This paper describes the out-of-equilibrium approach to the analysis of economic processes. We argue that such an approach is adapted to study qualitative (or structural) changes, like technical progress or changes in preferences. Truly sequential analyses manage to capture the essential...

This brief argues that increasing inequality had deep macroeconomic consequences as it contributed, in combination with credit institutions, to either stagnating aggregate demand or to increasing public and private debt. Inequality may also contribute, along with supply factors, to the drifting...

L’Europe est en crise et des doutes se font jour sur la capacité de l’Union européenne (UE) à y faire face. Cette crise et ces doutes ont de nombreux points communs. Ils sont profonds, multidimensionnels et sans doute durables. Pour les comprendre et proposer, modestement, quelques...

L’augmentation des inégalités a des conséquences macroéconomiques importantes car, combinée aux idiosyncrasies institutionnelles et aux réponses politiques, elle contribue soit à la stagnation de la demande agrégée soit à la hausse des dettes publiques et privées. Les inégalités...

Il en est du commerce international comme du progrès technique : de faibles performances en matière de croissance et d’emploi, quand elles surviennent, lui sont facilement attribuées. Cet article rappelle que l’ouverture au commerce international, comme le progrès technique, crée...

This paper presents a sequential model suited to analyze transitions between equilibria. Disequilibrium dynamics are obtained from a standard monopolistic competition model, by introducing a sequential structure and reasonable hypotheses about technology, finance constraints, expectation...

Keynes' main concern in the General Theory is about the capacity of an economy to return to a full employment equilibrium when subject to a (negative) demand shock. He maintains that money wages cuts may not help reabsorb unemployment, as they do not necessarily imply a fall in real wages. On...

This paper models the organization of the firm as a type of artificial neural network in a duopoly setting. The firm plays a repeated Prisoner’s Dilemma type game, and must also learn to map environmental signals to demand parameters and to its rival’s willingness to cooperate. We study the...

We study the dynamics of firm size in a repeated Cournot game with unkown demand function.We model the firm as a type of artificial neural network. Each period it must learn to map environmental signals to both demand parameters and its rival’s output choice. But this learning game is in the...

The debate on public finances’ sustainability has long focused on the conditions for the accumulation of debt. This implied that, empirically, the analyses revolved around estimations of dynamic versions of the debt accumulation equation, through unit root tests and cointegration tests between...