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Les incertitudes de la politique économique en économie ouverte

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  • Pierre Gravot

Abstract

[fre] Ce papier a pour objet de reposer le problème de l'affectation des politiques budgétaire et monétaire pour réaliser le double objectif des équilibres interne et externe, posé initialement par Mundell, dans un contexte de prix non stables et de mobilité internationale du capital.. Pour cela, nous utilisons un modèle macroéconomique statique à partir duquel nous calculons les multiplicateurs d'impact relatifs à chaque politique. Il apparaît alors que les certitudes de Mundell, même corrigées par ses successeurs, ne tiennent plus dans un inonde à prix flexibles, à cause des effets particuliers qu'exercent les prix et leurs variations sur les comportements, ainsi que de l'impact incertain des politiques sur l'évolution du taux d'intérêt. [eng] Uncertainties in economic policy for open-economy . The purpose of this paper is to reformulate the problem of affectation of budgetary and monetary policies to the double goal of internal an external equïlibrium, first exposed by Mundell, in the context of non-stable prices and international mobility of capital.. We use a static macroeconomic model and we evaluate the impact multiplier of each policy. Then we can see that the Mundell's certitudes, even corrected by his successors, are not valid in a flexible price world, in reason of particular effects of prices and their variations on the economic behaviours, and also in reason of the incertain impact of policies on interest rates.

Suggested Citation

  • Pierre Gravot, 1980. "Les incertitudes de la politique économique en économie ouverte," Revue Économique, Programme National Persée, vol. 31(2), pages 258-286.
  • Handle: RePEc:prs:reveco:reco_0035-2764_1980_num_31_2_408525
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    1. Bertrand Lemennicier, 1973. "La contrainte budgétaire de l'Etat et l' « Optimal Policy Mix » en régime de change fixe et flexible," Revue Économique, Programme National Persée, vol. 24(3), pages 473-504.
    2. Silber, William L, 1970. "Fiscal Policy in IS-LM Analysis: A Correction," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 2(4), pages 461-472, November.
    3. Helliwell, John F, 1969. "Monetary and Fiscal Policies for an Open Economy," Oxford Economic Papers, Oxford University Press, vol. 21(1), pages 35-55, March.
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