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The Lucas (1972) model with imperfect information (or islands model)is considered to represent an important milestone in modern macroeconomics. Why do you think that this

The Lucas (1972) model with imperfect information (or "islands model")is considered to represent an important milestone in modern macroeconomics. Why do you think that this is the case? What are the important theory insights and modelling or policy implications of this model?

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