In this paper, a critical assessment of dsge models, which are the theoretical basis for the monetary policy currently carried out by central banks, is the starting point for reconsidering the nature of fluctuations and giving arguments in favour of an out-of-equilibrium approach. This approach...

The paper begins by discussing the features of the impressive macroeconomic performance of China since the reform started, linking them to the choice of an export led growth strategy. We then argue that such a strategy entails a structural change for the economy, whose analysis cannot be limited...

This paper analyses the impact of alternative monetary policies on the performances of an economy facing technological changes. It shows that the restructuring of productive capacity necessary to embed the new technologies usually implies initial drops in employment and productivity, that are...