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Poignée de main invisible et persistance des cycles économiques : une revue de la littérature

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  • Christian Calmès

Abstract

The author explains how self-enforcing labour contracts can enhance the performance of macroeconomic models. He exposes the benefits of using these dynamic contracts to account for some puzzling macroeconomic facts regarding the dynamics and persistence of employment, consumption and output. In particular, the dynamic properties of employment and consumption differ from those derived with the standard flexible-wage model, in a way that could shed new light on the dynamics puzzle typical of macroeconomic models.

Suggested Citation

  • Christian Calmès, 2003. "Poignée de main invisible et persistance des cycles économiques : une revue de la littérature," Staff Working Papers 03-40, Bank of Canada.
    • Handle: RePEc:bca:bocawp:03-40
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    More about this item

    JEL classification:

    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E49 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Other
    • J30 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - General
    • J31 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Wage Level and Structure; Wage Differentials
    • J41 - Labor and Demographic Economics - - Particular Labor Markets - - - Labor Contracts

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