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Défaillances de coordination et volatilité des marchés

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  • Roger Guesnerie

Abstract

This is the text of the ?Jean-Jacques Laffont lecture?, closing the 2010 Congress of the afse, ?Association Française de Science Économique?. The first part comes back on the standard economic viewpoint on expectational coordination, a viewpoint that the recent events have challenged. The second part reviews the existing directions for a critical assessment of the rational expectations hypothesis. The third part shows how such a critical assessment, along the lines of the so-called ?eductive? learning approach, radically modifies our view of three key problems: the economic benefit of speculation, the informational efficiency of markets and, last but not least, the ability of long horizon agents to anticipate the future. Classification JEL : E1, E30, E32, E6

Suggested Citation

  • Roger Guesnerie, 2011. "Défaillances de coordination et volatilité des marchés," Revue économique, Presses de Sciences-Po, vol. 62(3), pages 395-408.
    • Handle: RePEc:cai:recosp:reco_623_0395
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    JEL classification:

    • E1 - Macroeconomics and Monetary Economics - - General Aggregative Models
    • E30 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - General (includes Measurement and Data)
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook

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