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Le rôle des variations de taux de marge dans les fluctuations macroéconomiques conjoncturelles

  • Portier, Franck

    (Université de Rouen)

This paper is concerned with the recent developments of macroeconomic intertemporal general equilibrium models with imperfect competition and variable markups at the business cycle frequency. We first present some empirical puzzles that can be explained by models with cyclical markups, and how these models raise some new questions about the introduction of materials, the returns to scale and the measure of the Solow residual. We then present the different models that can account for cyclical markups, and give some piece of evidence of their empirical relevance in the business cycle. Cet article passe en revue les développements récents de la théorie macroéconomique des fluctuations conjoncturelles qui intègrent explicitement une imperfection de la concurrence et des variations de taux de marge du prix sur le coût marginal dans le cycle. Nous présentons les questions empiriques posées, les précautions de modélisation qu’implique le choix de la concurrence imparfaite (prise en compte des consommations intermédiaires, rendements croissants, résidu de Solow), les différentes théories rendant compte de variations cycliques des taux de marge ainsi que les procédures de validation de ces théories.

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

Volume (Year): 71 (1995)
Issue (Month): 2 (juin)
Pages: 218-249

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Handle: RePEc:ris:actuec:v:71:y:1995:i:2:p:218-249
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  1. Hairault, Jean-Olivier & Portier, Franck, 1993. "Money, New-Keynesian macroeconomics and the business cycle," European Economic Review, Elsevier, vol. 37(8), pages 1533-1568, December.
  2. Fairise, X. & Langot, F., 1992. "Labor Productivity and Business Cycle : Can R.B.C. Models Be Saved?," Papiers d'Economie Mathématique et Applications 92.39, Université Panthéon-Sorbonne (Paris 1).
  3. 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.
  4. Benassy, Jean-Pascal, 1991. "Monopolistic competition," Handbook of Mathematical Economics, in: W. Hildenbrand & H. Sonnenschein (ed.), Handbook of Mathematical Economics, edition 1, volume 4, chapter 37, pages 1997-2045 Elsevier.
  5. Lawrence J. Christiano & Martin Eichenbaum, 1990. "Current real business cycle theories and aggregate labor market fluctuations," Discussion Paper / Institute for Empirical Macroeconomics 24, Federal Reserve Bank of Minneapolis.
  6. Rotemberg, Julio J & Saloner, Garth, 1986. "A Supergame-Theoretic Model of Price Wars during Booms," American Economic Review, American Economic Association, vol. 76(3), pages 390-407, June.
  7. de la Croix, David, 1992. "Union-Firm Bargaining, Investment and Equilibrium Unemployment," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 1992020, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
  8. Blanchard, Olivier Jean & Quah, Danny, 1989. "The Dynamic Effects of Aggregate Demand and Supply Disturbances," American Economic Review, American Economic Association, vol. 79(4), pages 655-73, September.
  9. Catherine J. Morrison, 1990. "Market Power, Economic Profitability and Productivity Growth Measurement: An Integrated Structural Approach," NBER Working Papers 3355, National Bureau of Economic Research, Inc.
  10. Startz, Richard, 1989. "Monopolistic Competition as a Foundation for Keynesian Macroeconomic Models," The Quarterly Journal of Economics, MIT Press, vol. 104(4), pages 737-52, November.
  11. Charles L. Evans, 1991. "Productivity shocks and real business cycles," Working Paper Series, Macroeconomic Issues 91-22, Federal Reserve Bank of Chicago.
  12. Bils, Mark, 1987. "The Cyclical Behavior of Marginal Cost and Price," American Economic Review, American Economic Association, vol. 77(5), pages 838-55, December.
  13. Mankiw, N Gregory, 1989. "Real Business Cycles: A New Keynesian Perspective," Journal of Economic Perspectives, American Economic Association, vol. 3(3), pages 79-90, Summer.
  14. Michael B. Devereux & Allen C. Head & Beverly J. Lapham, 1993. "Exit and Entry, Increasing Returns to Specialization, and Business Cycles," Working Papers 871, Queen's University, Department of Economics.
  15. Craig Burnside & Martin Eichenbaum & Sergio Rebelo, 1990. "Labor Hoarding and the Business Cycle," NBER Working Papers 3556, National Bureau of Economic Research, Inc.
  16. Catherine J. Morrison, 1989. "Markup Behavior in Durable and Nondurable Manufacturing: A production Theory Approach," NBER Working Papers 2941, National Bureau of Economic Research, Inc.
  17. Benassy, Jean-Pascal, 1987. "Imperfect competition, unemployment and policy," European Economic Review, Elsevier, vol. 31(1-2), pages 417-426.
  18. 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.
  19. Kydland, Finn E & Prescott, Edward C, 1982. "Time to Build and Aggregate Fluctuations," Econometrica, Econometric Society, vol. 50(6), pages 1345-70, November.
  20. King, Robert G. & Plosser, Charles I. & Rebelo, Sergio T., 1988. "Production, growth and business cycles : II. New directions," Journal of Monetary Economics, Elsevier, vol. 21(2-3), pages 309-341.
  21. Franck PORTIER, 1995. "Business Formation and Cyclical Markups in the French Business Cycle," Annales d'Economie et de Statistique, ENSAE, issue 37-38, pages 411-440.
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