IDEAS home Printed from
   My bibliography  Save this article

Équilibres multiples avec salaire minimum dans le modèle de croissance à générations imbriquées


  • Granier, Pierre

    (GREQAM, Université d’Aix-Marseille II)

  • Michel, Philippe

    (GREQAM, Université d’Aix-Marseille II)


In this paper we study the dynamics of capital and unemployment in an OLG model with legal minimum wage. We analyse the conditions for existence of intertemporal equilibria with rational expectations and we study the dynamics for these equilibria. We show that the minimum wage may have positive effects even in the absence of any externality. If the competitive economy admits multiple steady states, there always exists a minimum wage that achieves the convergence toward the full employment steady state corresponding to the highest per capita output. More precisely, there exists always a minimum wage level for which the economy may reach any stable steady growth path with full employment associated to a capital stock higher than in the initial situation. A minimum wage may then, in some circumstances, contribute to move the economy toward the golden rule. Nous étudions dans cet article la dynamique du capital et du chômage dans le modèle de croissance à générations imbriquées avec salaire minimum légal. Nous analysons dans un premier temps les conditions d’existence d’équilibres intertemporels avec anticipations rationnelles et nous étudions la dynamique de ces équilibres. Nous montrons qu’une contrainte de salaire minimum légal peut exercer des influences favorables sans qu’il soit nécessaire de faire référence à des externalités. Si l’économie concurrentielle admet plusieurs équilibres stationnaires, il existe toujours un niveau de salaire minimum légal qui assure la convergence de l’économie vers l’équilibre stationnaire de plein emploi correspondant à la plus forte production par tête. Plus précisément, il existe toujours un salaire minimum qui permet à l’économie de rejoindre n’importe quel sentier de croissance régulier stable de plein emploi associé à un stock de capital plus important que dans la situation initiale. Un salaire minimum peut donc contribuer à rapprocher l’économie de la règle d’or.

Suggested Citation

  • Granier, Pierre & Michel, Philippe, 1998. "Équilibres multiples avec salaire minimum dans le modèle de croissance à générations imbriquées," L'Actualité Economique, Société Canadienne de Science Economique, vol. 74(2), pages 197-220, juin.
  • Handle: RePEc:ris:actuec:v:74:y:1998:i:2:p:197-220

    Download full text from publisher

    File URL:
    Download Restriction: no

    References listed on IDEAS

    1. Galor, Oded & Ryder, Harl E., 1989. "Existence, uniqueness, and stability of equilibrium in an overlapping-generations model with productive capital," Journal of Economic Theory, Elsevier, vol. 49(2), pages 360-375, December.
    2. Cahuc, Pierre & Michel, Philippe, 1996. "Minimum wage unemployment and growth," European Economic Review, Elsevier, vol. 40(7), pages 1463-1482, August.
    3. Marceau, Nicolas & Boadway, Robin, 1994. " Minimum Wage Legislation and Unemployment Insurance as Instruments for Redistribution," Scandinavian Journal of Economics, Wiley Blackwell, vol. 96(1), pages 67-81.
    4. Bean, Charles & Pissarides, Christopher, 1993. "Unemployment, consumption and growth," European Economic Review, Elsevier, vol. 37(4), pages 837-854, May.
    Full references (including those not matched with items on IDEAS)

    More about this item


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ris:actuec:v:74:y:1998:i:2:p:197-220. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Bruce Shearer). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.