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5. The new classical school

existing Keynesian macroeconometric models are incapable of providing reliable

guidance in formulating monetary, fiscal and other types of policy. This conclusion

is based in part on the spectacular recent failure of these models, and in part

on their lack of a sound theoretical or econometric basis … on the latter ground,

there is no hope that minor or even major modification of these models will lead

to significant improvement in their reliability. (Lucas and Sargent, 1978)