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Croissance et équilibre intertemporel : une présentation simple d’un modèle de base

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  • Michel, Philippe

    (Centre de Mathématiques Économiques, Université de PARIS-I)

Abstract

In their Lectures on Macroeconomics (MIT Press, 1989), Chapter 2, Blanchard and Fischer study a basic model of capital accumulation in continuous time. We study the discrete time version of this model, considering the same topics: centralized growth and optimal growth, intertemporal equilibrium, government debt, open economy growth, capital adjustment costs. Two important questions are analyzed in more detail: the difference between centralized growth (with discounting) and optimal growth (without discounting), and the solvability constraint limiting a country debt. In the appendix, we make a technical study of the dynamics, using the capital stock value function and the Bellman equation. Dans le Chapitre 2 de Lectures on Macroeconomics (MIT Press, 1989), Blanchard et Fischer présentent un modèle fondamental de l’accumulation du capital, formulé en temps continu, dans lequel l’équilibre intertemporel coïncide avec la solution optimale du problème centralisé. Nous reprenons ici le même modèle reformulé en temps discret et nous suivons le même plan de présentation : modèle centralisé et croissance optimale, modèle décentralisé, influence de la dette et des dépenses publiques, croissance dans une économie ouverte et coûts d’ajustement du capital. L’étude technique de la dynamique qui utilise la fonction valeur du capital et l’équation de Bellman est faite en annexe. On a mis l’accent sur deux questions importantes : la distinction entre croissance optimale (sans actualisation) et croissance centralisée (avec actualisation), et l’analyse détaillée de la contrainte de solvabilité d’un pays.

Suggested Citation

  • Michel, Philippe, 1992. "Croissance et équilibre intertemporel : une présentation simple d’un modèle de base," L'Actualité Economique, Société Canadienne de Science Economique, vol. 68(1), pages 99-126, mars et j.
    • Handle: RePEc:ris:actuec:v:68:y:1992:i:1:p:99-126
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    1. David Gale, 1967. "On Optimal Development in a Multi-Sector Economy," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 34(1), pages 1-18.
    2. Tjalling C. Koopmans, 1963. "On the Concept of Optimal Economic Growth," Cowles Foundation Discussion Papers 163, Cowles Foundation for Research in Economics, Yale University.
    3. Michel, Philippe, 1990. "Some Clarifications on the Transversality Condition," Econometrica, Econometric Society, vol. 58(3), pages 705-723, May.
    4. David Cass, 1965. "Optimum Growth in an Aggregative Model of Capital Accumulation," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 32(3), pages 233-240.
    5. Martin L. Weitzman, 1973. "Duality Theory for Infinite Horizon Convex Models," Management Science, INFORMS, vol. 19(7), pages 783-789, March.
    6. Olivier Jean Blanchard & Stanley Fischer, 1989. "Lectures on Macroeconomics," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262022834, December.
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