IDEAS home Printed from https://ideas.repec.org/p/hal/journl/hal-03148074.html
   My bibliography  Save this paper

Covid-19 and interweaving of crises: Restoring Keynesianism in order to rebuild macroeconomic policy
[Covid-19 et imbrication des crises : réhabiliter le keynésianisme pour refonder la politique macroéconomique]

Author

Listed:
  • Sébastien Charles
  • Thomas Dallery

    (CLERSÉ - Centre Lillois d’Études et de Recherches Sociologiques et Économiques - UMR 8019 - Université de Lille - CNRS - Centre National de la Recherche Scientifique)

  • Jonathan Marie

    (CEPN - Centre d'Economie de l'Université Paris Nord - UP13 - Université Paris 13 - USPC - Université Sorbonne Paris Cité - CNRS - Centre National de la Recherche Scientifique)

Abstract

La pandémie mondiale provoque une crise économique sans précédent aux conséquences sociales dévastatrices, tout en remettant en perspective la crise écologique. L'imbrication de ces crises impose que l'articulation des politiques macroéconomiques soit revue ; la politique budgétaire doit devenir l'outil privilégié de la politique économique comme le recommandent les post-keynésiens au contraire des tenants du nouveau consensus en macroéconomie. La politique monétaire doit appuyer la politique budgétaire, pendant que des mesures comme la baisse du temps de travail doivent être adoptées. Cette réarticulation de la politique économique est nécessaire afin de limiter les conséquences économiques négatives de la crise de la covid-19, mais aussi à plus long terme pour permettre le plein-emploi, enclencher véritablement la transition écologique et réduire la vulnérabilité des économies aux chocs globaux.

Suggested Citation

  • Sébastien Charles & Thomas Dallery & Jonathan Marie, 2021. "Covid-19 and interweaving of crises: Restoring Keynesianism in order to rebuild macroeconomic policy [Covid-19 et imbrication des crises : réhabiliter le keynésianisme pour refonder la politique ma," Post-Print hal-03148074, HAL.
    • Handle: RePEc:hal:journl:hal-03148074
    DOI: 10.4000/regulation.18390
    Note: View the original document on HAL open archive server: https://hal.science/hal-03148074
    as

