who developed the New Classical Macroeconomics or Rational Expectation Hypothesis ?
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who developed the New Classical Macroeconomics or Rational Expectation Hypothesis ?
New classical economics is based on rational expectations hypothesis put forward by Robert Lucas of the University of Chicago. Following are the two important aspects of rational expectations model : (i) Markets clear immediately, i.e., they have no faith in either money-wage stickiness or price- stickiness.
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