, PE, N) The Theory says: Qd=f (P, I, PR, T, PE, N) -, +/-,Read MoreAN EMPIRICAL ANALYSIS OF ENVIRONMENTAL IMPACT OF FOREIGN DIRECT INVESTMENT IN THE MINING SECTOR IN NIGERIA15805 Words   |  64 Pagesresources of the host communities? c) Why has foreign direct investment (FDI) and environmental objectives not mutually supportive in the mining sector? d) To what extent can the adverse effect of environmental impact of mining activities be mitigated? e) How can the environmental performance of FDI in the mining sectors be enhanced for maximum benefits of FDI in the sector? Research Hypotheses The following hypothesis will be tested to validate the study H0: There is no significant environmentalRead MoreGame Theory and Economic Analyst83847 Words   |  336 PagesGame Theory and Economic Analysis Game Theory and Economic Analysis presents the wide range of current contributions of game theory to economics. The chapters fall broadly into two categories. Some lay out in a jargon-free manner a particular branch of the theory, the evolution of one of its concepts, or a problem that runs through its development. Others are original pieces of work that are signiï ¬ cant to game theory as a whole. After taking the reader through a concise history of gameRead MoreProject on Risk Management46558 Words   |  187 PagesDeposits by ICRA and Highest P1+ rating for its FDs by CRISIL. * Bestowed with the prestigious IBA Award for technology implementation (STP). * Added a number of new business and product lines, viz the launch of Indus GOLD and Indus Gift Card, E-Remittance facility, tie-up with number of Banks for ATM usage, tie-up with Religare Securities to extend Portfolio Management services and Bank can assurance tie-up with Aviva Life Insurance 2005-06 * Ranked among the top ten banks in the country