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Reacting to the Lucas Critique: The Keynesians' Replies
In 1976, Robert Lucas explicitly criticized Keynesian macroeconometric models for their inability to correctly predict the effects of alternative economic policies. Today, most contemporary macroeconomists and some historians of economics consider that the Lucas's critique led forcefully to immediate disqualification of the Keynesian macroeconometric approach. This narrative is based on the interpretation of the Lucas Critique as a fundamental principle for economic reasoning that was (anddoi:10.31219/osf.io/qxh46 fatcat:yfpzp4vf2nab3i6zob5alesalu