About the Speaker
Robert E. Lucas, Jr. is the John Dewey Distinguished Service Professor of Economics at The University of Chicago. He is a Fellow of the Econometric Society, the American Academy of Arts and Sciences, and the American Philosophical Society, and a member of the National Academy of Sciences. He is a past president of the Econometric Society and the American Economic Association. In 1995, he received the Nobel Memorial Prize in Economic Sciences.
Prior to his Chicago appointment, Lucas was a member of the faculty of the Graduate School of Industrial Administration at Carnegie-Mellon University from 1963 until 1974.
Among his books are Studies in Business-Cycle Theory (1981); Rational Expectations and Econometric Practice (1981), co-edited with Thomas Sargent; Models of Business Cycles (1985); and Recursive Methods in Economic Dynamics (1989), with Nancy Stokey and Edward Prescott. His Lectures on Economic Growth was published in 2002.
In awarding the Nobel Memorial Prize in Economic Sciences to Lucas, the Royal Swedish Academy of Sciences recognized him “for having developed and applied the hypothesis of rational expectations, and thereby having transformed macroeconomic analysis and deepened our understanding of economic policy.”
"His work has brought about a rapid and revolutionary development: application of the rational expectations hypothesis, emergence of an equilibrium theory of business cycles, insights into the difficulties of using economic policy to control the economy, and possibilities of reliably evaluating economic policy with statistical methods," the Academy noted.