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Accélération monétaire et croissance endogène

Author

Listed:
  • Taoufik Rajhi

    (IOF - Institut Orléanais de Finance - UO - Université d'Orléans - CNRS - Centre National de la Recherche Scientifique)

  • Patrick Villieu

    (MAD - Macroéconomie et Analyse des Déséquilibres - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)

Abstract

[fre] Accélération monétaire et croissance endogène. . Cet article étudie l'impact de l'inflation sur la croissance en longue période, d'un point de vue à la fois empirique et théorique. Plus précisément, la constatation, tant sur données de panel que sur sénés temporelles pour les États-Unis, d'une liaison négative, non pas entre l'inflation ou le taux de croissance de la masse monétaire, mais entre l'accélération des prix ou de la masse monétaire et le taux de croissance de l'activité économique après la seconde guerre mondiale, conduira à s'interroger sur une possible erreur de spécification. Si l'accélération, et non le taux de crois­sance, de la masse monétaire influence négativement la croissance économique, les difficultés empiriques et théoriques à exhiber un lien significatif entre inflation et croissance ne préjugent en rien de l'influence de la politique monétaire.. Deux exercices empiriques sont menés, l'un sur données de panel, l'autre sur séries chronologiques pour les États-Unis, afin de mettre en évidence que l'indicateur pertinent de la relation inflation-croissance depuis la seconde guerre mondiale n'est pas le taux de croissance mais l'accélération des prix ou de la masse monétaire.. La corrélation entre l'accélération de la masse monétaire et le taux de croissance à long terme est ensuite interprétée de manière structurelle, par un modèle monétaire de croissance endogène dans lequel les autorités monétaires maintiennent constante l'accélération de la composante exogène de l'offre de monnaie. Le signe de la relation entre l'accélération de la masse monétaire et la croissance du produit dépendra alors de l'aspect complémentaire ou substituable en utilité de la monnaie et de la consommation. [eng] Endogeneous growth and monetary accumulation. . The long-run relation between inflation and growth is studied in an empirical and theorical model. More precisely, on US datas, a negative correlation can be showed, not between the inflation rate or the mone
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Suggested Citation

  • Taoufik Rajhi & Patrick Villieu, 1992. "Accélération monétaire et croissance endogène," Post-Print halshs-00255965, HAL.
    • Handle: RePEc:hal:journl:halshs-00255965
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    References listed on IDEAS

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    1. Andres, Javier & Domenech, Rafael & Molinas, Cesar, 1996. "Macroeconomic performance and convergence in OECD countries," European Economic Review, Elsevier, vol. 40(9), pages 1683-1704, December.
    2. ZeinabPartow, 2005. "La Relaci�N Inflaci�N-Crecimiento: Un Resumen Con Algunas Implicaciones Para Colombia," Borradores de Economia 3079, Banco de la Republica.
    3. Zeinab Partow, 1995. "La Relación Inflación-Crecimiento: Un Resúmen con algunas Implicaciones para Colombia," Borradores de Economia 023, Banco de la Republica de Colombia.

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