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Papers by Pierre-Yves Hénin

On the Theoretical Relevance and Empirical Validity of Augmented Real Business Cycle Models: An I... more On the Theoretical Relevance and Empirical Validity of Augmented Real Business Cycle Models: An Introduction.- 1 Why to Consider Augmented Real Business Cycle Models?.- 2 Walrasian ARBC Models.- 3 Non Walrasian Models and Other Developments.- 4 Looking at the Future : Beyond ARBC Models.- I Advances into RBC Framework.- 1 Presentation and Evaluation of the Real Business Cycles Approach.- 1.1 Presentation of the Canonical RBC Model.- 1.1.1 Exposition of the Model.- 1.1.2 The Resolution Method.- 1.1.3 The Economic Mechanisms at the Heart of RBC Models.- 1.2 The Evaluation of RBC Approach.- 1.2.1 The Stylized Facts of the French and US Fluctuations.- 1.2.2 Calibration.- 1.2.3 Cyclical Properties of the Model.- 1.3 Concluding Comments.- 1.4 Appendix : Solving the Linear System.- 2 A RBC Model for Explaining Cyclical Labor Market Features.- 2.1 Productivity, Labor Productivity and Business Cycle.- 2.1.1 The Solow Residual in RBC Models.- 2.1.2 Labor Productivity Cycle : a Stylized Fact.- 2.2 The Model.- 2.2.1 The Firms.- 2.2.2 The Households.- 2.2.3 The Government.- 2.2.4 The Planner's Decision Rules.- 2.3 Solution Method and Calibration.- 2.4 Impulse Response Functions for Technological and Government Spending Shocks.- 2.4.1 Technological Shocks.- 2.4.2 Government Spending Shock.- 2.5 Simulation Results.- 2.5.1 The USA.- 2.5.2 France.- 2.5.3 Conclusion of the Quantitative Analysis.- 2.6 Concluding Comments.- 2.7 Appendix.- 3 Cash-In-Advance Constraint and the Business Cycle.- 3.1 The Model.- 3.1.1 The Neoclassical Growth Model with Cash-In-Advance.- 3.1.2 How to Solve the Model?.- 3.2 Dynamic Features of the Cash-In-Advance Constraint Model.- 3.2.1 Transitional Dynamics.- 3.2.2 Instantaneous Responses to a Technological Shock.- 3.2.3 Instantaneous Responses to a Monetary Shock.- 3.3 Can a Cash-In-Advance Constraint Account for the Role of Monetary Shocks in the Business Cycle?.- 3.3.1 Simulation Method and Calibration Issues.- 3.3.2 The Specific Role of Monetary Shocks in Cash-In-Advance Models.- 3.3.3 Monetary Shocks and Cash-In-Advance Constraint: a Counter-Factual Impulsion-Propagation Scheme.- 3.4 Concluding Comments.- 3.5 Appendix.- 4 The International Transmission of Real Business Cycles.- 4.1 A One-Sector, Two-Country Model.- 4.1.1 Preferences.- 4.1.2 Technology.- 4.1.3 Constraints.- 4.1.4 Model Resolution.- 4.2 Impulse Response to Productivity and Government Spending Shocks.- 4.2.1 Effects of Productivity Shock.- 4.2.2 Effects of Government Spending Shock.- 4.3 Model Predictions and International Business Cycles.- 4.3.1 The Stylized Facts.- 4.3.2 Model Predictions.- 4.4 Concluding Comments.- 4.5 Appendix.- 5 A Small Open Economy RBC Model: the French Economy Case.- 5.1 The RBC Model of the French Economy.- 5.1.1 Technology and Preferences.- 5.1.2 Optimal Behavior of Households and Firms.- 5.1.3 Competitive Equilibrium of the Economy.- 5.1.4 Stationarization and Linearization of the Model.- 5.2 Two Exercises of Model Validation.- 5.2.1 Parameter Calibration of the Benchmark Model.- 5.2.2 Traditional Validation by Moment Comparison.- 5.2.3 Impulse Response Functions of the RBC and VAR Models.- 5.3 Concluding Comments.- II Advances beyond RBC Framework.- 6 Nominal Rigidities and Monopolistic Competition: A New-Keynesian View.- 6.1 The Model.- 6.1.1 A Monopolistic Competition Model with Money in the Utility Function.- 6.1.2 Definition and Resolution of the Equilibrium.- 6.2 Monetary Disturbances and Business Cycle in France and the United States.- 6.2.1 Parameter Calibration.- 6.2.2 Estimation of the Exogenous Shocks Processes.- 6.2.3 The Effect of Monetary Shocks, Monopolistic Competition and Price Stickiness.- 6.2.4 The Effect of Increasing Returns.- 6.2.5 The Model and the Business Cycle on US and French Data.- 6.2.6 Impulse Responses to Technological and Monetary Shocks.- 6.3 Concluding Comments.- 6.4 Appendix.- 7 Nominal Wage Contracts and the Short-Run Dynamics of Real Wages.- 7.1 The Model.- 7.1.1 The Economic Environment.- 7.1.2 The Competitive Equilibrium of the Economy without Wage Contracts.- 7.1.3 The Equilibrium with Nominal Wage Contracts.- 7.2 The Mechanisms of the Model.- 7.2.1 Calibration.- 7.2.2 The Walrasian Model with Interrelated Adjustment Costs.- 7.2.3 The Model with Interrelated Adjustment Costs and Contracts.- 7.3 Validation.- 7.3.1 The Stylized Facts.- 7.3.2 Does the Model Match the Data?.- 7.3.3 Nominal Shocks and Short-Run Dynamics of Real Wages.- 8 Unemployment and Business Cycle : a General Equilibrium Matching Model.- 8.1 The Model.- 8.1.1 The Labor Market.- 8.1.2 The Firm.- 8.1.3 The Household.- 8.2 The Symmetric General Equilibrium.- 8.2.1 The Wage Bargaining Process and the Search Intensity Decision.- 8.2.2 Rational Expectations Equilibrium.- 8.2.3 Resolution Method.- 8.3 Results.- 8.3.1 Impulse Response Functions.- 8.3.2 Does the Model Match the U.S. Business Cycle?.- 8.3.3 Does the Model Match the French Business Cycle?.- 8.4 Concluding Comments.- 9 Business Cycle and…

