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Lucas claimed that the decision procedures of Keynesian products, like the fiscal multiplier, cannot be regarded as structural, while in the perception that they can not be invariant with regard to variations in govt coverage variables, stating:
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Inside a read more dallas gold and silver exchange 1976 paper,[Notice 3] Robert Lucas argued that it's naive to test to forecast the effects of the adjust in financial plan completely on The premise of associations observed in historic info, Primarily really aggregated historic data.