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When The Royal Swedish Academy of Sciences decided to award the Nobel prize to Robert Lucas in 1995, they stated in their reasoning that the

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When The Royal Swedish Academy of Sciences decided to award the Nobel prize to Robert Lucas in 1995, they stated in their reasoning that "the Lucas critique has had a profound influence on economic- policy recommendations". Explain briefly what the Lucas critique is; in particular, in terms of the Phillips curve. Edit View Insert Format Tools Table 12pt V Paragraph B I Av T 2 v 2 V B v

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