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Macroeconomic Policies and Institutions

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  • Jean-Paul Fitoussi

Abstract

Why since at least two decades macroeconomic policies have been so active in the US and so passive in Europe? I contend that social norms have changed and that the new norms call for a greater degree of inequality. Then macroeconomic policies have to be active in the United States and passive in Europe. The change in the social norm was mainly led by the new generation of elites born after WW2 educated in a context where individual successes were more affected to individuals than to the collective action which has contributed to build the public goods they have benefited from.

Suggested Citation

  • Jean-Paul Fitoussi, 2006. "Macroeconomic Policies and Institutions," 'Angelo Costa' Lectures Serie, SIPI Spa, issue Lect. VII.
    • Handle: RePEc:rpo:leanco:2006
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    References listed on IDEAS

    as
    1. Fitoussi, Jean-Paul, 1994. "Wage Distribution and Unemployment: The French Experience," American Economic Review, American Economic Association, vol. 84(2), pages 59-64, May.
    2. Pierre Dehez & Jean-Paul Fitoussi, 1997. "Revenu minimum, niveaux de qualification et échelles de salaires," Post-Print hal-03573481, HAL.
    3. repec:hal:spmain:info:hdl:2441/5571 is not listed on IDEAS
    4. Jean-Paul Fitoussi & David Jestaz & Edmund S. Phelps & Gylfi Zoega, 2000. "Roots of the Recent Recoveries: Labor Reforms or Private Sector Forces?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 31(1), pages 237-311.
    5. repec:hal:wpspec:info:hdl:2441/5571 is not listed on IDEAS
    6. repec:hal:spmain:info:hdl:2441/5901 is not listed on IDEAS
    7. George A. Akerlof, 1980. "A Theory of Social Custom, of which Unemployment may be One Consequence," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 94(4), pages 749-775.
    8. Richard B. Freeman, 2000. "Single Peaked Vs. Diversified Capitalism: The Relation Between Economic Institutions and Outcomes," NBER Working Papers 7556, National Bureau of Economic Research, Inc.
    9. Richard Freeman, 2005. "Labour market institutions without blinders: The debate over flexibility and labour market performance," International Economic Journal, Taylor & Francis Journals, vol. 19(2), pages 129-145.
    Full references (including those not matched with items on IDEAS)

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    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. Austerity and Ideology
      by Francesco Saraceno in Sparse Thoughts of a Gloomy European Economist on 2013-01-08 22:01:16
    2. Draghi Wants the Cake, and Eat It
      by Francesco Saraceno in Sparse Thoughts of a Gloomy European Economist on 2016-02-16 17:31:54

    Citations

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    Cited by:

    1. Jean‐Paul Fitoussi & Francesco Saraceno, 2008. "Fiscal Discipline as a Social Norm: The European Stability Pact," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 10(6), pages 1143-1168, December.
    2. Howell David R. & Baker Dean & Glyn Andrew & Schmitt John, 2007. "Are Protective Labor Market Institutions at the Root of Unemployment? A Critical Review of the Evidence," Capitalism and Society, De Gruyter, vol. 2(1), pages 1-73, May.
    3. Jean-Paul Fitoussi & Francesco Saraceno, 2013. "European economic governance: the Berlin–Washington Consensus," Cambridge Journal of Economics, Oxford University Press, vol. 37(3), pages 479-496.
    4. repec:hal:wpspec:info:hdl:2441/53r60a8s3kup1vc9k2c8h4u2h is not listed on IDEAS
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    6. repec:hal:spmain:info:hdl:2441/9909 is not listed on IDEAS
    7. Mauro Napoletano & Jean-Luc Gaffard, 2009. "Country Size, Appropriate Policy, and Economic Performance: Some Evidence from OECD Countries," Documents de Travail de l'OFCE 2009-08, Observatoire Francais des Conjonctures Economiques (OFCE).
    8. repec:hal:spmain:info:hdl:2441/9769 is not listed on IDEAS
    9. repec:hal:spmain:info:hdl:2441/53r60a8s3kup1vc9k2c8h4u2h is not listed on IDEAS
    10. Guillaume Daudin & Jean-Luc Gaffard & Francesco Saraceno, 2007. "Ordre et désordre dans l'échange international. Une revue de littérature," Revue de l'OFCE, Presses de Sciences-Po, vol. 100(1), pages 143-174.
    11. Guillaume Daudin & Jean-Luc Gaffard & Francesco Saraceno, 2007. "Ordre et désordre dans l'échange international," SciencePo Working papers Main hal-03459556, HAL.
    12. repec:hal:wpspec:info:hdl:2441/9909 is not listed on IDEAS
    13. David R. Howell & Dean Baker & Andrew Glyn & John Schmitt, 2006. "Are Protective Labor Market Institutions Really at the Root of Unemployment? A Critical Perspective on the Statistical Evidence," CEPR Reports and Issue Briefs 2006-14, Center for Economic and Policy Research (CEPR).
    14. Fiorella Kostoris Padoa Schioppa, 2006. "The 2005 Reform of the Stability and Growth Pact: Too Little, Too Late?," Bruges European Economic Research Papers 6, European Economic Studies Department, College of Europe.
    15. repec:hal:wpspec:info:hdl:2441/3201 is not listed on IDEAS
    16. repec:spo:wpecon:info:hdl:2441/3201 is not listed on IDEAS
    17. Olfa Alouini, 2009. "Country size, economic performance and the political economy of the euro zone : an empirical study of the size divide," Documents de Travail de l'OFCE 2007-01, Observatoire Francais des Conjonctures Economiques (OFCE).
    18. repec:spo:wpecon:info:hdl:2441/53r60a8s3kup1vc9k2c8h4u2h is not listed on IDEAS
    19. repec:spo:wpecon:info:hdl:2441/9909 is not listed on IDEAS
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