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Effets des chocs asymétriques en union monétaire avec marchés financiers incomplets

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Author Info
Stéphane Auray () (Université Lille 3 (GREMARS), Université de Sherbrooke (GREDI) and CIRPÉE)
Aurélien Eyquem (GATE, UMR 5824, Université de Lyon and Ecole Normale Supérieure Lettres et Sciences Humaines, France)

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Abstract

Dans cet article, nous montrons que l'incomplétude des marchés dans une union monétaire caractérisée par des chocs asymétriques et des rigidités nominales génère des gains de bien-être. L'existence de marchés incomplets relâche la pression sur les termes de l'échange, ce qui réduit la volatilité des taux d'inflation nationaux. Les gains associés µa cette baisse dépassent les coûts de l'imparfait partage des risques. L'effet net est positif et les gains correspondants peuvent atteindre 0.05% de consommation permanente.

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File URL: http://pages.usherbrooke.ca/gredi/wpapers/GREDI-0813.pdf
File Format: application/pdf
File Function: First version, 2008
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Publisher Info
Paper provided by Departement d'Economique de la Faculte d'administration à l'Universite de Sherbrooke in its series Cahiers de recherche with number 08-13.

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Length: 11 pages
Date of creation: 2008
Date of revision:
Handle: RePEc:shr:wpaper:08-13

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Postal: Sherbrooke, Qu�bec, J1K 2R1
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Web page: https://qp.admnt.usherbrooke.ca/QuickPlace/gredi/Main.nsf/h_Toc/536568F95B90740A85257295005ABBC9/?OpenDocument
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Related research
Keywords: union monétaire; chocs asymétriques; prix rigides; bien-être; marchés financiers incomplets;

Find related papers by JEL classification:
E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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This page was last updated on 2009-11-20.

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