Staggered contracts and persistence : microeconomic foundations and macroeconomic dynamics

We develop in this article a new form of wage contracts similar in spirit to those developed by Calvo (1983), and integrate these contracts into a dynamic stochastic grneral equilibrium model. Rational wage setting by utility maximizing trade-unions is explicitly modelled. We derive the optimal wage contracts, and compute the dynamic macroeconomic response to monetary shocks. It is shown that, unlike in most traditional models, this response can display strong persistence, a hump shaped response and positive autocorrelations in output and employment variations. All these results are obtained in a model with explicit closed-form solutions.Persistence, Staggered wages, Wage contracts

Théorie du déséquilibre et fondements micro-économiques de la macroéconomie

[fre] Cet article fait une synthèse des recherches récentes (dans la ligne des travaux de Clower et Leijonhufvud) sur la théorie du déséquilibre et ises applications à l'articulation micro-macroéconomie. On étudie en particulier les problèmes de la monnaie, de demande effective, la formalisation des Equilibres keynésiens, la concurrence monopolistique, la loi de Walras... L'accent est particulièrement mis sur les aspects dynamiques de la théorie, et la construction de modèles d'économies décentralisées. [eng] Disequiubrium theory. And the microeconomic foundations of macroeconomics. . This article gives a synthetic account of recent research (in line with the initial work of Clower and Leijonhulvud) on the theory of disequilibrium and its applications to the integration of micro-and macroeconormes. The paper studies particularly the issues of money, effective demand, lormalization of Keynesian Equilibria, monopolistic competition, Walras' law... A particular emphasis is put on the dynamic aspects of the theory and on the building of models of decentralized economics.