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On the macroeconomics of uncertainty and incomplete markets

Jacques Dreze

No 1999064, CORE Discussion Papers from Université catholique de Louvain, Center for Operations Research and Econometrics (CORE)

Abstract: 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 bypass price and wage rigidities.

Date: 1999-11-01
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Related works:
Working Paper: On the macroeconomics of uncertainty and incomplete markets (2001)
Working Paper: On the Macroeconomics of Uncertainty and Incomplete Markets (2001) Downloads
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