Models of Business Cycles.

LUCAS, Jr..

Item Number: 142134

Oxford: Basil Blackwell, 1990.

Early printing of this collection of papers “the economist who has had the greatest influence on macroeconomic research since 1970″ (Nobel Committee). Octavo, original cloth. Presentation copy, warmly inscribed by the author on the half-title page, “John Best regards- I’ll throw this one (one of my favorites) in for free- Robert E. Lucas Jr.” Fine in a near fine dust jacket. Jacket design by Miller, Craig and Cocking.

In this elegant and relatively non-technical survey, Lucas reviews the nature and consequences of recent developments in monetary and business cycle theory. He discusses the usefulness of alternative models in determining the effects of economic policy on consumption streams and individual welfare. Drawing on a specific model of aggregate activity which represents the current frontier in business cycle research, he then examines the contemporary theory of unemployment. Finally and most controversially, he explores the role of monetary disturbances.