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L'impact du taux d'intérêt sur l'évolution simultanée du chômage et de l'épargne

Listed author(s):
  • Johanna Etner
  • Patricia Le Maitre

[eng] This paper proposes to explain both unemployment and saving increases by an interest rate increase. Facing with an increase in risk of future unemployment, savings behavior has been modified. In order to take care of this phenomenum, we develop a model based on microeconomic foundations, which presents a precau­tionary savings motive (Leland [1968]). Considering a small open economy, in an overlapping generations model, we show that, under some conditions, increasing interest rate can emphasize the unemployment rate, and lead to an increase in savings. [fre] Cet article propose d'expliquer la hausse concomitante du chômage et de l'épargne par la hausse des taux d'intérêt dans une perspective néo-classique. Or, dans une situation de montée des incertitudes, notamment face à un risque de chômage, les comportements d'épargne se sont modifiés. Afin de prendre en compte ce phénomène, nous développons un modèle à partir de fondements microéconomiques, qui exhibe des comportements d'épargne de précaution (Leland [1968]). Dans un modèle à générations imbriquées d'agents en petite économie ouverte, nous montrons que, sous certaines conditions, la hausse des taux d'intérêt peut non seulement accentuer le chômage, mais également augmenter la demande d'épargne.

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

Volume (Year): 50 (1999)
Issue (Month): 5 ()
Pages: 917-935

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Handle: RePEc:prs:reveco:reco_0035-2764_1999_num_50_5_410125
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