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Dynamique transitoire et non-superneutralité de la monnaie dans un modèle de croissance endogène à deux secteurs

  • Taoufik RAJHI

    (Laboratoire d’Économie d’Orléans, Université d’Orléans)

  • Patrick VILLIEU

    (Laboratoire d’Économie d’Orléans, Université d’Orléans)

Cet article examine la relation entre le taux de croissance de la masse monétaire et l'accumulation du capital physique durant la dynamique transitoire d'un modèle de croissance endogène à deux secteurs (capital humain et capital physique) à la Lucas [1988]. Utilisant une fonction d'utilité CES, on montre que, sur la trajectoire d'ajustement pour un rapport initial du capital physique sur le capital humain inférieur à sa valeur stationnaire, le saut de l'investissement en réponse à un accroissement du taux de croissance de la masse monétaire a le signe de (S – 1) (S – σ), où S est l'élasticité de substitution intertemporelle, et σ l'élasticité instantanée de substitution entre consommation et monnaie. Les propriétés d'hystérèse des modèles de croissance endogène sont ensuite invoquées pour mettre en évidence la non-superneutralité de la monnaie à long terme sur le niveau des variables réelles.

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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 1998021.

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Length: 18
Date of creation: 01 Jun 1998
Date of revision:
Handle: RePEc:ctl:louvre:1998021
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