This paper is concerned with a non-standard source of fluctuations, called echoes effects, i.e. the ability of an economy to reproduce its own past behaviour. In the sixties, growth theorists believed that this property could arise in vintage capital growth models, taking the form of replacement echoes. This line of research was stopped after the publication of Solow et al. (1966), who showed that echoes should vanish in a Solow growth model with vintage capital. In this paper, we claim that this result has nothing to do with vintages and comes directly from the constancy of the saving rate at equilibrium inherent to Solow growth models. We show that echoes do not vanish in the Ramsey vintage capital growth model with linear instantaneous utility function.

No abstract

No abstract

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.