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Contraintes d'encaisses préalables et fluctuations économiques

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  • Jean-Olivier Hairault
  • Franck Portier

Abstract

[fre] Contraintes d'encaisses préalables et fluctuations économiques. . La reproduction de la dimension nominale du cycle et la prise en compte de chocs monétaires comme source de fluctuations demeurent un enjeu essentiel de l'analyse du cycle économique, face au développement de la littérature du courant des cycles réels. Une contrainte d'encaisses monétaires préalables sur la consommation, puis à la fois sur la consommation et l'investissement, est introduite dans le modèle canonique de King, Plosser et Rebelo [1988]. Ce modèle avec offre de travail endogène permet alors d'étudier le rôle de la taxe inflationniste, comme mécanisme de transmission des chocs monétaires dans le cycle. En outre il élargit le champ couvert par les modèles des cycles réels en introduisant une dimension nominale.. Il s'avère que la prise en compte de chocs monétaires modifie sensiblement les moments d'ordre deux générés par le modèle réel de Hansen [1985] lorsque la contrainte porte également sur l'investissement. Cependant, la dimension nominale des fluctuations économiques en France et aux États-Unis s'avère mal reproduite. Notre modèle montre ainsi qu'un mécanisme de transmission reposant sur la taxe inflationniste est insuffisant pour remettre en cause le message des cycles réels. [eng] Cash-in-advance constraints and the business cycle . . We propose in this article a theoretical and empirical study of the effect of monetary shocks through a cash in advance constraint on the French and American business cycle, in an intertemporal general equilibrium setting. The cash in advance model of Cooley and Hansen [1989] is extended to include current investment. This last specification gives a role to monetary disturbances in the short run dynamics of the model. The stochastic simulation of the model and its comparison with French and American data show that the model is able to mimic the real dimension of the business cycle. Nevertheless, the nominal dimension is not correctly reproduced in such a monetarized neoclassical model.

Suggested Citation

  • Jean-Olivier Hairault & Franck Portier, 1994. "Contraintes d'encaisses préalables et fluctuations économiques," Revue Économique, Programme National Persée, vol. 45(4), pages 1009-1044.
    • Handle: RePEc:prs:reveco:reco_0035-2764_1994_num_45_4_409588
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    References listed on IDEAS

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