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Équilibres multiples avec salaire minimum dans le modèle de croissance à générations imbriquées

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  • Granier, Pierre

    (GREQAM, Université d’Aix-Marseille II)

  • Michel, Philippe

    (GREQAM, Université d’Aix-Marseille II)

Abstract

In this paper we study the dynamics of capital and unemployment in an OLG model with legal minimum wage. We analyse the conditions for existence of intertemporal equilibria with rational expectations and we study the dynamics for these equilibria. We show that the minimum wage may have positive effects even in the absence of any externality. If the competitive economy admits multiple steady states, there always exists a minimum wage that achieves the convergence toward the full employment steady state corresponding to the highest per capita output. More precisely, there exists always a minimum wage level for which the economy may reach any stable steady growth path with full employment associated to a capital stock higher than in the initial situation. A minimum wage may then, in some circumstances, contribute to move the economy toward the golden rule. Nous étudions dans cet article la dynamique du capital et du chômage dans le modèle de croissance à générations imbriquées avec salaire minimum légal. Nous analysons dans un premier temps les conditions d’existence d’équilibres intertemporels avec anticipations rationnelles et nous étudions la dynamique de ces équilibres. Nous montrons qu’une contrainte de salaire minimum légal peut exercer des influences favorables sans qu’il soit nécessaire de faire référence à des externalités. Si l’économie concurrentielle admet plusieurs équilibres stationnaires, il existe toujours un niveau de salaire minimum légal qui assure la convergence de l’économie vers l’équilibre stationnaire de plein emploi correspondant à la plus forte production par tête. Plus précisément, il existe toujours un salaire minimum qui permet à l’économie de rejoindre n’importe quel sentier de croissance régulier stable de plein emploi associé à un stock de capital plus important que dans la situation initiale. Un salaire minimum peut donc contribuer à rapprocher l’économie de la règle d’or.

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Bibliographic Info

Article provided by Société Canadienne de Science Economique in its journal L'Actualité économique.

Volume (Year): 74 (1998)
Issue (Month): 2 (juin)
Pages: 197-220

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Handle: RePEc:ris:actuec:v:74:y:1998:i:2:p:197-220

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  1. Marceau, Nicolas & Boadway, Robin, 1994. " Minimum Wage Legislation and Unemployment Insurance as Instruments for Redistribution," Scandinavian Journal of Economics, Wiley Blackwell, vol. 96(1), pages 67-81.
  2. Cahuc, Pierre & Michel, Philippe, 1996. "Minimum wage unemployment and growth," European Economic Review, Elsevier, vol. 40(7), pages 1463-1482, August.
  3. Bean, Charles & Pissarides, Christopher, 1993. "Unemployment, consumption and growth," European Economic Review, Elsevier, vol. 37(4), pages 837-854, May.
  4. Galor, Oded & Ryder, Harl E., 1989. "Existence, uniqueness, and stability of equilibrium in an overlapping-generations model with productive capital," Journal of Economic Theory, Elsevier, vol. 49(2), pages 360-375, December.
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