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Depenses publiques et cycles economiques

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Abstract

We analyze a stochastic general equilibrium model which incorporates three different types of government expenditure. We calibrate the model and simulate it under the hypotheses of divisible and indivisible labor supply. Our results indicate that the addition of government expenditure shocks to real business cycle models leads to no substantial improvement compared to models with only aggregate technology shocks. Government expenditure shocks do not contribute to the volatility of aggregates. The model predicts contemporaneous correlations between aggregates that are systematically too high compared with the correlations in the data. Nous analysons un modèle d'équilibre général stochastique qui incorpore trois types de dépenses publiques. Nous étalons le modèle et le simulons sous l'hypothèses que la main-d'oeuvre est divisble puis, sous l'hypothèse d'indivisibilité de la main-d'oeuvre. Nos résultats indiquent que l'ajout des dépenses publiques aux modèles du cycle réel ne constitue pas un progrès véritable par rapport aux modèles où il n'y a qu'un choc technologique. Les chocs sur les dépenses publiques ne contribuent que très peu à expliquer la variabilité des agrégats. Le modèle engendre des corrélations contemporaines entre les agrégats qui sont toutes trop élevées par rapport à celles qui sont observées dans les faits.

Suggested Citation

  • Steve Ambler & Louis Phaneuf & Eric Girard, 1993. "Depenses publiques et cycles economiques," Cahiers de recherche CREFE / CREFE Working Papers 21, CREFE, Université du Québec à Montréal, revised Oct 1995.
  • Handle: RePEc:cre:crefwp:21
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    Keywords

    Business cycles; Government expenditures;

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • H5 - Public Economics - - National Government Expenditures and Related Policies

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