TEL  Vol.2 No.5 , December 2012
A Study on Lucas’ “Expectations and the Neutrality of Money’’
Author(s) Masayuki Otaki*
ABSTRACT
This short article shows that the functional equation on the equilibrium price function is more complicated than that considered by Lucas [1], and that modification is required to complete the proof. Furthermore, we shall provide a sufficient condition that guarantees the uniqueness of the equilibrium price function.

Cite this paper
M. Otaki, "A Study on Lucas’ “Expectations and the Neutrality of Money’’," Theoretical Economics Letters, Vol. 2 No. 5, 2012, pp. 438-440. doi: 10.4236/tel.2012.25081.
References
[1]   R. E. Lucas Jr., “Expectations and the Neutrality of Money,” Journal of Economic Theory, Vol. 4, No. 2, 1972, pp. 103-124. doi:10.1016/0022-0531(72)90142-1

[2]   R. E. Lucas, Jr., “Corrigendum to `Expectations and the Neutrality of Money,” Journal of Economic Theory, Vol. 31, No. 1, 1983, pp. 197-199. doi:10.1016/0022-0531(83)90031-5

[3]   C. G. Small, “Functional Equations and How to Solve Them,” Springer Science + Business Media, New York, 2007.

 
 
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