 General equilibrium models with rationing: The making of a ‘European specialty’Romain Plassard and Matthieu Renault European Economic Review, 2023, vol. 159, issue C Abstract: Unlike the U.S., Europe was a hotbed for general-equilibrium models with rationing (GEMR). Our goal is to explain how and why GEMR became a “European specialty” (Portes, 1987: p. 1332). We show how research on GEMR took off and developed in France and Belgium from the mid-1970s, before expanding all around Europe. We also argue that three main factors enabled the deployment of GEMR in Europe over the 1970s and 1980s. First, GEMR opened up research opportunities in areas in which European economists had specific interests (e.g., general equilibrium theory). Second, GEMR benefited from the support of some leading academic figures who mobilized institutional resources to keep stimulating research over years (e.g., Jacques Drèze, at the Center for Operations Research and Econometrics). Third, there were problems specific to the Old Continent that stimulated research on GEMR, namely persistent unemployment in Western Europe and planning in Eastern Europe. Keywords: General equilibrium models with quantity rationing; Disequilibrium econometrics; European macroeconomics (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:eee:eecrev:v:159:y:2023:i:c:s0014292123001988 DOI: 10.1016/j.euroecorev.2023.104570 Access Statistics for this article European Economic Review is currently edited by T.S. Eicher, A. Imrohoroglu, E. Leeper, J. Oechssler and M. Pesendorfer More articles in European Economic Review from Elsevier |
Is your work missing from RePEc? Here is how to contribute.
Questions or problems? Check the EconPapers FAQ or send mail to .
EconPapers is hosted by the
School of Business at Örebro University.