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La crise de la macroéconomie, une conséquence de la méconnaissance des institutions?

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  • Boyer, Robert

    (CEPREMAP)

Abstract

The paper provides a very brief and synthetic survey of major trends in macroeconomic modelling since General Theory. It argues that none of the numerous contemporary researches in macroeconomics seems to be able to explain the major stylized facts observed during the last two decades: an inflationary boom followed by disinflation, a slowing down of growth and productivity in spite of a burst of innovations, nominal and/or real wages rigidity, large hysteresis in unemployment and external disequilibria and finally the coexistence of contrasted national trajectories. No doubt that many fruitful theoretical insights have been provided and sophisticated econometric methods have delivered new and stimulating results. Nevertheless, an insufficient analysis of the impact of institutions upon individual behaviours and macroeconomic regularities might be a partial explanation of the present state of macroeconomic theory. This is a possible starting point for an alternative research agenda. Aucune des multiples théories macroéconomiques récemment élaborées ne parvient à expliquer la totalité des faits stylisés dont les deux dernières décennies ont été riches : accélération, rupture puis légère reprise de l’inflation, ralentissement de la croissance, paradoxe de la productivité, rigidité du salaire, persistance du chômage en Europe, polarisation des excédents et déficits extérieurs, coexistence de trajectoires nationales contrastées. Le caractère tout à fait partiel des explications ainsi fournies — que dissimulent parfois la sophistication des recherches économétriques — se double d’hypothèses souvent discutables concernant la nature du contexte institutionnel, caractéristique des économies réellement existantes. Même si la théorie des institutions économiques est aujourd’hui un domaine particulièrement actif, elle n’a pas encore suffisamment pénétré les recherches macroéconomiques. Le présent article suggère que nombre des faiblesses actuelles pourraient être surmontées par une plus grande attention accordée aux régularités macroéconomiques qu’induisent les institutions et formes d’organisation.

Suggested Citation

  • Boyer, Robert, 1992. "La crise de la macroéconomie, une conséquence de la méconnaissance des institutions?," L'Actualité Economique, Société Canadienne de Science Economique, vol. 68(1), pages 43-68, mars et j.
    • Handle: RePEc:ris:actuec:v:68:y:1992:i:1:p:43-68
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