La formulation du modèle keynésien et le choix de l'unité de mesure

Alain Beraud

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Abstract: This contribution analyzes how Keynes and the Keynesians asked the question of the choice of the unit of measure of the macroeconomic aggregates. Underlining the narrow relationships which exist between the lectures Keynes professed between 1933 and 1935 and the diverse versions of the model IS-LM, it shows that the problems arise from the way Keynes had approached this problem. To argue about the monetary value of the aggregates leads to dichotomize the model and does not allow to analyze correctly the interdependence between the labor market on one hand and the goods markets and the money market on the other hand. The model so formulated does not allow to treat in a rigorous way the effects of a variation of the monetary wage. It lets think, wrongly, that there is inevitably full employment equilibrium.

Keywords: unit of measure; Keynes; IS-LM; unité de mesure (search for similar items in EconPapers)
Date: 2014-09
New Economics Papers: this item is included in nep-hpe
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Published in Recherches Economiques de Louvain - Louvain economic review, 2014, 80 (3), pp.21-50. ⟨10.3917/rel.803.0021⟩

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Journal Article: La formulation du modèle keynésien et le choix de l'unité de mesure (2014)
Working Paper: La formulation du modèle keynésien et le choix de l'unité de mesure (2014)
Working Paper: La formulation du modèle keynésien et le choix de l'unité de mesure (2012)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-01065712

DOI: 10.3917/rel.803.0021

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