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Modèles du cycle économique et marché du travail

Nombreux sont ceux qui croient que l'approche du cycle économique initiée par Lucas, Kydland et Prescott a pour objectif fondamental de doter les modèles macroéconomiques de fondements microéconomiques solides alors que l'approche IS-LM- courbe de Philipps se démarquerait par son souci et sa capacité à expliquer les faits. Nous défendons l'idée que l'approche du cycle fondée sur le modèle néoclassique de croissance et l'approche IS-LM-courbe de Philipps en sont à peu près au même point en ce qui concerne leur capacité à expliquer les faits stylisés du marché du travail. Many believe that the main goal behind the business cycle approach initiated by Lucas, Kydland and Prescott is to provide solid microfoundations for macroeconomic models while the IS-LM-Philipps curve approach would be mainly concerned with explaining the reality. We try to show that the business cycle approach based on the neoclassical growth model and the IS-LM-Philipps curve approach are at the present time on equal footing in their capacity to explain stylized facts for the labor market.

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Paper provided by CREFE, Université du Québec à Montréal in its series Cahiers de recherche CREFE / CREFE Working Papers with number 20.

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Length: 23 pages
Date of creation: Sep 1993
Date of revision:
Publication status: Published in Revue Economique, 45, pages 1065-1078, 1994
Handle: RePEc:cre:crefwp:20
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  1. Guillermo A. Calvo, 1983. "Staggered Contracts and Exchange Rate Policy," NBER Chapters, in: Exchange Rates and International Macroeconomics, pages 235-258 National Bureau of Economic Research, Inc.
  2. Edward C. Prescott, 1986. "Theory ahead of business cycle measurement," Staff Report 102, Federal Reserve Bank of Minneapolis.
  3. Burnside, Craig & Eichenbaum, Martin & Rebelo, Sergio, 1993. "Labor Hoarding and the Business Cycle," Journal of Political Economy, University of Chicago Press, vol. 101(2), pages 245-73, April.
  4. Ambler, Steve & Phaneuf, Louis, 1992. "Wage contracts and business cycle models," European Economic Review, Elsevier, vol. 36(4), pages 783-800, May.
  5. Evans, Charles L., 1992. "Productivity shocks and real business cycles," Journal of Monetary Economics, Elsevier, vol. 29(2), pages 191-208, April.
  6. Gary D. Hansen & Randall Wright, 1992. "The labor market in real business cycle theory," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Spr, pages 2-12.
  7. Ambler, Steve, 1991. "Les modèles du cycle économique face à la corrélation productivité-emploi," L'Actualité Economique, Société Canadienne de Science Economique, vol. 67(4), pages 532-548, décembre.
  8. Lucas, Robert E, Jr, 1975. "An Equilibrium Model of the Business Cycle," Journal of Political Economy, University of Chicago Press, vol. 83(6), pages 1113-44, December.
  9. Romer, David, 1990. "Staggered price setting with endogenous frequency of adjustment," Economics Letters, Elsevier, vol. 32(3), pages 205-210, March.
  10. Benjamin M. Friedman, 1978. "Crowding Out or Crowding In? Economic Consequences of Financing Government Deficits," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 9(3), pages 593-641.
  11. Gary Hansen, 2010. "Indivisible Labor and the Business Cycle," Levine's Working Paper Archive 233, David K. Levine.
  12. Benjamin M. Friedman, 1978. "Crowding Out Or Crowding In? The Economic Consequences of Financing Government Deficits," NBER Working Papers 0284, National Bureau of Economic Research, Inc.
  13. Lucas, Robert E., 1977. "Understanding business cycles," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 5(1), pages 7-29, January.
  14. Christiano, Lawrence J & Eichenbaum, Martin, 1992. "Current Real-Business-Cycle Theories and Aggregate Labor-Market Fluctuations," American Economic Review, American Economic Association, vol. 82(3), pages 430-50, June.
  15. Kydland, Finn E & Prescott, Edward C, 1982. "Time to Build and Aggregate Fluctuations," Econometrica, Econometric Society, vol. 50(6), pages 1345-70, November.
  16. Romer, David, 1989. "Staggering Price Setting with Endogenous Frequency Adjustment," Department of Economics, Working Paper Series qt8xz0v6cg, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
  17. Lucas, Robert Jr., 1972. "Expectations and the neutrality of money," Journal of Economic Theory, Elsevier, vol. 4(2), pages 103-124, April.
  18. Danthine, J.P. & Donaldson, J.B., 1991. "Methodological and Empirical Issues in Real Business Cycle Theory," Papers fb-_91-11, Columbia - Graduate School of Business.
  19. Taylor, John B., 1980. "Output and price stability: An international comparison," Journal of Economic Dynamics and Control, Elsevier, vol. 2(1), pages 109-132, May.
  20. David Backus, 1984. "Exchange Rate Dynamics in a Model with Staggered Wage Contracts," Working Papers 561, Queen's University, Department of Economics.
  21. Jordi Galí, 1992. "How Well Does The IS-LM Model Fit Postwar U. S. Data?," The Quarterly Journal of Economics, Oxford University Press, vol. 107(2), pages 709-738.
  22. Blanchard, Olivier Jean, 1989. "A Traditional Interpretation of Macroeconomic Fluctuations," American Economic Review, American Economic Association, vol. 79(5), pages 1146-64, December.
  23. Louis Phaneuf, 1990. "Wage Contracts and the Unit Root Hypothesis," Canadian Journal of Economics, Canadian Economics Association, vol. 23(3), pages 580-92, August.
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