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Les théories explicatives du taux de change : de Cassel au début des années quatre-vingt


  • Jérôme Drunat
  • Gilles Dufrenot
  • Laurent Mathieu


[eng] This paper aims at providing a concise and up-to-date overview of the vast literature that has been produced on exchange rates since the contribution of Cassel in 1916. We examine the main theoretical models of exchange rates and assess their empirical validity. In addition to the break down of purchasing power parity, interest rates parity and monetary models, as well as the popularity of the new keynesian models, portfolio balance and speculative bubbles models are also considered. [fre] L'ambition de cet article est de fournir une mise à jour de la littérature sur la détermination des taux de change depuis la contribution de Cassel en 1916. Nous passons en revue l'ensemble des principales analyses théoriques, tout en examinant leur validité sur le plan empirique. Non seulement, nous évoquons les insuffisances des théories de la parité des pouvoirs d'achat et du taux d'intérêt, au même titre que ceux des modèles monétaristes, mais nous discutons également de la popularité des modèles néo-keynésiens, d'équilibre de portefeuille et de bulles spéculatives.

Suggested Citation

  • Jérôme Drunat & Gilles Dufrenot & Laurent Mathieu, 1994. "Les théories explicatives du taux de change : de Cassel au début des années quatre-vingt," Revue Française d'Économie, Programme National Persée, vol. 9(3), pages 53-111.
  • Handle: RePEc:prs:rfreco:rfeco_0769-0479_1994_num_9_3_959 Note: DOI:10.3406/rfeco.1994.959

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