Abstract: The stagflation phenomenon is regarded as one of the cause of the Keynesian paradigm breakdown in the 1970s. The New Classical school took advantage of this breakdown. However, its discourse on the stagflation was not so clear and remained in a implicit shape. The paper aim at rebuilding the New Classical tale of the stagflation that stroke the United-States economy in the 1970s. We show that psychological ideas (expectations, beliefs, credibility) lay in the heart of the explanation. In the same time, oil shocks were left in the background. Besides, the New Classical school put much more emphasis on the inflation issue and experienced some difficulties to deal with the increase in unemployment.
Cette 13ème session du séminaire Financement de la transition énergétique se penchera sur les évolutions du cadre prudentiel qui permettraient de mieux prendre en compte le risque climatique et defavoriser les investissements de transition.
Intervention de Michael Thornton (University of York) au Séminaire de Recherche de la Chaire Energie et Prospérité le 25 janvier 2019.