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Jean-Pascal E. Bénassy

economist , educator , researcher

Jean-Pascal Bénassy, French economist, researcher, educator. Recipient Guido Zerilli Marimo prize Académie des Sciences Morales et Politiques, Paris, 1990. Fellow Econometric Society (council member 1990-1992).


Bénassy, Jean-Pascal was born on December 30, 1948 in Paris. Son of Jean and Jeannine Bénassy.


Ecole Normale Supérieure, Section Sciences, DEA (Maths, and Statistics) University Paris VI, 1967,1970. Institute, Institution d’Etudes Political, Section Economics et Finance, 1970. Doctor of Philosophy University California Berkeley, 1973.

Doctorat University de Paris I, 1980.


Visit. Professor, University California Berkeley, 1977-1978. Director de Recherche, Centre National de la Recherche Scientifique, Paris, France, Paris, Research Association, Centre d’Etudes Prespectives d’Economie Mathematique Appliquee a la Planification, France, Paris, Director, Laboratoire d’Economics Political, Ecole Normale Supérieure, Paris, France, since 1979. Association Editor, Journal of Economic Behaviour and Organization.


  • Fellow, Econometrics Society.



I have devoted most of my research to the microeconomic foundations of macroeconomics in situations where all markets do not clear, with emphasis on both the microeconomic theory of nonWalrasian equilibria and their macroeconomic applications. My early work developed the microeconomic aspects of the theory: functioning of non-clearing markets, the formation of quantity signals, a general theory of rational demand and supply behaviour under quantity rationing, price setting by decentralised agents outside Walrasian equilibrium, and the effects of expectations — notably quantity expectations — on current outcomes. Though the above concepts can also be used to study dynamics, a main contribution has been the development of several concepts of non-Walrasian equilibrium, with varying degrees of price rigidity.

These include, notably, a fix-price equilibrium, and an equilibrium with endogenous price-making where decentralised agents set prices in a framework of imperfect competition. In all these concepts, general schemes for formulating price and quantity expectations are explicitly incorporated.

In later work, I applied the above concepts to a number of traditional macroeconomic topics such as unemployment, inflation, IS-LM, international trade and tariffs, business cycles and a few others, emphasising in particular the policy implications of the theory. My current research deals with macroeconomic implications of various price and expectations schemes, as well as with further development of the microeconomic foundations of price and expectations formation out of Walrasian equilibrium.


Fellow Econometric Society (council member 1990-1992).


Jean Bénassy

Jeannine Bénassy