This paper aims at giving a theoretical background to the, some- times observed, puzzling inverse correlation between the degree of de- centralization and economic growth. We provide evidence that there is some interaction between decentralization and corruption in ex- plaining growth. Within an...

This paper aims at giving a theoretical background to the, some- times observed, puzzling inverse correlation between the degree of de- centralization and economic growth. We provide evidence that there is some interaction between decentralization and corruption in ex- plaining growth. Within an...

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...