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La crise de la macroéconomie, une conséquence de la méconnaissance des institutions?

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  • Boyer, Robert


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    The paper provides a very brief and synthetic survey of major trends in macroeconomic modelling since General Theory. It argues that none of the numerous contemporary researches in macroeconomics seems to be able to explain the major stylized facts observed during the last two decades: an inflationary boom followed by disinflation, a slowing down of growth and productivity in spite of a burst of innovations, nominal and/or real wages rigidity, large hysteresis in unemployment and external disequilibria and finally the coexistence of contrasted national trajectories. No doubt that many fruitful theoretical insights have been provided and sophisticated econometric methods have delivered new and stimulating results. Nevertheless, an insufficient analysis of the impact of institutions upon individual behaviours and macroeconomic regularities might be a partial explanation of the present state of macroeconomic theory. This is a possible starting point for an alternative research agenda. Aucune des multiples théories macroéconomiques récemment élaborées ne parvient à expliquer la totalité des faits stylisés dont les deux dernières décennies ont été riches : accélération, rupture puis légère reprise de l’inflation, ralentissement de la croissance, paradoxe de la productivité, rigidité du salaire, persistance du chômage en Europe, polarisation des excédents et déficits extérieurs, coexistence de trajectoires nationales contrastées. Le caractère tout à fait partiel des explications ainsi fournies — que dissimulent parfois la sophistication des recherches économétriques — se double d’hypothèses souvent discutables concernant la nature du contexte institutionnel, caractéristique des économies réellement existantes. Même si la théorie des institutions économiques est aujourd’hui un domaine particulièrement actif, elle n’a pas encore suffisamment pénétré les recherches macroéconomiques. Le présent article suggère que nombre des faiblesses actuelles pourraient être surmontées par une plus grande attention accordée aux régularités macroéconomiques qu’induisent les institutions et formes d’organisation.

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    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: 43-68

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    Handle: RePEc:ris:actuec:v:68:y:1992:i:1:p:43-68
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    1. Romer, Paul M, 1986. "Increasing Returns and Long-run Growth," Journal of Political Economy, University of Chicago Press, vol. 94(5), pages 1002-1037, October.
    2. Joseph E. Stiglitz, 1991. "Symposium on Organizations and Economics," Journal of Economic Perspectives, American Economic Association, vol. 5(2), pages 15-24, Spring.
    3. Aghion, Philippe & Howitt, Peter, 1991. "Unemployment : A symptom of stagnation or a side-effect of growth?," European Economic Review, Elsevier, vol. 35(2-3), pages 535-541, April.
    4. Alberto Alesina, 1988. "Macroeconomics and Politics," NBER Chapters,in: NBER Macroeconomics Annual 1988, Volume 3, pages 13-62 National Bureau of Economic Research, Inc.
    5. Mankiw, N Gregory, 1990. "A Quick Refresher Course in Macroeconomics," Journal of Economic Literature, American Economic Association, vol. 28(4), pages 1645-1660, December.
    6. J. Peter Neary, 1980. "Nontraded Goods and the Balance of Trade in a Neo-Keynesian Temporary Equilibrium," The Quarterly Journal of Economics, Oxford University Press, vol. 95(3), pages 403-429.
    7. Phelps, Edmund, 2015. "Seven Schools of Macroeconomic Thought," OUP Catalogue, Oxford University Press, number 9780198743903.
    8. Akerlof, George A, 1984. "Gift Exchange and Efficiency-Wage Theory: Four Views," American Economic Review, American Economic Association, vol. 74(2), pages 79-83, May.
    9. Edmund S. Phelps, 1968. "Money-Wage Dynamics and Labor-Market Equilibrium," Journal of Political Economy, University of Chicago Press, vol. 76, pages 678-678.
    10. Lawson, Tony, 1989. "Abstraction, Tendencies and Stylised Facts: A Realist Approach to Economic Analysis," Cambridge Journal of Economics, Oxford University Press, vol. 13(1), pages 59-78, March.
    11. Solow, Robert M., 1979. "Another possible source of wage stickiness," Journal of Macroeconomics, Elsevier, vol. 1(1), pages 79-82.
    12. Ronald G. Bodkin & Lawrence R. Klein & Kanta Marwah, 1991. "A History of Macroeconometric Model-Building," Books, Edward Elgar Publishing, number 51.
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