Volume 8, Issue 1 (2008)
QJER 2008, 8(1): 57-90 |
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Dalali Esfehani R, Shajari H, Renani M, Delangizan S. Survey of The Changed Assumptions in Locus Model of Expectations and Neutrality of Money. QJER 2008; 8 (1) :57-90
URL: http://ecor.modares.ac.ir/article-18-10718-en.html
URL: http://ecor.modares.ac.ir/article-18-10718-en.html
1- Isfahan of University
2- Isfahan ofUniversity
3- اصفهان
2- Isfahan ofUniversity
3- اصفهان
Abstract: (5724 Views)
The locus paper in topic “Expectations and Neutrality of Money” (1972) is a seminal paper. This article was written in Over Lapping Generation (OLG) model with received from rational expectations and to draw up in stochastically mathematic. Results of this paper were reference to Phillips Curve as a solution of the equilibrium systems. From Lucas paper time to now, many of studies was proceed to Lucas model and results, But nor of them no attention to his results in non stochastic space, stochastic allocation of old people and growth existence in labor force. Central question of our study is test of results and behavior of Locus base model with these subjects. Method of our study is using of mathematical solutions and foundation analysis. The most important result of our study is this: The results of this study by criticism and expansion in Lucas model will acquire some of contributions in OLG models. This results show that some of Lucas results will impressible when we change its basic assumption, but we can’t use Lucas results in price equation for supported and analysis of classical school theorems.
Received: 2007/08/1 | Accepted: 2007/11/25 | Published: 2009/01/26
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