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Conférence François-Albert Angers (2002)

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  • Bénassy, Jean-Pascal

    (CEPREMAP)

Abstract

The goal of this article is to show that the introduction of nominal rigidities into dynamic stochastic general equilibrium models allows to substantially improve the capacities of these models to reproduce the dynamic evolution of real economies. For that purpose we construct a dynamic model and successively study it under the following assumptions: (a) Walrasian equilibrium, (b) one period wage contracts, (c) multiperiodic staggered wage contracts, (d) staggered wage and price contracts together. At each step we give a closed-form solution. It is found that the introduction of nominal contracts, even with limited duration, improves many correlations, and that the introduction of multiperiodic contracts allows to obtain the persistent output and inflation response to monetary shocks that was missing from traditional models. Le but de cet article est de montrer que l’introduction de rigidités nominales dans les modèles d’équilibre général intertemporel stochastique permet d’améliorer considérablement les capacités de ces modèles à reproduire les évolutions dynamiques des économies réelles. Pour cela on construit un modèle dynamique qu’on étudie successivement sous les hypothèses suivantes : (a) équilibre walrasien, (b) contrats de salaires à une période, (c) contrats de salaires multipériodiques, (d) contrats multipériodiques de salaires et de prix. À chaque étape une solution analytique du modèle est donnée. On trouve que l’introduction de contrats nominaux, même à durée limitée, améliore de nombreuses corrélations, tandis que l’introduction de contrats multipériodiques permet d’obtenir la réponse persistante de l’output et de l’inflation à certains chocs qui échappait aux modèles traditionnels.

Suggested Citation

  • Bénassy, Jean-Pascal, 2002. "Conférence François-Albert Angers (2002)," L'Actualité Economique, Société Canadienne de Science Economique, vol. 78(4), pages 423-457, Décembre.
  • Handle: RePEc:ris:actuec:v:78:y:2002:i:4:p:423-457
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