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Le modèle d’équilibre général de la « nouvelle synthèse » : quelles hypothèses retenir ?

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Author Info

  • Jean-Guillaume Sahuc

    ()
    (Banque de France)

  • Stéphane Moyen

    ()
    (EPEE, Université d’Evry)

Abstract

L’objet de cet article est double. D’une part, il présente le modèle d’équilibre général de la “Nouvelle Synthèse” qui est devenu en peu de temps une véritable référence pour l’analyse macroéconomique (simulations de politiques économiques, prévisions d’inflation, etc.). D’autre part, il cherche à identifier, à l’aide du critère de vraisemblance marginale et de l’inspection des moments d’ordre deux, la contribution des différentes rigidités (nominales et réelles) aux bonnes performances de ce type de modèle. Les principaux résultats sont les suivants : (i) la combinaison prix rigides et indexés - salaires rigides est indispensable à la qualité de l’ajustement du modèle aux données, (ii) seules les hypothèses de formation d’habitude sur la consommation et de coûts d’ajustement sur l’investissement sont nécessaires, cette dernière étant cruciale pour la reproduction des dynamiques aussi bien réelles que nominales, (iii) l’introduction d’une complémentarité stratégique permet de retrouver un degré de rigidités nominales plus proche de celui observé sur données microéconomiques.

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File URL: http://epee.univ-evry.fr/RePEc/2007/07-06.pdf
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Bibliographic Info

Paper provided by Centre d'Études des Politiques Économiques (EPEE), Université d'Evry Val d'Essonne in its series Documents de recherche with number 07-06.

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Length: 31 pages
Date of creation: 2007
Date of revision:
Handle: RePEc:eve:wpaper:07-06

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Related research

Keywords: Modèles DSGE; rigidités nominales; rigidités réelles;

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References

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  1. Michael Dotsey & Robert G. King, 2005. "Implications of State Dependent-Pricing for Dynamic Macroeconomic Models," Boston University - Department of Economics - Macroeconomics Working Papers Series WP2005-002, Boston University - Department of Economics.
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  7. Sbordone, Argia M., 2002. "Prices and unit labor costs: a new test of price stickiness," Journal of Monetary Economics, Elsevier, vol. 49(2), pages 265-292, March.
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  11. Marvin Goodfriend & Robert G. King, 1998. "The new neoclassical synthesis and the role of monetary policy," Working Paper 98-05, Federal Reserve Bank of Richmond.
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  13. repec:nbr:nberre:0126 is not listed on IDEAS
  14. Kydland, Finn E & Prescott, Edward C, 1982. "Time to Build and Aggregate Fluctuations," Econometrica, Econometric Society, vol. 50(6), pages 1345-70, November.
  15. Taylor, John B, 1980. "Aggregate Dynamics and Staggered Contracts," Journal of Political Economy, University of Chicago Press, vol. 88(1), pages 1-23, February.
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  18. Julio Rotemberg & Michael Woodford, 1997. "An Optimization-Based Econometric Framework for the Evaluation of Monetary Policy," NBER Chapters, in: NBER Macroeconomics Annual 1997, Volume 12, pages 297-361 National Bureau of Economic Research, Inc.
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Cited by:
  1. Bousrih Jihene & Bousrih Jihene, 2010. "Degree of Openness and Inflation Targeting Policy: Model of a Small Open Economy," Working Papers 2010.2, International Network for Economic Research - INFER.

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