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Chocs nominaux, rivalités salariales et non-stationnarité du produit agrégé

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  • Hubert Kempf

Abstract

[fre] La mise en évidence de la non-stationnarité du produit a amené les macroé­conomistes à minorer le rôle que les rigidités nominales peuvent jouer dans la dynamique du produit agrégé, dans la mesure où les modèles conventionnels exhibant des rigidités nominales, fondées sur des contrats de prix ou de salaire imbriqués, ne permettaient pas théoriquement d'engendrer une telle non-stationnarité du produit. Nous montrons, dans cet article, que ce désaveu est prématuré. Nous développons un modèle à contrats imbriqués capable d'engendrer un processus dynamique pour le produit agrégé qui peut accepter une racine unitaire comme solution. Cela est dû à la combinaison de deux types de rigidités nominales, capable d'engendrer une dynamique complexe qui peut être non stationnaire. [eng] Nominal shocks, wage rivalry and the non-stationarity of aggregate output. . The existence of the non-stationnarity of GNP has induced macroeconomists to downplay the role of nominal rigidities on output persistence, since it was thought that conventional models with nominal rigidities based on staggered (wage or price) contracts could not exhibit such a phenomenon. We show in this paper that this conclusion is premature. We develop a model with staggered contracts generating a dynamic process for aggregate output which may accept a unit root as a solution. This is due to the combination of two types of nominal rigidities, generating a complex dynamics which can be non-stationary.

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Bibliographic Info

Article provided by Programme National Persée in its journal Revue économique.

Volume (Year): 51 (2000)
Issue (Month): 4 ()
Pages: 831-841

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Handle: RePEc:prs:reveco:reco_0035-2764_2000_num_51_4_410557

Note: DOI:10.2307/3502892
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Web page: http://www.persee.fr/web/revues/home/prescript/revue/reco

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