IDEAS home Printed from https://ideas.repec.org/
MyIDEAS: Login to save this article or follow this journal

Accélération monétaire et croissance endogène

  • Patrick Villieu
  • Taoufik Rajhi

[fre] Accélération monétaire et croissance endogène. . Cet article étudie l'impact de l'inflation sur la croissance en longue période, d'un point de vue à la fois empirique et théorique. Plus précisément, la constatation, tant sur données de panel que sur sénés temporelles pour les États-Unis, d'une liaison négative, non pas entre l'inflation ou le taux de croissance de la masse monétaire, mais entre l'accélération des prix ou de la masse monétaire et le taux de croissance de l'activité économique après la seconde guerre mondiale, conduira à s'interroger sur une possible erreur de spécification. Si l'accélération, et non le taux de crois­sance, de la masse monétaire influence négativement la croissance économique, les difficultés empiriques et théoriques à exhiber un lien significatif entre inflation et croissance ne préjugent en rien de l'influence de la politique monétaire.. Deux exercices empiriques sont menés, l'un sur données de panel, l'autre sur séries chronologiques pour les États-Unis, afin de mettre en évidence que l'indicateur pertinent de la relation inflation-croissance depuis la seconde guerre mondiale n'est pas le taux de croissance mais l'accélération des prix ou de la masse monétaire.. La corrélation entre l'accélération de la masse monétaire et le taux de croissance à long terme est ensuite interprétée de manière structurelle, par un modèle monétaire de croissance endogène dans lequel les autorités monétaires maintiennent constante l'accélération de la composante exogène de l'offre de monnaie. Le signe de la relation entre l'accélération de la masse monétaire et la croissance du produit dépendra alors de l'aspect complémentaire ou substituable en utilité de la monnaie et de la consommation. [eng] Endogeneous growth and monetary accumulation. . The long-run relation between inflation and growth is studied in an empirical and theorical model. More precisely, on US datas, a negative correlation can be showed, not between the inflation rate or the money growth rate and output, but between the rate of prices or money acceleration and the rate of growth of output.. This may resuit on a specification error. If it is the rate of acceleration and not the rate of growth of money that negatively determinates the rate of economie growth, the empirical and theoritical difficulties to exhibit a significant link between inflation and growth do not say anything about the contribution of monetary policy.. The long-run correlation between the rate of money acceleration and the rate of economic growth is then interpretated in a structural way, in a monetary model of endogeneous growth in which the monetary authorities keep constant the rate of acceleration of the exogeneous part of money supply. The sign of the relation between the rate of monetary acceleration and the rate of economie growth is seen to depend on the sign of the cross derivative of the utility fonction between money and consumption.

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL: http://www.persee.fr/web/revues/home/prescript/article/reco_0035-2764_1993_num_44_2_409450
Download Restriction: Data and metadata provided by Persée are licensed under a Creative Commons "Attribution-Noncommercial-Share Alike 3.0" License http://creativecommons.org/licenses/by-nc-sa/3.0/

File URL: http://www.persee.fr/articleAsPDF/reco_0035-2764_1993_num_44_2_409450/reco_0035-2764_1993_num_44_2_409450.pdf?mode=light
Download Restriction: Data and metadata provided by Persée are licensed under a Creative Commons "Attribution-Noncommercial-Share Alike 3.0" License http://creativecommons.org/licenses/by-nc-sa/3.0/

As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.

Article provided by Programme National Persée in its journal Revue économique.

Volume (Year): 44 (1993)
Issue (Month): 2 ()
Pages: 257-286

as
in new window

Handle: RePEc:prs:reveco:reco_0035-2764_1993_num_44_2_409450
Note: DOI:10.2307/3502241
Contact details of provider: Web page: http://www.persee.fr/web/revues/home/prescript/revue/reco

No references listed on IDEAS
You can help add them by filling out this form.

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:prs:reveco:reco_0035-2764_1993_num_44_2_409450. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Equipe PERSEE)

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.