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Coordination et chômage involontaire : de Keynes aux nouveaux keynésiens

Listed author(s):
  • Zouache, Abdallah

    (CREUSET)

This article makes an evaluation of what remains of Keynes in New Keynesian economics (NKE). In section 2, we show to what extent Keynes’s principle of effective demand is based on an inter-individual coordination problem. Then, section 3 examines if NKE – in particular imperfect competition and coordination failures models – provides a modern interpretation of Keynes’s coordination problem. The result of our analysis is twofold. On the one hand, NKE modelizes certain part of Keynes’s theory. In particular, NKE provides microeconomic foundations for the principle of effective demand and sheds light on the role of expectations in Keynes’s coordination problem. But, on the other hand, it does not succeed to model involuntary unemployment à la Keynes. Cet article propose un bilan de l’analyse de Keynes au regard de la macroéconomie keynésienne contemporaine. Dans la première section, nous montrons dans quelle mesure le principe de la demande effective est fondé sur une conception du problème de coordination interindividuelle. La deuxième section avance que si le recours à la concurrence imparfaite peut servir de base à une interprétation contemporaine du principe de demande effective, elle n’est pas une condition suffisante à l’existence du chômage involontaire tel que Keynes l’entendait. De même, les modèles de défauts de coordination proposent une interprétation intéressante du problème de coordination de Keynes, mais ne démontrent pas l’existence du chômage involontaire.

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

Volume (Year): 79 (2003)
Issue (Month): 1 (Mars-Juin)
Pages: 179-195

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Handle: RePEc:ris:actuec:v:79:y:2003:i:1:p:179-195
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  1. George A. Akerlof & Janet L. Yellen, 1985. "A Near-Rational Model of the Business Cycle, with Wage and Price Inertia," The Quarterly Journal of Economics, Oxford University Press, vol. 100(Supplemen), pages 823-838.
  2. Oliver Hart, 1982. "A Model of Imperfect Competition with Keynesian Features," The Quarterly Journal of Economics, Oxford University Press, vol. 97(1), pages 109-138.
  3. J. M. Keynes, 1937. "The General Theory of Employment," The Quarterly Journal of Economics, Oxford University Press, vol. 51(2), pages 209-223.
  4. J. Tobin, 1958. "Liquidity Preference as Behavior Towards Risk," Review of Economic Studies, Oxford University Press, vol. 25(2), pages 65-86.
  5. Blanchard, Olivier Jean & Kiyotaki, Nobuhiro, 1987. "Monopolistic Competition and the Effects of Aggregate Demand," American Economic Review, American Economic Association, vol. 77(4), pages 647-666, September.
  6. Bruce Greenwald & Joseph E. Stiglitz, 1993. "New and Old Keynesians," Journal of Economic Perspectives, American Economic Association, vol. 7(1), pages 23-44, Winter.
  7. Benassy, Jean-Pascal, 1987. "Imperfect competition, unemployment and policy," European Economic Review, Elsevier, vol. 31(1-2), pages 417-426.
  8. Patinkin, Don, 1984. "Keynes and Economics Today," American Economic Review, American Economic Association, vol. 74(2), pages 97-102, May.
  9. Olivier Jean Blanchard & Stanley Fischer, 1989. "Lectures on Macroeconomics," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262022834.
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