IDEAS home Printed from https://ideas.repec.org/
MyIDEAS: Login to save this article or follow this journal

Un modèle macroéconomique de chômage avec concurrence imparfaite et anticipations rationnelles

  • Bénassy, Jean-Pascal

    (CEPREMAP)

Registered author(s):

    We construct in this article a macroeconomic model of unemployment with imperfect competition (based on objective demand curves) and rational expectations, and we study its characteristics, in order notably to compare them with those of usual Keynesian and Walrasian macroeconomic models. We first see that the model's equilibrium displays properties of inefficiency and underemployment of resources (notably labor) which are very similar to those of a Keynesian equilibrium with rigid prices and general excess supply. Inspite of this a proportional increase of the quantity of money is neutral, just as in a Walrasian model. We finally find that the normative prescriptions of the model concerning public spending are neither Keynesian nor Walrasian. Nous construisons dans cet article un modèle macroéconomique de chômage avec concurrence imparfaite (basée sur des courbes de demande objectives) et anticipations rationnelles, et nous en étudions les caractéristiques, dans le but notamment de les comparer à celles des modèles macroéconomiques keynésiens et walrasiens habituels. On voit tout d’abord que l’équilibre du modèle a des propriétés d’inefficacité et de sous-emploi des ressources (notamment du travail) très semblables à celles d’un équilibre keynésien à prix rigides et excès d’offre généralisé. Malgré cela un accroissement proportionnel de la quantité de monnaie est neutre, tout comme dans un modèle walrasien. Finalement on trouve que les recommandations normatives quant aux dépenses publiques ne sont ni keynésiennes, ni walrasiennes.

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

    File URL: http://id.erudit.org/iderudit/602058ar
    Download Restriction: no

    Article provided by Société Canadienne de Science Economique in its journal L'Actualité économique.

    Volume (Year): 68 (1992)
    Issue (Month): 1 (mars et juin)
    Pages: 23-42

    as
    in new window

    Handle: RePEc:ris:actuec:v:68:y:1992:i:1:p:23-42
    Contact details of provider: Web page: http://www.scse.ca/
    Email:


    More information through EDIRC

    References listed on IDEAS
    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

    as in new window
    1. Benassy, Jean-Pascal, 1990. "Non-Walrasian equilibria, money, and macroeconomics," Handbook of Monetary Economics, in: B. M. Friedman & F. H. Hahn (ed.), Handbook of Monetary Economics, edition 1, volume 1, chapter 4, pages 103-169 Elsevier.
    2. Benassy, Jean-Pascal, 1993. "Imperfect competition and the suboptimality of rational expectations," European Economic Review, Elsevier, vol. 37(7), pages 1315-1330, October.
    3. Benassy, Jean-Pascal, 1976. "The Disequilibrium Approach to Monopolistic Price Setting and General Monopolistic Equilibrium," Review of Economic Studies, Wiley Blackwell, vol. 43(1), pages 69-81, February.
    4. Sneessens, Henri R., 1987. "Investment and the inflation-unemployment tradeoff in a macroeconomic rationing model with monopolistic competition," European Economic Review, Elsevier, vol. 31(3), pages 781-808, April.
    5. Silvestre, Joaquim, 1988. "Undominated prices in the three good model," European Economic Review, Elsevier, vol. 32(1), pages 161-178, January.
    6. Martin L. Weitzman, 1984. "The Simple Macroeconomics of Profit Sharing," Working papers 357, Massachusetts Institute of Technology (MIT), Department of Economics.
    7. Benassy Jean-pascal, 1990. "Imperfect competition and the suboptimality of rational expectations," CEPREMAP Working Papers (Couverture Orange) 9024, CEPREMAP.
    8. Benassy, Jean-Pascal, 1987. "The Objective Demand Curve in General Equilibrium with Price Makers," Economic Journal, Royal Economic Society, vol. 98(390), pages 37-49, Supplemen.
    9. Weitzman, Martin L, 1982. "Increasing Returns and the Foundations of Unemployment Theory," Economic Journal, Royal Economic Society, vol. 92(368), pages 787-804, December.
    10. Hahn, Frank, 1978. "On Non-Walrasian Equilibria," Review of Economic Studies, Wiley Blackwell, vol. 45(1), pages 1-17, February.
    11. Dixit, Avinash K & Stiglitz, Joseph E, 1977. "Monopolistic Competition and Optimum Product Diversity," American Economic Review, American Economic Association, vol. 67(3), pages 297-308, June.
    12. Benassy, Jean-Pascal, 1987. "Imperfect competition, unemployment and policy," European Economic Review, Elsevier, vol. 31(1-2), pages 417-426.
    13. Hart, Oliver, 1982. "A Model of Imperfect Competition with Keynesian Features," The Quarterly Journal of Economics, MIT Press, vol. 97(1), pages 109-38, February.
    14. Dixon, Huw, 1987. "A Simple Model of Imperfect Competition with Walrasian Features," Oxford Economic Papers, Oxford University Press, vol. 39(1), pages 134-60, March.
    15. Benassy, Jean-pascal, 1989. "Microeconomic foundations and properties of a macroeconomic model with imperfect competition," CEPREMAP Working Papers (Couverture Orange) 8927, CEPREMAP.
    16. Jacobsen, Hans Jorgen & Schultz, Christian, 1990. " A General Equilibrium Macro Model with Wage Bargaining," Scandinavian Journal of Economics, Wiley Blackwell, vol. 92(3), pages 379-98.
    17. Blanchard, Olivier Jean & Kiyotaki, Nobuhiro, 1987. "Monopolistic Competition and the Effects of Aggregate Demand," American Economic Review, American Economic Association, vol. 77(4), pages 647-66, September.
    Full references (including those not matched with items on IDEAS)

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    When requesting a correction, please mention this item's handle: RePEc:ris:actuec:v:68:y:1992:i:1:p:23-42. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Bruce Shearer)

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.