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Roger Guesnerie is the Chaired Professor of “Economic Theory and Social Organization” of the Collège de France, Director of Studies at the École des Hautes Etudes en Sciences Sociales, and Chairman of the Board of the Paris School of Economics. A graduate of the Ecole Polytechnique and the Ecole Nationale des Ponts et Chaussées, Roger Guesnerie has taught at the London School of Economics, the Ecole Polytechnique, and at several top American Universities (Pennsylvania, Harvard, UCLA, Chicago,..).

Roger Guesnerie has published above one hundred academic articles in economics. His fields of interest include general equilibrium, public economics, the theory of incentives and mechanism design, and more recently the assessment of expectations formation. He has also written several policy reports, for example on the question of competition policies or climate change.

Roger Guesnerie has been elected President of several scholarly societies, notably the Association Française de Science Economique (2003), the Econometric Society (1996), and the European Economic Association (1994). He is a Foreign Honorary Member of the American Economic Association and a Foreign Member of the American Academy of Arts and Science. He has served as co‐editor of Econometrica (1984–1989) and as Foreign Editor of the Review of Economic Studies. In France, his research has been recognized with the Silver medal of CNRS; he is Chevalier de l’Ordre National du Mérite and Chevalier de la Légion d’Honneur.

Selection of Publications relating with the network theme : expectational coordination.

-Recent.

  • “Expectational Coordination in Simple Contexts: Concepts and Analysis with emphasis on Strategic Substituabilities”, with Pedro Jara-Moroni, Economic Theory, 2011, 205-244.
  • “Coordination on saddle-path solutions, the “eductive” viewpoint, 2- linear multivariate models”, with G. Evans, Journal of Economic Theory, 2005, p. 202-229.
  • “Coordination on saddle path solutions: 1- Linear univariate models”, (with G. Evans) Macroeconomics Dynamics, 7, 2003, 42-62.
  • “Do prices transmit rationally expected information ?” (with G. Desgranges and P.Y. Geoffard) The Journal of the European Economic Association, inaugural issue, 2003, 124-153.
  • “Anchoring Economic Predictions in Common Knowledge”, Econometrica, 70, (2), 2002, 439-480.
  • “Short Run Expectational Coordination : Fixed versus Flexible wages”, Quarterly Journal of Economics, 2001, 1115-1147.

- Before 2000 (sample)

  • “(De) stabilizing speculation on futures markets: An alternative view point”, (with J.C Rochet), European Economic Review, 37, 5, 1993, p. 1043-1063,
  • “Successes and failures in coordinating expectations”, Marshall lecture, European Economic Review, 37, 2, 1993, p. 243-268.
  • “An Exploration of the eductive justification of the rational expectations hypothesis”, American Economic Review, 82, 5,1992, p. 1254-1278, reprinted in “Intellectual Legacies in Modern Economics” (Edwards Elgar)
  • “Endogenous fluctuations”, (with M.Woodford) in Advances in Economic Theory, Econometric Society Monograph, Cambridge University Press , 1992, 289-412.
  • “Sunspot equilibria in sequential markets models”. (with P.A Chiappori), W. Hildenbrand and H. Sonnenschein eds., North Holland, Hand-book in Mathematical Economics, 4, 1991, p. 1683-1762,
  • “Prophéties créatrices et persistance des théories”, (with C.Azariadis), Revue économique, 33, 5, 1982, p.787-805.

- Scientific and other books (sample)

  • “Modèles de l’Economie Publique”, Editions du CNRS, 1980, 202 pages.
  • “L’économie de marché”, 2006, collection de poche, Le Pommier, (version augmentée) 200 pages
  • “A contribution to the pure theory of taxation”, Cambridge University Press, 1995, 301 pages
  • “Assessing Rational Expectations: sunspot multiplicity and economic fluctuations”, MIT Press, 2001, 319 p.
  • “Assessing Rational Expectations 2: eductive stability in economics”, MIT Press, 2005, 453p.

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Expectational coordination failures and Market outcomes’ volatility

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The first part of this text comes back on the standard economic viewpoint on expectational coordination, a viewpoint that the recent events have challenged.

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The optimism embedded in the efficient market hypothesis has been one of the main sources of the recent turmoil

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General Equilibrium Theory: Sound and Fury, Signifying Nothing?

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Does general equilibrium theory sufficiently enhance our understanding of the economic process to make the entire exercise worthwhile, if we consider that other forms of thinking may have been ‘crowded out’ as a result of its being the ‘dominant discourse’? What, in the end, have we really learned from it?

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Video | Jan 14, 2013

One of the fundamental ideas of modern economics — that people have rational expectations, an unbiased, statistically correct view of the future — is, in reality, a simple hypothesis.