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Taux de change et chômage : un exemple d'application de théorie du change réel d'équilibre

Author

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  • Hervé Joly
  • Alain Quinet
  • Nicolas Sobczak

Abstract

[eng] The paper highlights the complexity of the relationship between Unemployment and the exchange rate. According to a naive approach, a depreciation in the nominal exchange rate leads to a reduction in the cyclical unemployment. However, one must take into account the impact of the depreciation on the wage wedge and the structural unemployment. In this respect, a real equilibrium exchange rate approach does not suggest any over evaluation of the franc [fre] L'objet de cet article est de mettre en évidence la complexité des liens entre chômage et taux de change réel. Selon une approche « naïve » une dépréciation du change mininal induit une baisse du chômage conjoncturel. En réalité, il faut également tenir compte de l'incidence d'une variation du change sur le coin salarial et le chômage structurel. Dans cette optique, une approche en termes de taux de change réel d'équilibre ne permet pas de déceler une surévaluation du franc.

Suggested Citation

  • Hervé Joly & Alain Quinet & Nicolas Sobczak, 1998. "Taux de change et chômage : un exemple d'application de théorie du change réel d'équilibre," Revue Française d'Économie, Programme National Persée, vol. 13(3), pages 151-175.
  • Handle: RePEc:prs:rfreco:rfeco_0769-0479_1998_num_13_3_1064
    Note: DOI:10.3406/rfeco.1998.1064
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