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Anticipations, indétermination et non-neutralité de la monnaie

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  • Pierre-André Chiappori
  • Roger Guesnerie

Abstract

The paper considers a version of the well-known Lucas [1972] model, in a specification due to Azariadis. The "Lucas" solution is derived (explicitly in this framework) under the assumption that money is "strongly neutral" (in the sense that the current stock of money does not influence real output). If this assumption is suppressed, the basic functional equation (that stems from the rational expectation hypothesis) is shown to admit a continuum of solutions. Each of the latter is then compared to the "Lucas" one.

Suggested Citation

  • Pierre-André Chiappori & Roger Guesnerie, 1990. "Anticipations, indétermination et non-neutralité de la monnaie," Annals of Economics and Statistics, GENES, issue 19, pages 1-25.
    • Handle: RePEc:adr:anecst:y:1990:i:19:p:1-25
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