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Sur la macroéconomie de l'incertitude et des marchés incomplets

Author

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  • DREZE, Jacques H.

Abstract

[eng] Presidential address for the Twelfth World Congress of the International Economic Association, summarising semi-formally the author's recent work and concerns. Uncertainty and incomplete markets breed demand volatility as well as price and wage rigidities. The conjunction of these leads to multiple, volatile supply-constrained equilibria, typically reflecting coordination failures and apt to display persistence — as documented by three supporting theorems. Specifie implications are linked to the conclusions that we should take coordination failures seriously, try to obviate demand volatility and try to by-pass price and wage rigidities.. JEL Codes : B4, D52 [fre] Ce texte est la version écrite du discours présidentiel au douzième congrès mondial de l'Association internationale des sciences économiques, résumant les travaux récents de l'auteur et ses sujets d'intérêt de manière semi-formelle. Incertitude et marchés incomplets génèrent une volatilité de la demande ainsi que des rigidités de salaires et de prix. La conjonction de ces deux aspects conduit à des équilibres avec excès d'offre, multiples et volatils, reflétant typiquement des insuffisances de coordination, et susceptibles de persister — comme le confirment trois théorèmes. En conclusion, il apparaît d'une part que nous ne pouvons ignorer les problèmes de coordination; nous devons d'autre part essayer de remédier à la volatilité de la demande et de contourner les rigidités de prix et de salaires, par des mesures spécifiques.
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Suggested Citation

  • DREZE, Jacques H., 2000. "Sur la macroéconomie de l'incertitude et des marchés incomplets," LIDAM Reprints CORE 1448, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    • Handle: RePEc:cor:louvrp:1448
    Note: In : Revue de l'OFCE, 72, 7-37, 2000
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    References listed on IDEAS

    as
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    More about this item

    JEL classification:

    • B4 - Schools of Economic Thought and Methodology - - Economic Methodology
    • D52 - Microeconomics - - General Equilibrium and Disequilibrium - - - Incomplete Markets

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