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Production Process Heterogeneity, Time to Build, and Macroeconomic Performance

  • Mario Amendola
  • Jean-Luc Gaffard
  • Francesco Saraceno

This paper describes the out-of-equilibrium approach to the analysis of economic processes. We argue that such an approach is adapted to study qualitative (or structural) changes, like technical progress or changes in preferences. Truly sequential analyses manage to capture the essential features of qualitative change. In particular, we show how this approach shifts the focus from the issue of optimality to the one of viability of the processes of change. The objective of the paper is, first, to highlight the analytical elements of an out-of-equilibrium approach, so as to serve as a guide for the construction of this type of models; second to show, how this analysis allows to see controversial phenomena, like for example the debate on wage rigidity or the productivity paradox in a new and different light ; third to identify the real causes of the on-going crisis.

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Article provided by Presses de Sciences-Po in its journal Revue de l'OFCE.

Volume (Year): N° 124 (2012)
Issue (Month): 5 ()
Pages: 263-294

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Handle: RePEc:cai:reofsp:reof_124_0263
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  1. Hicks, J R, 1970. "A Neo-Austrian Growth Theory," Economic Journal, Royal Economic Society, vol. 80(318), pages 257-81, June.
  2. Amendola, Mario & Gaffard, Jean-Luc, 1998. "Out of Equilibrium," OUP Catalogue, Oxford University Press, number 9780198293804.
  3. Mario Amendola & Jean-Luc Gaffard & Francesco Saraceno, 2004. "Wage Flexibility and Unemployment: The Keynesian Perspective Revisited," Scottish Journal of Political Economy, Scottish Economic Society, vol. 51(5), pages 654-674, November.
  4. Paul A. Samuelson, 2004. "Where Ricardo and Mill Rebut and Confirm Arguments of Mainstream Economists Supporting Globalization," Journal of Economic Perspectives, American Economic Association, vol. 18(3), pages 135-146, Summer.
  5. Blake LeBaron & Leigh Tesfatsion, 2008. "Modeling Macroeconomies as Open-Ended Dynamic Systems of Interacting Agents," American Economic Review, American Economic Association, vol. 98(2), pages 246-50, May.
  6. Richard Clarida & Jordi Gali & Mark Gertler, 1999. "The Science of Monetary Policy: A New Keynesian Perspective," NBER Working Papers 7147, National Bureau of Economic Research, Inc.
  7. Garegnani, Pierangelo, 1984. "Value and Distribution in the Classical Economists and Marx," Oxford Economic Papers, Oxford University Press, vol. 36(2), pages 291-325, June.
  8. Mario Amendola & Jean-Luc Gaffard & Francesco Saraceno, 2004. "Technological Shocks and the Conduct of Monetary Policy," Revue économique, Presses de Sciences-Po, vol. 55(6), pages 1241-1263.
  9. Kydland, Finn E & Prescott, Edward C, 1982. "Time to Build and Aggregate Fluctuations," Econometrica, Econometric Society, vol. 50(6), pages 1345-70, November.
  10. Dani Rodrik, 1998. "Symposium on Globalization in Perspective: An Introduction," Journal of Economic Perspectives, American Economic Association, vol. 12(4), pages 3-8, Fall.
  11. Olivier Blanchard & Lawrence F. Katz, 1996. "What We Know and Do Not Know About the Natural Rate of Unemployment," NBER Working Papers 5822, National Bureau of Economic Research, Inc.
  12. Phelps, Edmund S & Zoega, Gylfi, 1998. "Natural-Rate Theory and OECD Unemployment," Economic Journal, Royal Economic Society, vol. 108(448), pages 782-801, May.
  13. Hicks, John, 1989. "A Market Theory of Money," OUP Catalogue, Oxford University Press, number 9780198287247.
  14. W. Max Corden, 2011. "Global Imbalances and the Paradox of Thrift," Melbourne Institute Working Paper Series wp2011n20, Melbourne Institute of Applied Economic and Social Research, The University of Melbourne.
  15. Jean-Luc Gaffard & Francesco Saraceno, 2012. "International trade and domestic distortions," Journal of Evolutionary Economics, Springer, vol. 22(2), pages 275-301, April.
  16. Stiglitz, Joseph E, 1987. "The Causes and Consequences of the Dependence of Quality on Price," Journal of Economic Literature, American Economic Association, vol. 25(1), pages 1-48, March.
  17. Peter Howitt, 1994. "Adjusting to Technological Change," Canadian Journal of Economics, Canadian Economics Association, vol. 27(4), pages 763-75, November.
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