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Épargne privée, solde budgétaire et taux de change réel

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  • Laurent Maurin

Abstract

We develop a simple model which integrates the public deficit in an equilibrium exchange rate model framework. This allows us to expose the overshooting of the exchange rate following a variation of the fiscal balance. Integrating this variable into the NATREX model, we estimate the dollar and the euro dynamics, constucting a fictive euro and a natural saving rate which approximates the time preference. Classification JEL : F31, F41

Suggested Citation

  • Laurent Maurin, 2001. "Épargne privée, solde budgétaire et taux de change réel," Revue économique, Presses de Sciences-Po, vol. 52(1), pages 117-133.
    • Handle: RePEc:cai:recosp:reco_521_0117
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    References listed on IDEAS

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    1. Malcolm Knight & Paul Masson, 1988. "Fiscal Policies, Net Saving, and Real Exchange Rates: The United States, the Federal Republic of Germany, and Japan," NBER Chapters, in: International Aspects of Fiscal Policies, pages 21-72, National Bureau of Economic Research, Inc.
    2. Jacob A. Frenkel & Assaf Razin, 1987. "The Mundell-Fleming Model a Quarter Century Later: A Unified Exposition," IMF Staff Papers, Palgrave Macmillan, vol. 34(4), pages 567-620, December.
    3. John Williamson, 1994. "Estimating Equilibrium Exchange Rates," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 17, April.
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    More about this item

    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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