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L’approche microéconomique du taux de change réel d’équilibre : une revue de la littérature théorique

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  • Hoarau, Jean-François

    (CEMOI, Faculté de droit et d’économie, Université de la Réunion)

Abstract

This article aims at presenting a theoretical survey relative to the microeconomic approach of the equilibrium real exchange rate. The exchange rate concept considered within this framework is the internal real exchange rate that is the relative price of nontradables. To this regard, we develop an intertemporal general equilibrium model with three agents and three sectors. Then, a large set of fundamental determinants of the equilibrium exchange rate, belonging both to the supply and demand sides, can be put forward. Moreover, this canonical model allows us to isolate transparently the different transmission channels of the fundamentals’ effects. Résumé : L’objectif de cet article est de faire un état des lieux de la littérature théorique sur l’approche microéconomique du taux de change réel d’équilibre. Celle-ci se focalise sur l’étude du comportement à long terme du taux de change réel interne, défini comme le prix relatif des biens échangeables en termes de biens non échangeables. Plutôt que de faire un inventaire classique, nous présentons un modèle synthétique d’équilibre général intertemporel à trois agents et à trois secteurs intégrant, dans un cadre unifié, la plupart des caractéristiques proposées par les principaux travaux dans le domaine. Cette méthodologie permet alors d’identifier clairement un vaste ensemble de déterminants fondamentaux du taux de change réel d’équilibre, à la fois du côté offre et du côté demande, d’une part, et de décomposer de manière précise leurs différents mécanismes de transmission, d’autre part. Néanmoins, la richesse théorique évidente de l’approche microéconomique ne doit pas occulter les nombreuses difficultés rencontrées sur le plan empirique, des difficultés découlant pour la plupart des fondements théoriques même de l’approche.

Suggested Citation

  • Hoarau, Jean-François, 2009. "L’approche microéconomique du taux de change réel d’équilibre : une revue de la littérature théorique," L'Actualité Economique, Société Canadienne de Science Economique, vol. 85(4), pages 403-436, décembre.
  • Handle: RePEc:ris:actuec:0025
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