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Journal articles

Le retour de l’économie keynésienne

Abstract : Pre-crisis standard macroeconomic models, qualified as neo Keynesian, rely more on the concept of natural rate of interest than on global demand. But new insights in macroeconomic theory build far more realistic models, especially as regards labour and good and services markets. These models renew with the Keynes intuitions – under-consumption, savings paradox – and are more suitable to reality confrontation. The Keynesian or neo-classical pattern should no more be a political or theoretical stake but rather an empirical one. For example, recent econometric studies highlight that the American economy behaves as Keynesian during the biggest crisis but as non Keynesian during smaller ones. This should be a guide for policy makers.
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Submitted on : Wednesday, December 8, 2021 - 8:40:01 AM
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Xavier Ragot. Le retour de l’économie keynésienne. Revue d'économie financière, Association d'économie financière (AEF), 2016, pp.173 - 185. ⟨hal-03469978⟩



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