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Modèles du cycle économique et marché du travail

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Nombreux sont ceux qui croient que l'approche du cycle économique initiée par Lucas, Kydland et Prescott a pour objectif fondamental de doter les modèles macroéconomiques de fondements microéconomiques solides alors que l'approche IS-LM- courbe de Philipps se démarquerait par son souci et sa capacité à expliquer les faits. Nous défendons l'idée que l'approche du cycle fondée sur le modèle néoclassique de croissance et l'approche IS-LM-courbe de Philipps en sont à peu près au même point en ce qui concerne leur capacité à expliquer les faits stylisés du marché du travail. Many believe that the main goal behind the business cycle approach initiated by Lucas, Kydland and Prescott is to provide solid microfoundations for macroeconomic models while the IS-LM-Philipps curve approach would be mainly concerned with explaining the reality. We try to show that the business cycle approach based on the neoclassical growth model and the IS-LM-Philipps curve approach are at the present time on equal footing in their capacity to explain stylized facts for the labor market.

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Bibliographic Info

Paper provided by CREFE, Université du Québec à Montréal in its series Cahiers de recherche CREFE / CREFE Working Papers with number 20.

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Length: 23 pages
Date of creation: Sep 1993
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Publication status: Published in Revue Economique, 45, pages 1065-1078, 1994
Handle: RePEc:cre:crefwp:20

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Keywords: real business cycles; IS-LM model; labor market;

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