Rueff et l'analyse du chômage : Quels héritages?
This paper shows that, Rueff (1925, 1931) distinguished [a] a « permanent » unemployment due to excessive real wages relative to the labor productivity, [b] a “temporary” unemployment due to a decline in the economic activity resulting from a cyclic decrease of the price level, and [c] a « minimum » frictional unemployment prevailing in the normal functioning of the economy. Using empirical data, Rueff suggested that the unemployment of type [a] was largely dominant in England during the 1920’s (i.e. the socalled « law of Rueff »). The confrontation between this analysis and the subsequent analysis of unemployment in the literature reveals that : (i) the Phillips curve and its extension with the NAIRU appears as a non-legacy ; (ii) the wage curve is in accordance with the « law of Rueff » and provides an interesting complement to it; (iii) the equation proposed by Allais to explain the french unemployment rate includes the three types of unemployment pointed out by Rueff; (iv) although now abandoned, the fixed price temporary equilibria theory includes the unemployment of type [a] with both the classical regime and the keynesian regime of unemployment ; (v) the new keynesian microeconomy of the labor market shows that unemployment of type [a] can be explained by the behavior of rational agents without involving rigidities imposed by the Government ; this result generalizes the concept of unemployment of type [a] but is a refutation of the possibility accepted by Rueff to get a competitive equilibrium in a labor market without exogenous rigidities; (vi) the imperfect competition WS-PS model based on negotiation between employees and employers appears in accordance with the three kinds of unemployment [a], [b] et [c] so that it can be seen in this model a synthesis joining Rueff and Allais.
|Date of creation:||2014|
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- Arturo Estrella & Frederic S. Mishkin, 1999.
"Rethinking the Role of NAIRU in Monetary Policy: Implications of Model Formulation and Uncertainty,"
in: Monetary Policy Rules, pages 405-436
National Bureau of Economic Research, Inc.
- Arturo Estrella & Frederic Mishkin, 1998. "Rethinking the role of NAIRU in monetary policy: implications of model formulation and uncertainty," Research Paper 9806, Federal Reserve Bank of New York.
- Arturo Estrella & Frederic S. Mishkin, 2000. "Rethinking the Role of NAIRU in Monetary Policy: Implications of Model Formulation and Uncertainty," NBER Working Papers 6518, National Bureau of Economic Research, Inc.
- Cahuc, Pierre & Gianella, Christian & Goux, Dominique & Zylberberg, Andre, 2002. "Equalizing Wage Differences and Bargaining Power: Evidence from a Panel of French Firms," CEPR Discussion Papers 3510, C.E.P.R. Discussion Papers.
- Cahuc, Pierre & Gianella, Christian & Goux, Dominique & Zylberberg, Andre, 2002. "Equalizing Wage Differences and Bargaining Power: Evidence from a Panel of French Firms," IZA Discussion Papers 582, Institute for the Study of Labor (IZA).
- Jean-Pascal Benassy, 1975. "Neo-Keynesian Disequilibrium Theory in a Monetary Economy," Review of Economic Studies, Oxford University Press, vol. 42(4), pages 503-523.
- Michel de Vroey, 2004. "Théorie du déséquilibre et chômage involontaire. Un examen critique," Revue économique, Presses de Sciences-Po, vol. 55(4), pages 647-668.
- Lucas, Robert Jr., 1972. "Expectations and the neutrality of money," Journal of Economic Theory, Elsevier, vol. 4(2), pages 103-124, April.
- Assar Lindbeck & Dennis J. Snower, 1989. "The Insider-Outsider Theory of Employment and Unemployment," MIT Press Books, The MIT Press, edition 1, volume 1, number 026262074x, September.
- Jean-Michel Plassard & Gabriel Tahar, 1990. "Théorie du salaire d'efficience et disparités non compensatrices : évaluation à partir de l'enquête Fqp," Économie et Prévision, Programme National Persée, vol. 92(1), pages 67-76. Full references (including those not matched with items on IDEAS)
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