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Stagnation séculaire et accumulation de capital

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  • Gilles Le Garrec
  • Vincent Touzé

Abstract

La crise économique et financière de 2008 a provoqué une crise profonde caractérisée par une croissance potentielle affaiblie et une persistance de l'output gap. Dans cet article, nous proposons un modèle qui explique la crise et sa persistance par le passage d'un équilibre de plein emploi à un équilibre de sous- emploi. Dans ce dernier, le taux d'intérêt réel d'équilibre est négatif et l'économie est en déflation. La politique monétaire visant à contrôler l'inflation devient alors inactive en raison d'une contrainte de non négativité du taux directeur (zero lower bound). Cet équilibre de stagnation séculaire est obtenu en introduisant, dans le cadre d'un modèle à générations imbriquées, deux imperfections de marché: un rationnement du crédit et une rigidité nominale des salaires. Pour sortir de la trappe à stagnation séculaire, nous étudions l'impact de différentes politiques économiques. Un accroissement de la cible d'inflation (assouplissement de la politique monétaire) est efficace si la banque centrale est suffisamment crédible. De s politiques structurelles telles qu'un accroissement de la productivité ou une réduction des rigidités ont des effets déflationistes contreproductifs. Enfin une politique budgétaire redistributive, en soutenant la demande globale, peut aider l'économie à sortir de la stagnation séculaire. Toutefois une telle politique se fait aux prix d'un affaiblissement du potentiel de plein emploi en raison d'une moindre incitation à accumuler du capital
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  • Gilles Le Garrec & Vincent Touzé, 2015. "Stagnation séculaire et accumulation de capital," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(6), pages 307-337.
    • Handle: RePEc:cai:reofsp:reof_142_0307
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    Cited by:

    1. Gilles Le Garrec & Vincent Touzé, 2018. "Macroeconomics in the Age of Secular Stagnation," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(3), pages 69-92.
    2. Gilles Le Garrec & Vincent Touze, 2016. "Caractéristiques et dynamique de l'équilibre de stagnation séculaire," Sciences Po publications info:hdl:2441/70e22p50bv8, Sciences Po.
    3. Gilles Le Garrec & Vincent Touzé, 2017. "La macroéconomie à l’heure de la stagnation séculaire," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(4), pages 79-104.
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