    Download full text from publisher

    File URL: https://hal.science/hal-03148074/document
    Download Restriction: no
    File URL: https://libkey.io/10.4000/regulation.18390?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Barro, Robert J, 1974. "Are Government Bonds Net Wealth?," Journal of Political Economy, University of Chicago Press, vol. 82(6), pages 1095-1117, Nov.-Dec..
    2. Mario Seccareccia & Najib Khan, 2019. "The Illusion of Inflation Targeting: Have Central Banks Figured Out What They Are Actually Doing Since the Global Financial Crisis? An Alternative to the Mainstream Perspective," International Journal of Political Economy, Taylor & Francis Journals, vol. 48(4), pages 364-380, October.
    3. Brett Fiebiger & Marc Lavoie, 2020. "Helicopter Ben, Monetarism, The New Keynesian Credit View and Loanable Funds," Journal of Economic Issues, Taylor & Francis Journals, vol. 54(1), pages 77-96, January.
    4. King, Lewis C. & van den Bergh, Jeroen C.J.M., 2017. "Worktime Reduction as a Solution to Climate Change: Five Scenarios Compared for the UK," Ecological Economics, Elsevier, vol. 132(C), pages 124-134.
    5. Jörg Bibow, 2018. "How Germany’s anti-Keynesianism has brought Europe to its knees," International Review of Applied Economics, Taylor & Francis Journals, vol. 32(5), pages 569-588, September.
    6. Sébastien Charles & Thomas Dallery & Jonathan Marie, 2015. "Why the Keynesian Multiplier Increases During Hard Times: A Theoretical Explanation Based on Rentiers' Saving Behaviour," Metroeconomica, Wiley Blackwell, vol. 66(3), pages 451-473, July.
    7. Pullinger, Martin, 2014. "Working time reduction policy in a sustainable economy: Criteria and options for its design," Ecological Economics, Elsevier, vol. 103(C), pages 11-19.
    8. Sébastien Charles & Thomas Dallery & Jonathan Marie, 2018. "Why Are Keynesian Multipliers Larger in Hard Times? A Palley-Aftalion-Pasinetti Explanation," Review of Radical Political Economics, Union for Radical Political Economics, vol. 50(4), pages 736-756, December.
    9. Steven Pressman, 2019. "How low can we go? The limits of monetary policy," Review of Keynesian Economics, Edward Elgar Publishing, vol. 7(2), pages 137-150, April.
    10. Steven M. Fazzari, 2020. "Was Keynesian economics ever dead? If so, has it been resurrected?," Review of Keynesian Economics, Edward Elgar Publishing, vol. 8(1), pages 46-60, January.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Cieplinski, André & D'Alessandro, Simone & Guarnieri, Pietro, 2021. "Environmental impacts of productivity-led working time reduction," Ecological Economics, Elsevier, vol. 179(C).
    2. Arvind Ashta, 2017. "Work-sharing from Different Angles: A literature review," Working Papers CEB 17-033, ULB -- Universite Libre de Bruxelles.
    3. Patrick Bottazzi, 2019. "Work and Social-Ecological Transitions: A Critical Review of Five Contrasting Approaches," Sustainability, MDPI, vol. 11(14), pages 1-19, July.
    4. Lukács, Bence & Antal, Miklós, 2023. "The practical feasibility of working time reduction: Do we have sufficient data?," Ecological Economics, Elsevier, vol. 204(PA).
    5. Gerold, Stefanie & Hoffmann, Maja & Aigner, Ernest, 2023. "Towards a critical understanding of work in ecological economics: A postwork perspective," Ecological Economics, Elsevier, vol. 212(C).
    6. Charles, Sébastien, 2019. "Le multiplicateur budgétaire endogène au cycle dans un modèle macroéconomique post-keynésien [The state-dependent fiscal Multiplier in a Post-Keynesian Macroeconomic Model]," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 26.
    7. Pragidis, I.C. & Tsintzos, P. & Plakandaras, B., 2018. "Asymmetric effects of government spending shocks during the financial cycle," Economic Modelling, Elsevier, vol. 68(C), pages 372-387.
    8. Reiner Eichenberger & David Stadelmann, 2009. "Consequences of Debt Capitalization: Property Ownership and Debt/Tax Choice," CREMA Working Paper Series 2009-08, Center for Research in Economics, Management and the Arts (CREMA).
    9. Francisco Alvarez-Cuadrado & Ngo Van Long, 2012. "Envy and Inequality," Scandinavian Journal of Economics, Wiley Blackwell, vol. 114(3), pages 949-973, September.
    10. Roozbeh Hosseini & Larry E. Jones & Ali Shourideh, 2009. "Risk Sharing, Inequality and Fertility," NBER Working Papers 15111, National Bureau of Economic Research, Inc.
    11. Xinshen DIAO & Terry L. ROE & A. Erinç YELDAN, 1999. "How Fiscal Mismanagement May Impede Trade Reform: Lessons From An Intertemporal, Multi-Sector General Equilibrium Model For Turkey," The Developing Economies, Institute of Developing Economies, vol. 37(1), pages 59-88, March.
    12. Fernando Broner & Daragh Clancy & Aitor Erce & Alberto Martin, 2022. "Fiscal Multipliers and Foreign Holdings of Public Debt [When Should You Adjust Standard Errors for Clustering?]," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 89(3), pages 1155-1204.
    13. Mengyuan Zhou, 2022. "Does the Source of Inheritance Matter in Bequest Attitudes? Evidence from Japan," Journal of Family and Economic Issues, Springer, vol. 43(4), pages 867-887, December.
    14. Markku Ollikainen, 1998. "Sustainable Forestry: Timber Bequests, Future Generations and Optimal Tax Policy," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 12(3), pages 255-273, October.
    15. Citera, Emanuele & Sau, Lino, 2019. "Complexity, Conventions and Instability: the role of monetary policy," Department of Economics and Statistics Cognetti de Martiis. Working Papers 201924, University of Turin.
    16. Herrera, Santiago, 2000. "Determinantes y composición del endeudamiento público en Colombia," IDB Publications (Working Papers) 2110, Inter-American Development Bank.
    17. Schreiner, Lena & Madlener, Reinhard, 2022. "Investing in power grid infrastructure as a flexibility option: A DSGE assessment for Germany," Energy Economics, Elsevier, vol. 107(C).
    18. Grossmann, Volker, 2008. "Risky human capital investment, income distribution, and macroeconomic dynamics," Journal of Macroeconomics, Elsevier, vol. 30(1), pages 19-42, March.
    19. Francisco Eduardo Barreto de Oliveira, 2015. "Basic Issues in Reforming Social Security Systems," Discussion Papers 0071, Instituto de Pesquisa Econômica Aplicada - IPEA.
    20. Jellal, Mohamed, 2009. "Family Institution and Filial Attention Contract," MPRA Paper 17713, University Library of Munich, Germany.

    More about this item

    Keywords

    politique économique; nouveau consensus; post-keynésianisme;
    All these keywords.

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hal:journl:hal-03148074. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: CCSD (email available below). General contact details of provider: https://hal.archives-ouvertes.fr/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.