SURVEY OF MODIFYING ASSUMPTIONS OF EXPECTATIONS AND NEUTRALITY OF MONEY IN LUCAS MODEL

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DALALI ESFAHANI R.; SHAJARI HOUSHANG; RENANI M.; DELANGIZAN S.

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Journal: JOURNAL OF SUSTAINABLE GROWTH AND DEVELOPMENT (THE ECONOMIC RESEARCH) Year:2008 | Volume:8 | Issue:1 Page(s): 57-90

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Title

SURVEY OF MODIFYING ASSUMPTIONS OF EXPECTATIONS AND NEUTRALITY OF MONEY IN LUCAS MODEL

Author(s)

DALALI ESFAHANI R. | SHAJARI HOUSHANG | RENANI M. | DELANGIZAN S. | Issue Writer Certificate

Keywords

ROBERT LUCASQ2

PHILLIPS CURVEQ3

EXPECTATIONSQ3

NEUTRALITY OF MONEYQ1

Abstract

The Lucas paper entitled “Expectations and NEUTRALITY OF MONEY” (1972) is a seminal paper. This paper introduces the Over Lapping Generation (OLG) model focusing on rational EXPECTATIONS and formulating a stochastically mathematics model. The findings of this paper have been frequently used as a base for the solution of the equilibrium systems in PHILLIPS CURVE. From that time until now, many studies have considered the Lucas model and evaluated the results, but none of which considered his model in non stochastic space, stochastic allocation of the old and young generations, and the existence of growth in labor supply. Therefore, central question of our study is to test the behavior of the Lucas model in non stochastic space. Mathematical solutions and foundation analysis are used to test the behavior of the model.The main finding of our study is that the Lucas model will acquire some of contributions in the OLG models by expansion of the model. Moreover, the evidence shows that it is impossible to achieve the same results by modifying the assumptions of the Lucas model and also it is impossible to use the Lucas results in the price equation to analyze and support the classical school theorems.

Cites

TESTING THE LONG RUN NEUTRALITY AND SUPER-NEUTRALITY OF MONEY IN IRAN

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APA: Copy

DALALI ESFAHANI, R., SHAJARI, HOUSHANG, RENANI, M., & DELANGIZAN, S.. (2008). SURVEY OF MODIFYING ASSUMPTIONS OF EXPECTATIONS AND NEUTRALITY OF MONEY IN LUCAS MODEL. JOURNAL OF SUSTAINABLE GROWTH AND DEVELOPMENT (THE ECONOMIC RESEARCH), 8(1), 57-90. SID. https://sid.ir/paper/86394/en

Vancouver: Copy

DALALI ESFAHANI R., SHAJARI HOUSHANG, RENANI M., DELANGIZAN S.. SURVEY OF MODIFYING ASSUMPTIONS OF EXPECTATIONS AND NEUTRALITY OF MONEY IN LUCAS MODEL. JOURNAL OF SUSTAINABLE GROWTH AND DEVELOPMENT (THE ECONOMIC RESEARCH)[Internet]. 2008;8(1):57-90. Available from: https://sid.ir/paper/86394/en

IEEE: Copy

R. DALALI ESFAHANI, HOUSHANG SHAJARI, M. RENANI, and S. DELANGIZAN, “SURVEY OF MODIFYING ASSUMPTIONS OF EXPECTATIONS AND NEUTRALITY OF MONEY IN LUCAS MODEL,” JOURNAL OF SUSTAINABLE GROWTH AND DEVELOPMENT (THE ECONOMIC RESEARCH), vol. 8, no. 1, pp. 57–90, 2008, [Online]. Available: https://sid.ir/paper/86394/en

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