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General Equilibrium Models with Rationing: The Making of a 'European Specialty'

Author

Listed:
  • Romain Plassard

    (LEDa - Laboratoire d'Economie de Dauphine - IRD - Institut de Recherche pour le Développement - Université Paris Dauphine-PSL - PSL - Université Paris Sciences et Lettres - CNRS - Centre National de la Recherche Scientifique)

  • Matthieu Renault

    (PHARE - Philosophie, Histoire et Analyse des Représentations Économiques - UP1 - Université Paris 1 Panthéon-Sorbonne, GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis (1965 - 2019) - CNRS - Centre National de la Recherche Scientifique - UniCA - Université Côte d'Azur)

Abstract

Europe was where research on general equilibrium models with rationing (GEMR) gained traction. The goal of our article is to explain how and why. We show that research on GEMR took off and developed in France and Belgium from the mid-1970s before expanding all around Europe. We also show that three factors contributed to the deployment of GEMR across Europe. First, GEMR opened up new research perspectives in microeconomics, macroeconomics, and econometrics. Second, leading figures not only advocated for GEMR but also had the institutional resources to stimulate new research. The most well-known example is Drèze, at the Center for Operations Research and Econometrics. Our article also reveals the influence of Pierre-Yves Hénin at Paris I University, Werner Hildenbrand at the University of Bonn, and Jean-Jacques Laffont at Toulouse School of Economics. Third, there were problems specific to the Old Continent that stimulated the use of GEMR, namely persistent unemployment in Western Europe and planning in Eastern Europe.

Suggested Citation

  • Romain Plassard & Matthieu Renault, 2023. "General Equilibrium Models with Rationing: The Making of a 'European Specialty'," Post-Print hal-03860264, HAL.
    • Handle: RePEc:hal:journl:hal-03860264
    DOI: 10.1016/j.euroecorev.2023.104570
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    Cited by:

    1. Goutsmedt, Aurélien & Truc, Alexandre, 2023. "An independent European macroeconomics? A history of European macroeconomics through the lens of the European Economic Review," European Economic Review, Elsevier, vol. 158(C).

    More about this item

    Keywords

    history of macroeconomics; general equilibrium models with rationing; disequilibrium econometrics; european macroeconomics;
    All these keywords.

    JEL classification:

    • B21 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Microeconomics
    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • B23 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Econometrics; Quantitative and Mathematical Studies
    • E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical
    • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes

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