CRISE DE LA THEORIE ET CRISE DE LA POLITIQUE

Jean-Luc Gaffard

Description

Niveau: Secondaire, Lycée
 Document de travail    CRISE DE LA THEORIE ET CRISE DE LA POLITIQUE ECONOMIQUE : DES MODELES D'EQUILIBRE GENERAL STOCHASTIQUE AUX MODELES DE DYNAMIQUE HORS DE L'EQUILIBRE Jean-Luc Gaffard OFCE SKEMA Business School         20 12 -1 0/ m ar s 2 01 2  

• déviations du taux de marge


• marchés de produit et du travail


• stochastique dynamique


• taux croissance


• politique monétaire


• modèle d'équilibre général

Sujets

• United States
• Politique monétaire

Informations

• Publié par: sucun
• Nombre de lectures: 25
• Langue: English

Extrait

Documentdetravail

CRISE DE LA THEORIE ET CRISE DE LA POLITIQUE ECONOMIQUE : DES MODELES D’EQUILIBRE GENERAL STOCHASTIQUE AUX MODELES DE DYNAMIQUE

HORS DE L’EQUILIBRE

JeanLuc Gaffard OFCE SKEMA Business School

mars 2012 /

201210

Abstract

Crisis of Economic Theory and Policy:

from DSGE to Out-of-Equilibrium Models

Jean-Luc Gaffard OFCE SKEMA Business School

This paper is dedicated at reconsidering the objectives of monetary policy and also at redefining a policy mix in an economy which is systematically confronted to imbalances due to changes in technology, in the composition of demand or in the distribution of income, It is motivated by the policy failures as revealed by the on-going crisis. A critical assessment of DSGE models, which are the theoretical basis for the monetary policy currently carried out by central banks that only targets a rate of inflation, is the starting point for reconsidering the nature of fluctuations and giving arguments in favour of an out-of-equilibrium approach. This approach focuses on the distortions in the structure of productive capacity induced by any structural change, and shows why and how the time inconsistency between the construction and the utilization phases of the production process has a monetary and a financial counterpart that may generate a global instability. It calls for a revision of objectives of monetary policy and a new policy mix.

JEL Codes32, E 52, E 58, E 61.: E

Key words: fluctuations, inflation, interest rate, monetary policy, structural change.

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