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À la poursuite du Graal : le successeur d’IS-LM est-il identifié?

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  • Danthine, Jean-Pierre

    (Université de Lausanne)

Abstract

The profile of the successor to the IS-LM model starts to emerge; the identifying process and the nature of the objective one is groping for are now relatively clear. With the help of three specific experiments, a few of the likely ingredients of the new neo-classical synthesis are derived. In the end, it appears that only our imperfect knowledge of some key empirical facts keeps us away from a new consensus. On commence à deviner les contours du successeur de IS-LM; la démarche à suivre comme la nature de l’objectif à atteindre sont aujourd’hui relativement claires. À l’aide de trois expériences spécifiques, on déduit quelques-uns des ingrédients susceptibles de faire partie de la nouvelle synthèse néo-classique. Au bout du compte, il apparaît que seule notre connaissance imparfaite de quelques faits stylisés essentiels nous tient éloigné d’un nouveau consensus.

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Bibliographic Info

Article provided by Société Canadienne de Science Economique in its journal L'Actualité économique.

Volume (Year): 74 (1998)
Issue (Month): 4 (décembre)
Pages: 607-620

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Handle: RePEc:ris:actuec:v:74:y:1998:i:4:p:607-620

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  1. Lawrence J. Christiano & Martin Eichenbaum, 1990. "Current real business cycle theories and aggregate labor market fluctuations," Discussion Paper / Institute for Empirical Macroeconomics 24, Federal Reserve Bank of Minneapolis.
  2. Kydland, Finn E & Prescott, Edward C, 1982. "Time to Build and Aggregate Fluctuations," Econometrica, Econometric Society, vol. 50(6), pages 1345-70, November.
  3. Michael Dotsey & Robert G. King & Alexander L. Wolman, 1999. "State-Dependent Pricing And The General Equilibrium Dynamics Of Money And Output," The Quarterly Journal of Economics, MIT Press, vol. 114(2), pages 655-690, May.
  4. Danthine, Jean-Pierre, 1997. "In Search of a Successor to IS-LM," Oxford Review of Economic Policy, Oxford University Press, vol. 13(3), pages 135-44, Autumn.
  5. Lawrence J. Christiano & Martin Eichenbaum & Charles L. Evans, 1996. "Sticky price and limited participation models of money: a comparison," Staff Report 227, Federal Reserve Bank of Minneapolis.
  6. Danthine, Jean-Pierre & Donaldson, John B & Johnsen, Thore, 1998. "Productivity Growth, Consumer Confidence and the Business Cycle," CEPR Discussion Papers 1779, C.E.P.R. Discussion Papers.
  7. Jeanne, Olivier, 1998. "Generating real persistent effects of monetary shocks: How much nominal rigidity do we really need?," European Economic Review, Elsevier, vol. 42(6), pages 1009-1032, June.
  8. Fabrice Collard & David de la Croix, 2000. "Gift Exchange and the Business Cycle: The Fair Wage Strikes Back," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 3(1), pages 166-193, January.
  9. Calvo, Guillermo A., 1983. "Staggered prices in a utility-maximizing framework," Journal of Monetary Economics, Elsevier, vol. 12(3), pages 383-398, September.
  10. Jean-Pierre DANTHINE & John B. DONALDSON, 1988. "Efficiency Wages and the Real Business Cycle," Cahiers de Recherches Economiques du Département d'Econométrie et d'Economie politique (DEEP) 8803, Université de Lausanne, Faculté des HEC, DEEP.
  11. Danthine, J.P. & Donaldson, J.B., 1991. "Methodological and Empirical Issues in Real Business Cycle Theory," Papers fb-_91-11, Columbia - Graduate School of Business.
  12. Prescott, Edward C., 1986. "Theory ahead of business-cycle measurement," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 25(1), pages 11-44, January.
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