Toward a non-linear theory of economic fluctuations: Allais's contribution to endogenous business cycle theory in the 1950s
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1 octobre 2014
- ISIDORE Id: 10670/1.4cc0f3...
- hal: hal-01069253
- doi: 10.1080/09672567.2014.934871
HALSHS : archive ouverte en Sciences de l’Homme et de la Société - notices sans texte intégral
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info:eu-repo/semantics/altIdentifier/doi/10.1080/09672567.2014.934871
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Alain Raybaut, « Toward a non-linear theory of economic fluctuations: Allais's contribution to endogenous business cycle theory in the 1950s », HALSHS : archive ouverte en Sciences de l’Homme et de la Société - notices sans texte intégral, ID : 10.1080/09672567.2014.934871
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In this framework, the existence of a limit cycle is mathematically proved and its existence confirmed by empirical evidence. The mathematical tools are similar to Keynesian pioneering non-linear macrodynamic advances but the theoretical framework is obviously totally distinct. In particular, for Allais, the origin of endogenous cycles is monetary, and explained by the interplay between two key elements: the agents that hold the desired money balances and the banking system that can create money.
