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La Macroeconomía Post-Lucas

The awarding of the 1995 Nobel Prize for Economics to Robert E. Lucas is in recognition of the important contribution this outstanding professor from the University of Chicago has made to various aspects of economic theory. This includes, most notably, his contributions to the analysis of business cycles and economic growth.In these pages Francisco Rosende describes what he regards as Professor Lucas’ main contributions to the development of macroeconomics. These, he argues, go beyond specific hypotheses explaining certain phenomena of interest: indeed, Lucas’ work has had a special influence on the methodological focus with which theories of aggregate behavior in economies are constructed, analyzed and evaluated. The author argues that, in view of this special and significant academic contribution, many economists have recognized Robert E. Lucas as the leader of a revolution in the study of macroeconomics, known as the ‘Expectations Revolution’.