The recent development of macroeconomic models with fixed prices and adjustment of quantities has shown the importance of considering the type of unemployment in the economy, since this determines the effects of economic policy decisions. The fundamental concept of this theory, namely fix-price...

Given the difficulties of utilitarian and egalitarian social welfare functions in the context of intergenerational equity, an analysis directly based on the potential transfers that can be made between generations is proposed. A consumption path may be rejected if some transfers with infinite...

The principle of effective demand decomposes in two distinct propositions, one pertaining to the analysis of actual, the other to the analysis of equilibrium states. The authors suggest that Keynes' apparatus of aggregate supply and demand decomposes correspondingly in two pairs of aggregate...

A major issue in reforming previously planned economies is the creation of assets markets. In this paper, it is argued that the mere characteristics of the assets to be privatized matter. Indeed, private ownership of land. It is the purpose of this paper to provide a theory of such rate. We make...

Sous l’hypothèse de prévisions parfaites et en horizon infini, nous proposons un modèle des choix de consommation d’un agent représentatif dont le revenu, à chaque période, se compose de son salaire et du rendement du stock d’actifs qu’il détient. Une partie de sa consommation est...

We address the issue of altruism when standard-of-living aspirations are transmitted from one generation to the other. In that case, the influence of altruistic parents is not limited to the bequest they could leave; indeed, they direct the evolution of children's aspirations toward raising their...

We analyze the effect of a constant debt policy on capital accumulation and provide an in-depth treatment of the dynamics in the economy of Diamond. We derive the conditions for avoiding a debt crisis in both the short-run and the long-run and provide geometrical tools to analyze the issue of...

We compare the dynamics under myopic foresight and under perfect foresight in an overlapping generations model with capital accumulation and two-period lived individuals. When the rational dynamics are defined and the myopic dynamics are monotonic, the study of myopic foresight allows to...

We address the issue of optimal growth when standard-of-living aspirations are transmitted from one generation to the next. We derive the condition for the optimal solution to be stable in the saddle-point sense and show that this optimal solution may display damped oscillations even when the...

This paper examines the dynamics of the skill supply and its incidence on economic growth in the presence of education policies. When there are indivisibilities in the financing of human capital, small differences in the initial distribution of skills may greatly affect the stationary...