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From uncertainty to macroeconomics and back: An interview with Jacques Drèze

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Dehez, Pierre [UCL] Licandro-Goldaracena, Omar [UCL]

Jacques Drèze was born in Verviers, Belgium, in 1929 and completed his Ph.D. in Economics in 1958 at Columbia. His contribution to economics is exceptional, opening up new paths of research in various areas including general equilibrium, decision theory, game theory, econometrics (in particular, Bayesian econometrics), followed by contributions to macroeconomics and economic policy. Drèze has been president of the Econometric Society as well as associate editor and co-editor of Econometrica; founding member and first president of the European Economic Association; president of the International Economic Association and honorary member of the American Economic Association and the National Academy of Sciences. He has received 15 honorary doctorates, including one from the University of Chicago. He has engaged in the promotion and development of research and higher education in Europe, being a founding member of the Centre for Operations Research and Econometrics (CORE) and of the European Doctoral Program in Quantitative Economics (EDP). He has also actively participated in the most pressing economic problems in Europe. The interview mainly aims at inviting Jacques Drèze to explain what have been his major contributions and what avenues he suggests for future research in macroeconomics. The interview has been conducted sequentially. It started in October 2002 at the European University Institute. The long material collected along these highly illuminating talks was polished and condensed in the following pages. They are organized in the following way. The first section refers to Jacques' initial experiences in Belgium followed by his study of economics in the United States. The second section is devoted to the unity underlying an apparent diversity in his research interests. The third section is devoted to his more recent contributions to macroeconomics, which may be stated as “incomplete markets drive multiplicity of equilibria, calling for active economic policies.” The interview concludes with his contribution to the promotion of research and, in particular, research institutions across Europe. Both Pierre Dehez and Omar Licandro were students of Jacques Drèze. Dehez and Drèze co-authored several papers, some of which are mentioned in the interview.

