Tampa/St. Petersburg Map on Lucas, like Friedman before him, emphasized microeconomic decisionmaking in modeling and analyzing macroeconomic policy. The rational expectations hypothesis contends that economic agents effectively utilize all available information and therefore can never be systematically 458 Keynesian economics fooled. Labeled the Lucas Critique, this approach went further than the Friedman model by suggesting that fooling the public was not even an option in the short run. The empirical challenge to the neo-Keynesian consensus came in the form of two periods of simultaneously high levels of inflation and unemployment. This phenomenon, known as stagflation, occurred in 1974 and again in 197980. Because the aggregate demand analysis employed by the neo-Keynesians could explain either rising inflation or rising unemployment, but not both simultaneously, this new development cast serious doubt on the ability of the neo-Keynesian theorists to successfully manage the macroeconomy. Indeed, stagflation was not possible according to the Phillips Curve tradeoff between inflation and unemployment. Tampa/St. Petersburg Map 2016.
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