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Chômage d’équilibre, équilibres multiples et défauts de coordination

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  • Julien, Ludovic A.

    (Université Paris X-Nanterre)

Abstract

This article analyzes the contribution of the macroeconomics of coordination failures to unemployment equilibrium theory. Coordination failures deal with the interactions of rational agents in decentralized market economies. Such an approach gives microeconomic foundations for persistent unemployment equilibria in a general equilibrium framework without assuming sticky prices and wages. In this recent literature, we distinguish between three kinds of coordination failures, each of which causes unemployment. The issues are then: (i) the microeconomics of coordination failures, (ii) the aggregate demand externalities, (iii) the transaction externalities and (iv) the role of increasing returns to scale. Policies and equilibrium selection are developed within the article. Cet article analyse la contribution de la macroéconomie des défauts de coordination au chômage d’équilibre. La littérature consacrée aux défauts de coordination souligne les manifestations de l’interaction entre agents rationnels dans des économies décentralisées. Une telle aproche offre des fondements microéconomiques à l’existence du chômage d’équilibre persistant dans un cadre d’équilibre général sans présupposer la rigidité des prix et des salaires. Les modèles de chômage d’équilibre peuvent être regroupés en trois catégories selon les causes attribuées aux défauts de coordination. Les thèmes développés sont (i) les fondements microéconomiques des défauts de coordination, (ii) les externalités de demande agrégée, (iii) les externalités d’échanges et (iv) les externalités dues aux rendements croissants. La politique économique et la sélection des équilibres sont également développées dans cet article.

Suggested Citation

  • Julien, Ludovic A., 2003. "Chômage d’équilibre, équilibres multiples et défauts de coordination," L'Actualité Economique, Société Canadienne de Science Economique, vol. 79(4), pages 523-562, Décembre.
  • Handle: RePEc:ris:actuec:v:79:y:2003:i:4:p:523-562
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