Macroeconomic Policies and Institutions
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.
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- George A. Akerlof, 1978.
"A theory of social custom, of which unemployment may be one consequence,"
Special Studies Papers
118, Board of Governors of the Federal Reserve System (U.S.).
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- 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.
- Jean-Paul Fitoussi & David Jestaz & Edmund S Phelps & Gylfi Zoega, 2000. "Roots of the Recent Recoveries: Labor Reforms or Private Sector Forces?," Sciences Po publications info:hdl:2441/5571, Sciences Po.
- Fitoussi, J-P & Jestaz, D. & Phelps, E.S. & Zoega, G., 2000. "Roots of the Recent Recoveries : Labor Reforms or Private-Sector Forces ?," Documents de Travail de l'OFCE 2000-04, Observatoire Francais des Conjonctures Economiques (OFCE).
- Fitoussi, Jean-Paul, 1994.
"Wage Distribution and Unemployment: The French Experience,"
American Economic Review,
American Economic Association, vol. 84(2), pages 59-64, May.
- Jean-Paul Fitoussi, 1994. "Wage Distribution and Unemployment: The French Experience," Sciences Po publications info:hdl:2441/5901, Sciences Po.
- 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.
- Richard B. Freeman, 2005. "Labour Market Institutions Without Blinders: The Debate over Flexibility and Labour Market Performance," NBER Working Papers 11286, National Bureau of Economic Research, Inc.
- 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.
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