La nouvelle synthèse et la théorie des cycles réels

It has become increasingly common to refer to the New Synthesis in order to characterize the analytical approach for explaining nominal rigidities and market imperfections, while excluding agents' behavior and the rational formation of expectations. Yet, further examination of its basic model shows that there has in fact been an absorption of the model by the real cycles theory, which recognizes only a marginal role of money. The fundamental hypothesis of rigidities joins the standard framework of competitive equilibrium which is the basic reference table of this theory. The characteristics of the inter-temporal utility function, the emphasis on the real interest rate and the passivity of money are all indicative of the hegemonic status conferred to the real approach. Following practical and theoretical confusion caused by the crisis, the hypotheses of the new synthesis were the target of the critics. The limits of the New Synthesis are to be found in the treatment it gives to money and not in the descriptive content of the hypotheses.