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Structure des taux d’intérêt et consommation

  • Frédéric APRAHAMIAN

    (GREQAM, Marseille et Université de Toulon du Var)

  • Georges FIORI

    (GREQAM, Marseille et Université d’Aix-Marseille II)

  • Philippe MICHEL

    (IUF, GREQAM, Marseille et CORE, Université Catholique de Louvain)

Sous l’hypothèse de prévisions parfaites et en horizon infini, nous proposons un modèle des choix de consommation d’un agent représentatif dont le revenu, à chaque période, se compose de son salaire et du rendement du stock d’actifs qu’il détient. Une partie de sa consommation est financée par la monnaie et le solde éventuel par un crédit à la consommation. Nous montrons que l’agent peut faire appel au crédit alors qu’il détient des actifs dont le rendement est inférieur au taux d’emprunt. Nous mettons en évidence l’effet positif sur la consommation. Ce résultat est confirmé par une étude empirique portant sur des données trimestrielles françaises

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Paper provided by Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES) in its series Discussion Papers (REL - Recherches Economiques de Louvain) with number 1997024.

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Length: 17
Date of creation: 01 Jun 1997
Date of revision:
Handle: RePEc:ctl:louvre:1997024
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