The Importance of Multiple Equilibria for Economic Policy in Jan Tinbergen's Early Works

Michaël Assous and Vincent Carret ()
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Vincent Carret: TRIANGLE - Triangle : action, discours, pensée politique et économique - ENS de Lyon - École normale supérieure de Lyon - Université de Lyon - UL2 - Université Lumière - Lyon 2 - IEP Lyon - Sciences Po Lyon - Institut d'études politiques de Lyon - Université de Lyon - UJM - Université Jean Monnet - Saint-Étienne - CNRS - Centre National de la Recherche Scientifique

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Abstract: This article provides a comprehensive view of Tinbergen's macrodynamic models developed during the 1930s and early 1940s, showing how the economist's concerns evolved from problems of instability to the idea of reaching higher positions of equilibria. Tinbergen built these ideas in the framework of nonlinear models, which he used to shed a new light on several policy problems: wage changes, government expenditure and its relation to pump-priming, and the regulation of purchasing power. This work on multiple equilibria was complementary to the macroeconometric models developed in the late 1930s, where linearity was justified by the assumption of small shocks.

Keywords: Economic policy; Tinbergen; equilibria; macrodynamics; stability (search for similar items in EconPapers)
Date: 2022
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Published in European Journal of the History of Economic Thought, 2022, 29 (3), pp.455-479. ⟨10.1080/09672567.2021.2019294⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-03524000

DOI: 10.1080/09672567.2021.2019294

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