Search results for ""Author Jean-Pascal Bénassy""

The macroeconomics of imperfect competition is a field which has witnessed an almost exponential growth in the last twenty years. The reason for this success is simple as this field combines two important, and hitherto incompatible, features: On one hand, like Walrasian or new classical macroeconomics it has fully rigorous microeconomic foundations. On the other hand, like Keynesian macroeconomics (which itself lacked such foundations) it can produce underemployment of resources and macroeconomic coordination failures. This successful blend of the General Equilibrium, Keynesian and Imperfect Competition traditions has become a most influential paradigm in macroeconomics.Jean-Pascal Benassy, himself the author of several pioneering contributions, has assembled leading articles in the field and written an extensive introduction putting them and other contributions in the area into perspective. This volume will be a basic reference source for professors, students and researchers in this important and rapidly expanding field.

Read more less

In recent years the field of dynamic stochastic general equilibrium models has emerged as the central field of macroeconomics. These models give a unified treatment of growth and fluctuations in a general equilibrium framework where all agents behave rationally. A particularly successful part of this field introduces imperfect competition and nonclearing markets into this framework, which also leads to the study of problems like unemployment. This timely volume gives a full account of the field, starting with the various general equilibrium traditions that ultimately led to this research area, and then describing the evolution of the models, with special emphasis on how they succeeded in representing features of dynamics that other models failed to reproduce.This collection will be an invaluable source of reference for professors and graduate students specializing in macroeconomics. It should also be of interest to students of the history of economic thought, as it shows how apparently antagonistic subfields ended up merging to produce a better synthetic theory.

Read more less