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Effets des chocs asymétriques en union monétaire avec marchés financiers incomplets

Author

Listed:
  • Stéphane Auray

    () (Université Lille 3 (GREMARS), Université de Sherbrooke (GREDI) and CIRPÉE)

  • Aurélien Eyquem

    (GATE, UMR 5824, Université de Lyon and Ecole Normale Supérieure Lettres et Sciences Humaines, France)

Abstract

Dans cet article, nous montrons que l'incomplétude des marchés dans une union monétaire caractérisée par des chocs asymétriques et des rigidités nominales génère des gains de bien-être. L'existence de marchés incomplets relâche la pression sur les termes de l'échange, ce qui réduit la volatilité des taux d'inflation nationaux. Les gains associés µa cette baisse dépassent les coûts de l'imparfait partage des risques. L'effet net est positif et les gains correspondants peuvent atteindre 0.05% de consommation permanente.

Suggested Citation

  • Stéphane Auray & Aurélien Eyquem, 2008. "Effets des chocs asymétriques en union monétaire avec marchés financiers incomplets," Cahiers de recherche 08-13, Departement d'Economique de l'École de gestion à l'Université de Sherbrooke.
  • Handle: RePEc:shr:wpaper:08-13
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    File URL: http://gredi.recherche.usherbrooke.ca/wpapers/GREDI-0813.pdf
    File Function: First version, 2008
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    More about this item

    Keywords

    union monétaire; chocs asymétriques; prix rigides; bien-être; marchés financiers incomplets;

    JEL classification:

    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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