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Note à propos de la reformulation du modèle de Cagan

  • Alexandre Sokic

[fre] Cette note veut attirer l'attention sur deux points essentiels de l'article récemment publié de V. Lelièvre [1995]. Il s'agit, en premier lieu, de l'affirmation de cet auteur selon laquelle l'allure en cloche de la courbe représentative des revenus réels de la taxe d'inflation serait justifiée par une instabilité de la fonction de demande de monnaie. On montre que celle-ci est, au contraire, justifiée par la forme fonctionnelle particulière qui est donnée à la demande d'encaisses réelles. En deuxième lieu, s'agissant des résultats de la dynamique du modèle, on se propose de montrer qu'aucun processus hyperinflationniste ne peut être mis en évidence. Ceci nous amène alors à soulever le problème plus général de la défaillance du modèle de la théorie monétaire et budgétaire de l'hyperinflation. [eng] This note intends to attract attention on two main points of the recently published paper of V. Lelièvre [1995]. First, it concerns the author's assertion that the bell-shaped curve representing real inflation tax yield is due to a demand for money function instability. We show, on the contrary, that it is due to the particular functional form of the demand for real cash balances. Second, concerning the dynamic results of the model, we intend to show that no hyperinflationary process can be generated. This leads us to raise the more general issue of the monetary and fiscal theory of hyperinflation flaw.

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Article provided by Programme National Persée in its journal Revue française d'économie.

Volume (Year): 11 (1996)
Issue (Month): 3 ()
Pages: 193-203

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Handle: RePEc:prs:rfreco:rfeco_0769-0479_1996_num_11_3_1102
Note: DOI:10.3406/rfeco.1996.1102
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