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Les keynésiens doivent-ils se passer de la courbe de Phillips?

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  • Lawrence H. Summers

Abstract

[fre] La courbe de Phillips semble être éliminée des modèles puisqu'une inflation stable n'affecte pas le chômage. Cela ne signifie pas qu'aucune politique n'est mais plutôt qu'il existe des limites à l'équilibre qu'une politique peut imposer. La difficulté est de trouver la politique adéquate ce qui l'amélioration des théories de l'hystérésis décrivant comment l'histoire détermine l'équilibre d'une économie. En fait, pour mener une politique efficace, il faut, comme un joueur de poker, se faire un jugement au cas par cas et mener des actions audacieuses. Cela sera beaucoup plus efficace que suivre passivement les règles établies, d'autant plus que les théories améliorées des hystérésis peuvent être d'une grande aide. [eng] The natural rate Phillips curve can be eliminated from our models since steady inflation does not affect the average level of unemployment. This does not mean that no policy is efficient, this proves only that there are limits to the equilibria that policies can impose on the economy. The difficulty is in finding the right policy, this will require improved hysteresis theories describing how history determines an economy equilibrium. In fact, a shrewd policy maker will make case by case judgments — just as a poker player — and will not shrink from bold actions. He will be much more efficient than others who passively follow fixed rules and in addition improved theories of economic hysteresis will help them out.

Suggested Citation

  • Lawrence H. Summers, 1990. "Les keynésiens doivent-ils se passer de la courbe de Phillips?," Revue Française d'Économie, Programme National Persée, vol. 5(2), pages 3-28.
  • Handle: RePEc:prs:rfreco:rfeco_0769-0479_1990_num_5_2_1248
    Note: DOI:10.3406/rfeco.1990.1248
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