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Monnaie et Inflation dans un modèle de cycles réels

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Author Info

  • Jean-Olivier HAIRAULT

    (Universités de Paris IX et Paris I)

  • Franck PORTIER

    (CEPREMAP ET Université de Paris I)

Abstract

Nous présentons dans cet article un modèle d'équilibre général intertemporel qui rend compte de l'influence de l'inflation dans le cycle en France et aux Etats-Unis. L'adoption d'une fonction d'utilité assez générale permet de dégager l'importance des élasticités de substitution instantanée et intertemporelle dans la dynamique d'ajustement de l'économie et l'éventuelle présence d'un effet Tobin. La simulation stochastique du modèle et sa comparaison avec les données françaises et américaines montre qu'il permet une reproduction de la dimension réelle du cycle similaire à celle des modèles RBC traditionnels. La reproduction de la dimension nominale du cycle s'avère plus décevante, un étalonnage réaliste du modèle (en particulier de la valeur des élasticités intertemporelles de substitution) ne permet pas de reproduire conjointement les faits stylisés nominaux principaux et les profils de réponses des variables réelles à un choc monétaire.

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Bibliographic Info

Paper provided by Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES) in its series Discussion Papers (REL - Recherches Economiques de Louvain) with number 1993042.

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Length: 33
Date of creation: 01 Dec 1993
Date of revision:
Handle: RePEc:ctl:louvre:1993042

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Cited by:
  1. Hairault, Jean-Olivier & Patureau, Lise & Sopraseuth, Thepthida, 2003. "Overshooting and the exchange rate disconnect puzzle: a reappraisal," CEPREMAP Working Papers (Couverture Orange) 0305, CEPREMAP.
  2. Benassy, Jean-Pascal, 1995. "Money and wage contracts in an optimizing model of the business cycle," Journal of Monetary Economics, Elsevier, vol. 35(2), pages 303-315, April.

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