Roger Guesnerie

Professor of Economic Theory and Social Organization
Paris School of Economics

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.


  • “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.

My Content

INET published a paper, written by John Kay, that deals with the relationship between economics and the world we live in. The Map Is Not the Territory: An Essay on the State of Economics spells out methodological critiques of economic theory in general, and of DSGE models and rational expectations in particular.

INET forwarded Kay's paper to a handful of economists and invited them to respond. Here we offer a perspective by Roger Guesnerie, Professor of Econ...

My Video Content

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Keynote panel on "Time and Expectations in Economic Analysis" at the Institute for New Economic Thinking's "Changing of the Guard?" conference in Hong Kong. Featured panelists include Sheila Dow, INET Center on Imperfect Knowledge Economics Chairman Roman Frydman, INET Grantee Roger Guesnerie, and INET Co-founder George Soros, with INET Advisory Board member Axel Leijonhufvud moderating. 

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Grantee Roger Guesnerie speaks at INET's "Changing of the Guard?" conference in Hong Kong about his presentation on expectational coordination.

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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. And despite its prominence in recent economic thought, this hypothesis and the economic models that rely on it have been the subject of serious debate since the advent of the Great Recession.

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Roger Guesnerie, Professor of Economic Theory and Social Organization, Paris School of Economics speaks on panel entitled "What Can Economists Know: Rethinking the Foundations of Economic Understanding at the Institute for New Economic Thinking's (INET) Paradigm Lost Conference in Berlin. April 12, 2012. #inetberlin

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Discussion and Q&A at the panel entitled "What Can Economists Know: Rethinking the Foundations of Economic Understanding at the Institute for New Economic Thinking's (INET) Paradigm Lost Conference in Berlin. April 12, 2012. #inetberlin

My Grants

The view of the future held by participating agents is a key determinant of economic activity. Correspondingly, the understanding of expectational coordination is a central question of economic theory.