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Relations de Fischer et neutralité de l'inflation

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  • Jean-Michel Courtault

Abstract

[fre] Dans cet article nous montrons que certaines relations couramment utilisées en macro-économie monétaire comme la relation de Fisher supposent que les agents économiques sont neutres au risque de richesse nominale On montre aussi que la relation de Fisher permet de rendre compte de la relation entre infla tion et taux intérêt réel qui est observée dans les économies contemporaines Toutefois la relation de Fisher ne peut être associée à l'hypothèse de neutralité de l'inflation [eng] In this paper we show that some of the most commonly used relations in Macroecono­mics such as the Fisher theorem assume implicitly nominal wealth risk neutrality. We also show that the Fisher theorem is compatible with the stylised facts about the rela­tionship between inflation and real interest rate. However the Fisher theorem cannot be associated with the hypothesis of inflation neutrality.

Suggested Citation

  • Jean-Michel Courtault, 1995. "Relations de Fischer et neutralité de l'inflation," Revue Économique, Programme National Persée, vol. 46(4), pages 1063-1079.
    • Handle: RePEc:prs:reveco:reco_0035-2764_1995_num_46_4_409722
    DOI: 10.3406/reco.1995.409722
    Note: DOI:10.3406/reco.1995.409722
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    1. Danthine, Jean-Pierre & Donaldson, John B, 1986. "Inflation and Asset Prices in an Exchange Economy," Econometrica, Econometric Society, vol. 54(3), pages 585-605, May.
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