IDEAS home Printed from https://ideas.repec.org/
MyIDEAS: Log in (now much improved!) to save this article

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

Listed author(s):
  • 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.

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL: http://id.erudit.org/iderudit/010566ar
Download Restriction: no

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

as
in new window

Handle: RePEc:ris:actuec:v:79:y:2003:i:4:p:563-581
Contact details of provider: Web page: http://www.scse.ca/
Email:


More information through EDIRC

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

as
in new window

  1. 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.
  2. Thomas, J. & Worral, T., 1991. "Foreign Direcyt Investment and the Risk of Expropriation," Papers 9126, Tilburg - Center for Economic Research.
  3. Horvath, Michael & Boldrin, Michele, 1995. "Labor contracts and business cycles," UC3M Working papers. Economics 3905, Universidad Carlos III de Madrid. Departamento de Economía.
  4. Azariadis, Costas, 1975. "Implicit Contracts and Underemployment Equilibria," Journal of Political Economy, University of Chicago Press, vol. 83(6), pages 1183-1202, December.
  5. Mark W. Watson, 1991. "Measures of Fit for Calibrated Models," NBER Technical Working Papers 0102, National Bureau of Economic Research, Inc.
  6. Joseph G. Altonji & Paul J. Devereux, 1999. "The Extent and Consequences of Downward Nominal Wage Rigidity," NBER Working Papers 7236, National Bureau of Economic Research, Inc.
  7. Gary Hansen, 2010. "Indivisible Labor and the Business Cycle," Levine's Working Paper Archive 233, David K. Levine.
  8. Gomme, P. & Greenwood, J., 1993. "On the Cyclical Allocation of Risk," RCER Working Papers 355, University of Rochester - Center for Economic Research (RCER).
  9. Sherwin Rosen, 1985. "Implicit Contracts: A Survey," NBER Working Papers 1635, National Bureau of Economic Research, Inc.
  10. Jonathan Thomas & Tim Worrall, 1988. "Self-Enforcing Wage Contracts," Review of Economic Studies, Oxford University Press, vol. 55(4), pages 541-554.
  11. Hall, Robert E, 1982. "The Importance of Lifetime Jobs in the U.S. Economy," American Economic Review, American Economic Association, vol. 72(4), pages 716-724, September.
  12. 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.
  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. 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.
  15. 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.
  16. 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.
  17. 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.
  18. 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.
  19. 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 665-688, August.
  20. 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.
  21. Gordon, Donald F, 1974. "A Neo-Classical Theory of Keynesian Unemployment," Economic Inquiry, Western Economic Association International, vol. 12(4), pages 431-459, December.
  22. 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.
  23. Martin Neil Baily, 1974. "Wages and Employment under Uncertain Demand," Review of Economic Studies, Oxford University Press, vol. 41(1), pages 37-50.
  24. 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.
Full references (including those not matched with items on IDEAS)

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:ris:actuec:v:79:y:2003:i:4:p:563-581. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Bruce Shearer)

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.