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La poignée de main invisible et la persistance des cycles d’affaires : un survol

  • Calmès, Christian

    (CIRPÉE)

The purpose of this survey is to show how self-enforcing labor contracts can enhance the performance of macroeconomic models. I expose some desirable features of these dynamic contracts regarding the duplication of puzzling macroeconomic facts relative to the dynamics and persistence of employment, consumption, and hence output. Within this framework, dynamic properties of employment and consumption are shown to be interestingly different from those derived with the standard flexible wage model, in a way that could shed new light on the dynamics puzzle usually encountered in macroeconomic models. L’objet de cette revue de la littérature est de mettre en évidence les implications des rigidités de salaire (et de revenu d’emploi) liées au partage de risque, pour la réplication de certains faits stylisés concernant la persistance des cycles d’affaires. Il s’agit de montrer les effets potentiels du partage de risque entre entreprises et employés sur la dynamique de l’emploi et de la consommation agrégés et donc de la production agrégée ; dynamique que les modèles macroéconomiques traditionnels ont parfois du mal à reproduire. En particulier, j’expose les propriétés que les contrats autoexécutoires confèrent au salaire réel, à l’emploi et à la consommation agrégés ; et comment ces propriétés sont susceptibles de pallier les insuffisances, au chapitre de la dynamique – plus précisément de la persistance – des mécanismes de propagation interne de ces modèles usuels.

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

Volume (Year): 79 (2003)
Issue (Month): 4 (Décembre)
Pages: 563-581

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Handle: RePEc:ris:actuec:v:79:y:2003:i:4:p:563-581
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  1. Gomme, P. & Greenwood, J., 1993. "On the Cyclical Allocation of Risk," RCER Working Papers 355, University of Rochester - Center for Economic Research (RCER).
  2. Timothy Cogley & James M. Nason, 1993. "Output dynamics in real business cycle models," Working Papers in Applied Economic Theory 93-10, Federal Reserve Bank of San Francisco.
  3. Thomas, J.P. & Worrall, T., 1991. "Foreign direct investment and the risk of expropriation," Discussion Paper 1991-26, Tilburg University, Center for Economic Research.
  4. Horvath, Michael & Boldrin, Michele, 1995. "Labor contracts and business cycles," UC3M Working papers. Economics 3905, Universidad Carlos III de Madrid. Departamento de Economía.
  5. Martin S. Feldstein, 1975. "The Importance of Temporary Layoffs: An Empirical Analysis," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 6(3), pages 725-745.
  6. Sherwin Rosen, 1985. "Implicit Contracts: A Survey," NBER Working Papers 1635, National Bureau of Economic Research, Inc.
  7. Mark W. Watson, 1991. "Measures of Fit for Calibrated Models," NBER Technical Working Papers 0102, National Bureau of Economic Research, Inc.
  8. Hall, Robert E, 1982. "The Importance of Lifetime Jobs in the U.S. Economy," American Economic Review, American Economic Association, vol. 72(4), pages 716-24, September.
  9. Paul Beaudry & John DiNardo, 1995. "Is the Behavior of Hours Worked Consistent with Implicit Contract Theory?," The Quarterly Journal of Economics, Oxford University Press, vol. 110(3), pages 743-768.
  10. Jean-Pierre DANTHINE & John B. DONALDSON, 1991. "Risk Sharing in the Business Cycle," Cahiers de Recherches Economiques du Département d'Econométrie et d'Economie politique (DEEP) 9109, Université de Lausanne, Faculté des HEC, DEEP.
  11. Steve Ambler & Alain Guay & Louis Phaneuf, 1999. "Wage Contracts and Labor Adjustment Costs as Endogenous Propagation Mechanisms," Cahiers de recherche CREFE / CREFE Working Papers 69, CREFE, Université du Québec à Montréal.
  12. Lilien, David M, 1980. "The Cyclical Pattern of Temporary Layoffs in United States Manufacturing," The Review of Economics and Statistics, MIT Press, vol. 62(1), pages 24-31, February.
  13. Milton Harris & Bengt Holmstrom, 1982. "A Theory of Wage Dynamics," Review of Economic Studies, Oxford University Press, vol. 49(3), pages 315-333.
  14. Rotemberg, Julio J & Woodford, Michael, 1996. "Real-Business-Cycle Models and the Forecastable Movements in Output, Hours, and Consumption," American Economic Review, American Economic Association, vol. 86(1), pages 71-89, March.
  15. Beaudry, Paul & DiNardo, John, 1991. "The Effect of Implicit Contracts on the Movement of Wages over the Business Cycle: Evidence from Micro Data," Journal of Political Economy, University of Chicago Press, vol. 99(4), pages 665-88, August.
  16. Robert E. Hall, 1980. "Employment Fluctuations and Wage Rigidity," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 11(1, Tenth ), pages 91-142.
  17. Martin Neil Baily, 1974. "Wages and Employment under Uncertain Demand," Review of Economic Studies, Oxford University Press, vol. 41(1), pages 37-50.
  18. Paul J. Devereux & Joseph G. Altonji, 2000. "The extent and consequences of downward nominal wage rigidity," Open Access publications 10197/311, School of Economics, University College Dublin.
  19. Jacob Mincer & Boyan Jovanovic, 1981. "Labor Mobility and Wages," NBER Chapters, in: Studies in Labor Markets, pages 21-64 National Bureau of Economic Research, Inc.
  20. Azariadis, Costas, 1975. "Implicit Contracts and Underemployment Equilibria," Journal of Political Economy, University of Chicago Press, vol. 83(6), pages 1183-1202, December.
  21. Robert M. Solow & Joseph E. Stiglitz, 1968. "Output, Employment, and Wages in the Short Run," The Quarterly Journal of Economics, Oxford University Press, vol. 82(4), pages 537-560.
  22. Hansen, Gary D., 1985. "Indivisible labor and the business cycle," Journal of Monetary Economics, Elsevier, vol. 16(3), pages 309-327, November.
  23. Jonathan Thomas & Tim Worrall, 1988. "Self-Enforcing Wage Contracts," Review of Economic Studies, Oxford University Press, vol. 55(4), pages 541-554.
  24. Gordon, Donald F, 1974. "A Neo-Classical Theory of Keynesian Unemployment," Economic Inquiry, Western Economic Association International, vol. 12(4), pages 431-59, December.
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