Robert Lucas, Jr.

“My parents were admirers of President Roosevelt and the New Deal. Their parents and most of our relatives and neighbors were Republicans, so they were self-conscious in their liberalism and...”

“Monetary contractions are attractive as the key shocks in the 1929-1933 years, and in other severe depressions, because there do not seem to be any other candidates.”

“The observation that money changes induce output changes in the same direction receives confirmation in some data sets but is hard to see in others. Large-scale reductions in money growth ca...”

“From the beginnings of modern monetary theory, in David Hume's marvelous essays of 1752, 'Of Money and Of Interest,' conclusions about the effect of changes in money have seemed to depend cr...”

“I was born in 1937, in Yakima, Washington, the oldest child of Robert Emerson Lucas and Jane Templeton Lucas. My sister Jenepher was born in 1939 and my brother Peter in 1940. My parents had...”

“The central predictions of the quantity theory are that, in the long run, money growth should be neutral in its effects on the growth rate of production and should affect the inflation rate...”

“I obtained a Woodrow Wilson Doctoral Fellowship and entered the graduate program in History at the University of California. With no Greek or French and minimal Latin and German, I was in no...”