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A Dynamic Model of the French Economy, with Rational Expectations, Monopolistic Competition and Labour Market Bargaining

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  • Jean-Pierre Laffargue

Abstract

This paper describes a small dynamic model of the French economy in a situation of imperfect competition on all markets, with some nominal rigidity and part of households facing a liquidity constraint. Economic agents optimise over time. One of the features of this model is that the labour market is modeled in some detail. Dynamic and long-term multipliers are computed, under rational expectations, for changes in fiscal, para fiscal and budgetary policy, for alterations to the environment of France, and for structural shocks. These multipliers are given economic interpretation.

Suggested Citation

  • Jean-Pierre Laffargue, 1995. "A Dynamic Model of the French Economy, with Rational Expectations, Monopolistic Competition and Labour Market Bargaining," Annals of Economics and Statistics, GENES, issue 37-38, pages 465-530.
    • Handle: RePEc:adr:anecst:y:1995:i:37-38:p:465-530
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    Cited by:

    1. L'Horty, Yannick & Rault, Christophe, 2003. "Why Is French Equilibrium Unemployment So High? An Estimation of the WS-PS Model," Journal of Applied Economics, Universidad del CEMA, vol. 6(1), pages 1-30, May.
    2. Jacquinot, P. & Mihoubi, F., 2000. "Modele a anticipations rationnelles de la conjoncture simulee : MARCOS," Working papers 78, Banque de France.
    3. Pierre Villa, 2002. "Liquidité et passage de la valeur," Working Papers 2002-10, CEPII research center.
    4. Ferhat MIHOUBI & Pascal JACQUINOT, 2004. "The Optimality of the US and Euro Area Taylor Rule," Computing in Economics and Finance 2004 220, Society for Computational Economics.
    5. Jacquinot, P. & Mihoubi, F., 2003. "L’apport des modèles de la nouvelle génération à l’analyse économique, l’exemple de MARCOS," Bulletin de la Banque de France, Banque de France, issue 117, pages 63-84.
    6. JACQUINOT Pascal & MIHOUBI Ferhat, 2010. "The Optimality of the Taylor Rule in MARCOS: Some Deterministic and Stochastic Experiments," EcoMod2003 330700073, EcoMod.
    7. Yannick L'Horty & Florence Thibault, 1998. "Le chômage d'équilibre, de quoi parlons-nous ?," Revue Française d'Économie, Programme National Persée, vol. 13(4), pages 51-81.
    8. Pierre Villa, 2004. "Incertitude radicale et choix du modèle," Working Papers 2004-06, CEPII research center.
    9. Laffargue, Jean-Pierre & L'horty, Yannick, 1995. "Estimation d'équations d'emploi et de salaire au niveau sectoriel sur données trimestrielles. (une)," CEPREMAP Working Papers (Couverture Orange) 9511, CEPREMAP.
    10. Laffargue, Jean-Pierre, 1995. "Charges sociales, qualifications et emploi. étude à l'aide d'un modèle d'équilibre général calculable de l'économie française," CEPREMAP Working Papers (Couverture Orange) 9502, CEPREMAP.
    11. Pierre Villa, 1997. "Incertitude sur le choix du modèle et rationalité," Working Papers 1997-09, CEPII research center.

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