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Rationalité, monnaie et activité

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  • Herschel I. Grossman

Abstract

[eng] This article discusses recent analyses of the real effects of monetary aggregates. Monetarists, at first, then proponents of the New Classical Economics, in a more extreme fashion, have contended that systematic monetary policies have no influence on production or employment. However empirical studies do not support this proposition : A relation between money and activity is indeed observed. Real business cycle theories cannot convincingly account for such a relation, which is closer to what Keynesian theory predicts. But this theory implies that agents do not exhaust perceived gains from trade. . How then can economic rationality be reconciled with monetary disequilibrium ? The paper offers a review of the various attempts to give this approach orthodox foundations. Its conclusion is that near- rationality seems, for now, to be the most useful « as-if » assumption in explaining macro-economic fluctuations. [fre] Cet article fait le point sur les travaux récents portant sur les effets réels de la variation des agrégats monétaires. Le monétarisme d'abord, puis sous une forme plus radicale la nouvelle école classique, concluent qu'une politique monétaire systématique ne peut influencer la production ou l'emploi. Les travaux empiriques ne confirment pas cette conclusion, car il existe de fait une relation entre monnaie et activité. Les théories du cycle réel de l'activité ne fournissent pas une explication convaincante de cette relation, qui est davantage conforme aux prédictions de la théorie keynésienne. Mais cette dernière implique l'existence de gains potentiels de l'échange qui ne seraient pas mis à profit par les agents économiques. . Comment alors concilier la rationalité économique et le déséquilibre monétaire ? L'article passe en revue les différentes théories de cette conciliation, pour conclure que le concept de quasi-rationalité fournit pour l'instant l'hypothèse provisoire la plus utile pour l'explication des fluctuations macroéconomiques.

Suggested Citation

  • Herschel I. Grossman, 1986. "Rationalité, monnaie et activité," Revue de l'OFCE, Programme National Persée, vol. 15(1), pages 207-216.
  • Handle: RePEc:prs:rvofce:ofce_0751-6614_1986_num_15_1_1057
    Note: DOI:10.3406/ofce.1986.1057
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    References listed on IDEAS

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    1. George A. Akerlof & Janet L. Yellen, 1985. "A Near-Rational Model of the Business Cycle, with Wage and Price Inertia," The Quarterly Journal of Economics, Oxford University Press, vol. 100(Supplemen), pages 823-838.
    2. King, Robert G., 1981. "Monetary information and monetary neutrality," Journal of Monetary Economics, Elsevier, vol. 7(2), pages 195-206.
    3. Boschen, John F. & Grossman, Herschel I., 1982. "Tests of equilibrium macroeconomics using contemporaneous monetary data," Journal of Monetary Economics, Elsevier, vol. 10(3), pages 309-333.
    4. Schultze, Charles L, 1985. "Microeconomic Efficiency and Nominal Wage Stickiness," American Economic Review, American Economic Association, vol. 75(1), pages 1-15, March.
    5. King, Robert G & Plosser, Charles I, 1984. "Money, Credit, and Prices in a Real Business Cycle," American Economic Review, American Economic Association, vol. 74(3), pages 363-380, June.
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    1. Grossman, Herschel I., 1991. "Monetary economics : A review essay," Journal of Monetary Economics, Elsevier, vol. 28(2), pages 323-345, October.

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