Part One - The Development of Macrodynamics Chapter 1: Great dynamic theories of the past Chapter... more Part One - The Development of Macrodynamics Chapter 1: Great dynamic theories of the past Chapter 2: Pre-Keynesian theories of growth and fluctuations Chapter 3: The Keynesian revolution Part Two Chapter 4: The consumption function Chapter 5: Investment and Factor demand Chapter 6: Financial behaviour and the demand for money Part Three Chapter 7: The representation of growth and its sources Chapter 8: The stability and regulation of growth Chapter 9: Growth: trends and limits Part Four Chapter 10: The analysis of fluctuations Chapter 11: Inflation and Unemployment Chapter 12: Disequilibria in the present day

Apres un chapitre preliminaire discutant du statut et des limites du principe de causalite, une p... more Apres un chapitre preliminaire discutant du statut et des limites du principe de causalite, une premiere partie traite de divers problemes epistemologiques d'une pensee formelle. Le chapitre II presente et discute de l'empirisme logique, epistemologie de reference tres influente parmi les economistes anglo-saxons. Le chapitre III examine le role de la forme dans la connaissance, de Kant au formalisme contemporain, en remarquant en particulier l'apport de l'epistemologie genetique de Piaget. Le chapitre IV discute du statut des representations, de la notion de modele et des criteres d'une representation scientifique. On releve au passage des acquis de la theorie des modeles qui devraient retenir l'attention des economistes comme l'equivalence entre existence d'un modele et consistance d'une theorie, ou la distinction entre modele de [un objet] et modele pour [une theorie]. La deuxieme partie s'attache a developper la notion de structure causale...

In order to assess the welfare costs and gains of di erent scenarios of pension reforms for Frenc... more In order to assess the welfare costs and gains of di erent scenarios of pension reforms for French socio-occupational groups,we compute transition paths from the current situation to the steady states resulting from the ultimate e ects of reforms.Accounting for di erent income and mortality risks,together with bequests,allows our model to better reproduce wealth inequality than standard life-cycle models do. Alternative pensions reforms are considered,combining:i)reduced generosity through lower replacement rates or postponing retirement;ii)alternative financing schemes:current balance vs.building a temporary smoothing fund or a permanent funded pillar. The consequences of these scenarios on macro aggregates,inequality measures and age/group specific welfare and consumption profiles are computed at the rational expectation equilibrium. We first show how the situation of young cohorts deteriorates in the no-reform case,with a passive adjustment in contribution rates.However,the inter...