Document type Article de périodique (Journal article)
Access type Accès restreint
Publication date 2005
Language Anglais
Journal information "Macroeconomic Dynamics" - Vol. 9, no. na, p. 429-461 (2005)
Peer reviewed yes
Publisher Cambridge University Press (Cambridge, United Kingdom)
issn 1365-1005
Publication status Publié
Affiliations UCL - EUEN/CORE - Center for operations research and econometrics
European University Institute
Keywords Uncertainty ; General equilibrium ; Second best rigidities ; Coordination failures
Links
  1. Arrow, Econometrie, 11, 41 (1953)
  2. Aumann R. J., Dreze J. H., Cooperative games with coalition structures, 10.1007/bf01766876
  3. Aumann Robert J., Dreze Jacques H., Values of Markets with Satiation or Fixed Prices, 10.2307/1914300
  4. Azariadis Costas, Implicit Contracts and Underemployment Equilibria, 10.1086/260388
  5. Baily Martin Neil, Wages and Employment under Uncertain Demand, 10.2307/2296397
  6. Bloise Gaetano, Dr�ze JacquesH., Polemarchakis HeraklesM., Monetary equilibria over an infinite horizon, 10.1007/s00199-004-0472-x
  7. Champsaur Paul, Dreze Jacques, Henry Claude, Stability Theorems with Economic Applications, 10.2307/1911210
  8. Citanna Alessandro, Crès Hervé, Drèze Jacques, Herings P.Jean-Jacques, Villanacci Antonio, Continua of underemployment equilibria reflecting coordination failures, also at Walrasian prices, 10.1016/s0304-4068(01)00075-1
  9. Cooper Russell, John Andrew, Coordinating Coordination Failures in Keynesian Models, 10.2307/1885539
  10. Dehez Pierre, Drèze Jacques H, On supply-constrained equilibria, 10.1016/0022-0531(84)90046-2
  11. Dehez Pierre, Dréze Jacques, Competitive equilibria with quantity-taking producers and increasing returns to scale, 10.1016/0304-4068(88)90007-9
  12. Dehez Pierre, Drèze Jacques H., Suzuki Takashi, Imperfect competition à la Negishi, also with fixed costs, 10.1016/s0304-4068(03)00040-5
  13. Diamond, American Economic Review, 57, 759 (1967)
  14. Drèze, Revue Française de Recherche Opérationnelle, 23, 93 (1962)
  15. Drèze, American Economic Review, 54, 1 (1964)
  16. Dreze Jacques H., Market allocation under uncertainty, 10.1016/0014-2921(70)90010-3
  17. Dreze Jacques H., Econometrics and Decision Theory, 10.2307/1909717
  18. Dreze Jacques H., Existence of an Exchange Equilibrium under Price Rigidities, 10.2307/2525813
  19. Dreze Jacques H., Bayesian Limited Information Analysis of the Simultaneous Equations Model, 10.2307/1911544
  20. Dreze Jacques H., Some Theory of Labor Management and Participation, 10.2307/1914250
  21. Drèze Jacques H., Public goods with exclusion, 10.1016/0047-2727(80)90020-1
  22. Dreze Jacques H., (Uncertainty and) The Firm in General Equilibrium Theory, 10.2307/2232866
  23. Drèze Jacques H., Underemployment equilibria, 10.1016/0014-2921(87)90012-2
  24. Drèze Jacques H., Walras—Keynes equilibria coordination and macroeconomics, 10.1016/s0014-2921(97)00085-8
  25. Dreze Jacques H., Economic and Social Security in the Twenty-first Century, with Attention to Europe, 10.1111/1467-9442.00204
  26. Drèze, Recherches Economiques de Louvain, 67, 5 (2001)
  27. Drèze Jacques H., 10.1023/a:1014892426917
  28. Drèze Jacques H., Gollier Christian, Risk sharing on the labour market and second-best wage rigidities, 10.1016/0014-2921(93)90117-s
  29. Dreze J. H., Greenberg J., Hedonic Coalitions: Optimality and Stability, 10.2307/1912943
  30. Drèze Jacques H, Modigliani Franco, Consumption decisions under uncertainty, 10.1016/0022-0531(72)90044-0
  31. Dreze Jacques H., Morales Juan-Antonio, Bayesian Full Information Analysis of Simultaneous Equations, 10.2307/2286861
  32. Drèze Jacques H, Müller Heinz, Optimality properties of rationing schemes, 10.1016/0022-0531(80)90001-0
  33. Drèze, Recherches Economiques de Louvain, 54, 5 (1988)
  34. Drèze, European Economy, Reports and Studies, 1, 75 (1994)
  35. Drèze, Recherches Economiques de Louvain, 66, 33 (1998)
  36. Geanakoplos J., Magill M., Quinzii M., Drèze J., Generic inefficiency of stock market equilibrium when markets are incomplete, 10.1016/0304-4068(90)90039-c
  37. Gordon, Economic Inquiry, 12, 431 (1974)
  38. Grandmont Jean Michel, Temporary General Equilibrium Theory, 10.2307/1911674
  39. Grossman Sanford J., Hart Oliver D., A Theory of Competitive Equilibrium in Stock Market Economies, 10.2307/1914186
  40. Harrison J.Michael, Kreps David M, Martingales and arbitrage in multiperiod securities markets, 10.1016/0022-0531(79)90043-7
  41. Hey John D., Dreze Jacques H., Essays on Economic Decisions Under Uncertainty., 10.2307/2233527
  42. Radner Roy, Existence of Equilibrium of Plans, Prices, and Price Expectations in a Sequence of Markets, 10.2307/1909407
  43. Sandmo Agnar, Dreze Jacques H., Discount Rates for Public Investment in Closed and Open Economies, 10.2307/2551880
  44. Sneessens Henri R., Dreze Jacques H., A Discussion of Belgian Unemployment, Combining Traditional Concepts and Disequilibrium Econometrics, 10.2307/2554376
Bibliographic reference Dehez, Pierre ; Licandro-Goldaracena, Omar. From uncertainty to macroeconomics and back: An interview with Jacques Drèze. In: Macroeconomic Dynamics, Vol. 9, no. na, p. 429-461 (2005)
Permanent URL http://hdl.handle.net/2078.1/23481