What did it take for Lucas to set up ‘useful’ analogue systems in monetary business cycle theory?
This paper provides a look into what Lucas meant by the term ‘analogue systems’ and how he conceived making them useful. It is argued that any model with remarkable predictive success can be regarded as an analogue system, the term is thus neutral in terms of usefulness. To be useful Lucas supposed...
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| Format: | Article |
| Language: | English |
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Sciendo
2021-09-01
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| Series: | Economics and Business Review |
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| Online Access: | https://doi.org/10.18559/ebr.2021.3.5 |