Sustainability tests often ignore the joint dynamics of stock and flow variables. This paper show... more Sustainability tests often ignore the joint dynamics of stock and flow variables. This paper shows that such a practice leads to inappropriate statistical inference, and that taking into account this joint dynamics when testing for unit root induces large power gains. This paper introduces a new statistics denoted FADF (Feedback augmented Dickey Fuller), which fully combines feedback effects and covariates. The paper derives the limit distribution of the test statistic and comments on the asymptotic power functions. A simulation study and an empirical application based on US public debt sustainability illustrate the potential of this approach.

A un moment ou la controverse des deux Cambridge suscite un regain d'interet pour une reflexi... more A un moment ou la controverse des deux Cambridge suscite un regain d'interet pour une reflexion conceptuelle sur la theorie du capital, la these souhaite proposer un cadre d'integration entre theories de la production, du capital et de la circulation monetaire. Un chapitre introductif met en place les grandes problematiques qui sous-tendent le travail- approche formelle et approche conceptuelle, economie d'echange et economie de production, theorie de la circulation versus theorie de l'allocation- et les replace dans la perspective de la conception wicksellienne d'une economie capitalistique et monetaire. En quatre chapitres, la premiere partie presente une theorie du capital financier. Le chapitre 1er evoque l'evolution de la theorie du capital du point de vue, preclassique, classique et marxiste, de la circulation - ou du circuit - a celui de l'allocation des biens et services. Le chapitre II explicite les varietes du concept de capital du point de vue ...

Introduction J.-O. Hairault, et al. Part I: Fiscal Policies, Business Cycle and Growth. 1. An Exp... more Introduction J.-O. Hairault, et al. Part I: Fiscal Policies, Business Cycle and Growth. 1. An Exploration Into the Effects of Dynamic Economic Stabilization J. Dolmas, G.W. Huffman. 2. Optimal Public Spending in a Business Cycle Model S. Ambler, E. Cardia. 3. Welfare, Stabilization or Growth: A Comparison of Different Fiscal Objectives S.P. Cassou, K.J. Lansing. 4. Public Investment, Stabilization and Growth F. Collard. Part II: Automatic Stabilizers in an Economic Union. 5. Monetary Union and the Role of Automatic Stabilizers K.M. Kletzer, W.H. Buiter. 6. The Efficiency of National and Regional Stabilization Policies T. Bayoumi, P.R. Masson. 7. Insurance Against Asymmetric Shocks in a European Monetary Union J. von Hagen, G.W. Hammond. 8. Automatic Stabilizers in a European Perspective F. Bec, J.-O. Hairault. Part III: Stabilization and Labour Market Policies. 9. The Cyclical Effects of Labour Market Policy S.P. Millard. 10. Financing Unemployment Benefits in the Business Cycle: St...

CES Working Paper, 2021

Would China's economic success and the political progression of Western populisms refer to common... more Would China's economic success and the political progression of Western populisms refer to common references? In both cases, we can see, realized or postulated, the effectiveness of new forms of authoritarian capitalism. In both cases, the national reference is mobilized to legitimize levels of authoritarianism, although quite different. We therefore propose to qualify as National-Authoritarian Capitalism the syndrome that characterizes such varied politicaleconomic experiences, as well as their common denunciation of the model of liberal democracy prevalent in the West. The exploration of the model drawn up by these characteristics, in their political, economic and cultural dimensions, leads to the question: should we see in Western nationalpopulisms an Authoritarian National-Capitalism in perspective?

The National Authoritarian Capitalism, 2021

The English translation of the chapter I and II of Le nationalcapitalisme autoritaire: une menace... more The English translation of the chapter I and II of Le nationalcapitalisme autoritaire: une menace pour la démocratie by Pierre-Yves Hénin et Ahmet İnsel, Editions Bleu autour, 2021. Russia's war in Ukraine has revealed a rift between Western countries, supporters of a liberal and democratic international order, and a non-Western world reluctant to condemn the aggression and refuse to apply sanctions. This shows the geopolitical impact of the opposition between democratic and liberal capitalism and a rival regime that can be described as National Authoritarian Capitalism, (NACa) or Authoritarian National Capitalism. The NACa model, through its Western populist emulators, from Trump to Orban, is also fuelling opposition to the support given to Ukraine. In this troubled context, we wanted to make accessible to the Englishspeaking reader a description that we made of the national authoritarian capitalism in a book published in French.