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Walras-Keynes equilibria coordination and macroeconomics

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  • DREZE, Jacques H.

    ()
    (Center for Operations Research and Econometrics (CORE), Université catholique de Louvain (UCL), Louvain la Neuve, Belgium)

Abstract

In decentralised market economies, supply-constrained equilibria may persist as coordination failures, sustained but not caused by price rigidities. This feature may be arbitrarily severe, even at prices com- patible with competitive equilibrium. The supply-constraints may originate in rational expectations. Some implications for macroeco- nomics are drawn. The possibility of coordination failures explains why organised labour may resist wage flexibility. These features are il- lustrated in elementary macroeconomic prototypes, like RBC or Barro- Grossman-Malinvaud prototypes.

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Bibliographic Info

Paper provided by Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) in its series CORE Discussion Papers with number 1997051.

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Date of creation: 24 Jul 1997
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Handle: RePEc:cor:louvco:1997051

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Related research

Keywords: coordination failures; supply constraints; price rigidities; macroeconomics.;

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Cited by:
  1. O. Scaillet, 2001. "Density Estimation Using Inverse and Reciprocal Inverse Gaussian Kernels," THEMA Working Papers 2001-24, THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise.
  2. Cockx, Bart, 1999. "The Design of Active Labour Market Policies. What Matters and What Doesn't ?," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 1999035, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
  3. Citanna,Alessandro & Cres,Herve & Dreze,Jacques & Herings,P. Jean-Jacques & Villanacci,Antonio, 2001. "Underemployment of Resources and Self-fulfilling Beliefs: Non-Walrasian Allocations at Walrasian Prices," Research Memorandum 003, Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR).
  4. DREZE, Jacques H. & HERINGS, Jean-Jacques P., . "Kinky perceived demand curves and Keynes-Negishi equilibria," CORE Discussion Papers RP -2035, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  5. Antonio Villanacci & Alessandro Citanna & P. Jean-Jacques Herings & Jacques H Drèze & Hervé Crès, 2001. "Underemployment of Resources and Self-Fulfilling Beliefs: Nonwalrasian Allocations at Walrasian Prices," Sciences Po publications 003, Sciences Po.
  6. Francesco Saraceno, 2003. "Wage Regimes, Accumulation and Finance Constraints: Keynesian Unemployment Revisited," Macroeconomics 0311007, EconWPA.
  7. Sneessens, Henri R., 1998. "Technological Bias and Unemployment: A Macroeconomic Perspective," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 1999024, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES), revised 00 Aug 1999.
  8. Herings,P. Jean-Jacques, 2001. "Coordinating Thoughts on Coordination Failures," Research Memorandum 018, Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR).
  9. DREZE, Jacques H. & DURRE, Alain & SNEESSENS, Henri R., . "Investment stimulation, with some reference to housing," CORE Discussion Papers RP -1483, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  10. Fagnart, Jean-François & Sneessens, Henri, 2001. "Microeconomic Uncertainty and Macroeconomic Indeterminacy," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 2001007, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
  11. Shadman-Mehta, Fatemeh & Sneessens, Henri R., 1998. "Demand-Supply Interactions and Unemployment Dynamics: Can there be Path Dependency ? The Case of Belgium, 1955-1994," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 1998017, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
  12. Francesco Saraceno, 2004. "Wage Regimes, Accumulation and Finance Constraints : Keynesian Unemployment Revisited," Sciences Po publications 2004-01, Sciences Po.
  13. Mario Amendola & Jean-Luc Gaffard & Francesco Saraceno, 2001. "Wage Flexibility and Unemployment: The Keynesian Perspective Revisited," Documents de Travail de l'OFCE 2001-02, Observatoire Francais des Conjonctures Economiques (OFCE).
  14. Jacques H.DREZE, 2001. "On the Macroeconomics of Uncertainty and Incomplete Markets," Discussion Papers (REL - Recherches Economiques de Louvain) 2001011, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).

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