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Persistent link: https://www.econbiz.de/10012284676
We illustrate how the Lucas Critique was called into question by Keynesian macroeconomists during the 1970s and 1980s. Our claim is that Keynesians' reactions were carried out from a pragmatic approach, which addressed the empirical and practical relevance of the Critique. Keynesians rejected...
Persistent link: https://www.econbiz.de/10012932347