TY - JOUR
T1 - Imperfect competition and the trade cycle
T2 - aborted guidelines from the late 1930s
AU - Ferreira, Rodolphe dos Santos
AU - D'Aspremont, Claude
AU - Gérard-Varet, Louis André
PY - 2011/7
Y1 - 2011/7
N2 - The cyclical behavior of wages and prices was a central topic in trade cycle analysis on the eve of the Second World War. Keynes and Harrod independently referred in the same year to the supposed countercyclicality of real wages, a feature that was contested soon after, on empirical grounds, by Dunlop and Tarshis. An ambitious research program integrating macroeconomics and imperfect competition was elaborated to reconcile theory and observations, but was suddenly discontinued. This program was sufficiently ripe to include the main ingredients of the New Keynesian research program, which was only put forth in the 1980s.
AB - The cyclical behavior of wages and prices was a central topic in trade cycle analysis on the eve of the Second World War. Keynes and Harrod independently referred in the same year to the supposed countercyclicality of real wages, a feature that was contested soon after, on empirical grounds, by Dunlop and Tarshis. An ambitious research program integrating macroeconomics and imperfect competition was elaborated to reconcile theory and observations, but was suddenly discontinued. This program was sufficiently ripe to include the main ingredients of the New Keynesian research program, which was only put forth in the 1980s.
UR - http://www.scopus.com/inward/record.url?scp=80052984045&partnerID=8YFLogxK
U2 - 10.1215/00182702-1346905
DO - 10.1215/00182702-1346905
M3 - Article
AN - SCOPUS:80052984045
SN - 0018-2702
VL - 43
SP - 513
EP - 536
JO - History of Political Economy
JF - History of Political Economy
IS - 3
ER -