NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

NBER Publications by Gilles St. Paul

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Working Papers and Chapters

September 2011Toward a Political Economy of Macroeconomic Thinking
w17431
This paper investigates, in a simplified macro context, the joint determination of the (incorrect) perceived model and the equilibrium. I assume that the model is designed by a self-interested economist who knows the true structural model, but reports a distorted one so as to influence outcomes. This model influences both the people and the government; the latter tries to stabilize an unobserved demand shock and will make different inferences about that shock depending on the model it uses. The model's choice is constrained by a set of autocoherence conditions that state that, in equilibrium, if everybody uses the model then it must correctly predict the moments of the observables. I then study, in particular, how the models devised by the economists vary depending on whether they are "pro...
August 2011Toward a Political Economy of Macroeconomic Thinking
in NBER International Seminar on Macroeconomics 2011, Jeffrey Frankel and Christopher Pissarides, organizers
January 1993On the Political Economy of Labor Market Flexibility
in NBER Macroeconomics Annual 1993, Volume 8, Olivier Jean Blanchard and Stanley Fischer, editors

Contact and additional information for this authorAll papers and publicationsWorking Papers onlyWorking Papers with publication info

 
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