English, Article, Journal or magazine article edition: On the Macroeconomics of Uncertainty and Incomplete Markets Jacques H.DREZE

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Bookmark: http://trove.nla.gov.au/version/4306
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • On the Macroeconomics of Uncertainty and Incomplete Markets
Author
  • Jacques H.DREZE
Physical Description
  • preprint
Notes
  • Presidential address for the Twelfth World Congress of the International Economic Association, summarising semi-formally the author's recent work and concerns. Uncertainty and incomplete markets breed demand volatility as well as price and wage rigidities. The conjunction of these leads to multiple, volatile supply-constrained equilibria, typically reflecting coordination failures and apt to display persistence - as documented by three supporting theorems. Specific implications are linked to the conclusions that we should take coordination failures seriously, try to obviate demand volatility and try to by-pass price and wage rigidities.
  • Incomplete markets, wage and prices rigidities, supply-constrained equilibria, coordination failures
  • RePEc:ctl:louvre:2001011
Language
  • English
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