In a first section, we shall discuss the main issues that divided Wicksell and Mises during a debate that took place between them in 1914. We will first analyze how the two authors conceived the link between the “commodity market” and the “money market” as well as their respective stance...

In this paper, we reconsider Ludwig von Mises and Friedrich Hayek's theories of business cycles in the light of their methodological approach. In the first part, we clarify Mises and Hayek's methodological frameworks in order to provide a better understanding of their programmatic approach of...

We consider an economic model that features: 1. a continuum of agents 2. an aggregate state of the world over which agents have an infinitesimal influence. We first propose a review, based on work by Jara (2007), of the connections between the eductive viewpoint that puts emphasis on Strongly...

The concept of Rationalizability has been used in the last fifteen years to study stability of equilibria on models with continuum of players such as standard competitive markets, macroeconomic dynamics and currency attacks. However, Rationalizability has been formally defined in a general...

We consider an economic model that features : 1. a continuum of agents 2. an aggregate state of the world over which agents have an infinitesimal influence. We first review the connections between the eductive viewpoint that puts emphasis for example on strongly rational expectations equilibrium...

We examine whether the "fear" of globalisation can be rationalised by economic theory. To do so, we depart from the standard AD/AS (partial) equilibrium model where the coordinational role of the Auctioneer is substituted by an implementation device based on learning (Guesnerie, 1992). By...

We study how asymmetric information affects the set of rationalizable solutions in a linear setup where the outcome is determined by forecasts about this same outcome. The unique rational expectations equilibrium is also the unique rationalizable solution when the sensitivity of the outcome to...

We define continuous-time dynamics for exchange economies with fiat money. Traders have locally rational expectations, face a cash-in-advance constraint, and continuously adjust their short-run dominant strategy in a monetary strategic market game involving a double-auction with limit-price...

This paper compares the most significant expectational stability criteria that have been used to assess the plausibility of perfect foresight trajectories in forward-looking dynamical systems: determinacy of trajectories, absence of neighbour sunspot trajectories, and convergence of " evolutive...

We set up a rational expectations model in which investors trade a risky asset based on a private signal they receive about the quality of the asset, and a public signal that represents a noisy aggregation of the private signals of all investors. Our model allows us to examine what happens to...