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Toward a non walrasian macroeconomics

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  • Jean-Luc Gaffard

    (Observatoire français des conjonctures économiques)

Abstract

This article aims to contrast modern macroeconomic analysis with a nonWalrasian or evolutionary macroeconomics. This debate, which returns to the forefront with each major economic crisis, concerns the nature of coordination problems and the means of resolving them. While modern macroeconomic models describe the inter-temporal optimization behaviour of consumers who are perfectly adapted to their environment and cleared markets, evolutionary macroeconomics focuses on market imbalances that require adaptive behaviours. This contrast affects monetary and fiscal policy as well as the nature of any structural reforms to be carried out. It also affects the type of modelling to be developed

Suggested Citation

  • Jean-Luc Gaffard, 2018. "Toward a non walrasian macroeconomics," Sciences Po publications info:hdl:2441/1cgtnskg398, Sciences Po.
  • Handle: RePEc:spo:wpmain:info:hdl:2441/1cgtnskg398lbrjva1dhgfkgv8
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    File URL: https://spire.sciencespo.fr/hdl:/2441/1cgtnskg398lbrjva1dhgfkgv8/resources/14-157-2018-toward-a-non-walraisian-macroeconomics-jlgaffard.pdf
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    References listed on IDEAS

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    1. Mario Amendola & Jean-Luc Gaffard, 2006. "The market way to riches: behind the myth," Post-Print halshs-00420556, HAL.
    2. Hicks, John, 2017. "A Market Theory of Money," OUP Catalogue, Oxford University Press, number 9780198796237.
    3. Axel Leijonhufvud, 2000. "Macroeconomic Instability and Coordination," Books, Edward Elgar Publishing, number 750.
    4. A. Leijonhufvud., 2006. "Episodes in a Century of Macroeconomics," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 11.
    5. Tobin, James, 1972. "Inflation and Unemployment," American Economic Review, American Economic Association, vol. 62(1), pages 1-18, March.
    6. Mario Amendola & Jean-Luc Gaffard & Francesco Saraceno, 2004. "Wage Flexibility and Unemployment: The Keynesian Perspective Revisited," Scottish Journal of Political Economy, Scottish Economic Society, vol. 51(5), pages 654-674, November.
    7. Joseph E Stiglitz, 2018. "Where modern macroeconomics went wrong," Oxford Review of Economic Policy, Oxford University Press, vol. 34(1-2), pages 70-106.
    8. Mario Amendola & Jean-Luc Gaffard, 2006. "The Market Way to Riches," Books, Edward Elgar Publishing, number 4234.
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    More about this item

    Keywords

    Imperfect knowledge; Short term; Equilibrium; Flexibility; Long term; Structural reforms; Rigidity;

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