macroeconomic dynamics

Abstract

This chapter presents and compares two models. Robert Boyer (1988b) offers a medium-term model, whose horizon is defined theoretically as the time of overall régulation, that is, the period at the end of which the set of reciprocal adjustments between the various economic agents is exhausted. It is possible to produce regimes with this time horizon. By definition, a medium-term regime involves a dynamic in which each macroeconomic variable evolves at a constant rate over the selected time period. In this instance, the model’s variables are these constant rates, but this does not imply that the dynamic is in equilibrium in the common sense of the term. In terms of a general model many regimes are produced (Chapter 18).

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