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Cited by 909

The DOI matches its Crossref record; 24 of the 24 references it cites were found in a registry or an index.

Macroeconomic Priorities

Lucas, Robert E·2003·American Economic Review
DOI 10.1257/000282803321455133
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Abstract

Macroeconomics was born as a distinct field in the 1940s, as a part of the intellectual response to the Great Depression. The term then referred to the body of knowledge and expertise that we hoped would prevent the recurrence of that economic disaster. My thesis in this lecture is that macroeconomics in this original sense has succeeded: Its central problem of depression-prevention has been solved, for all practical purposes, and has in fact been solved for many decades. There remain important gains in welfare from better fiscal policies, but I argue that these are gains from providing people with better incentives to work and to save, not from better fine tuning of spending flows. Taking U.S. performance over the past 50 years as a benchmark, the potential for welfare gains from better long-run, supply side policies exceeds by far the potential from further improvements in short-run demand management. My plan is to review the theory and evidence leading to this conclusion. Section I outlines the general logic of quantitative welfare analysis, in which policy comparisons

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Citations

Cites

Show all 24 references

Research works printed but not linked: 12

  1. Aiyagari S. Rao, 1994, Federal Reserve Bank of Minneapolis Quarterly Review, 18, 22
  2. 10.1086/261796 · doi:10.1086/261796
  3. Blanchard Olivier J, 1989, American Economic Review, 79, 655
  4. 10.1006/redy.1998.0020 · doi:10.1006/redy.1998.0020
  5. Friedman Milton, 1968, American Economic Review, 58, 1
  6. 10.1086/261797 · doi:10.1086/261797
  7. 1999, Dynamics, 2, 245
  8. 10.1086/258768 · doi:10.1086/258768
  9. Prescott Edward C, 1986, Federal Reserve Bank of Minneapolis Quarterly Review, 10, 9
  10. Rosen Sherwin, 1996, Journal of Economic Literature, 34, 729
  11. 10.1016/S0014-2921(00)00101-X · doi:10.1016/s0014-2921(00)00101-x
  12. Summers Lawrence H, 1981, American Economic Review, 71, 533

Cited by

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Metadata

Authors
Lucas, R. E.
Venue
American Economic Review
Publisher
American Economic Association
Published
2003-02-01
Volume
93
Issue
1
Pages
1-14
ISSN
0002-8282 (ISSN-L)
DOI
10.1257/000282803321455133
OpenAlex
W4252127857
Cited by
909
References
24
FWCI
69.52
Type
journal article
Language
en
Open access
closed

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CoChat. (2026). Citation check: Macroeconomic Priorities. https://app.cochat.ai/papers/10.1257/000282803321455133
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Lucas, R. E. (2003). Macroeconomic Priorities. American Economic Review. https://doi.org/10.1257/000282803321455133

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