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Investissement et politique monétaire dans le court terme : une présentation du modèle IS-LM

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  • Laroque, Guy

    (Institut National de la Statistique et des Études Économiques)

Abstract

In this article, the IS-LM model is reexamined in light of the developments of macroeconomic theory in the past two decades. The transaction demand for money is described through a Clower constraint, and the demand for physical investment is derived from the maximization of the sum of the discounted profits of the entrepreneurs. The conclusions of the traditional analysis are discussed in relationship with assumptions on expectations formation. Among other results, one obtains the equivalence between bond financing and tax financing of government deficits of Barro (1974), as a consequence of a particular expectation assumption. The link between monetary policy and investment appears to be highly dependent on the shape of the price and wage expectations of the investors. Ce texte présente le modèle IS-LM en tirant partie des développements de la théorie macroéconomique des vingt dernières années. La demande de monnaie de transaction est modélisée à la Clower, et la demande d’investissement physique est dérivée d’un comportement de maximisation de profit actualisé. On discute la validité des conclusions de l’analyse traditionnelle en regard des hypothèses sur les anticipations. On retrouve entre autres la situation, mise en avant par Barro (1974), où financements du déficit budgétaire par emprunt ou par impôt sont équivalents. On montre que la liaison entre politique monétaire et investissement dépend étroitement de la forme des anticipations de salaires et de prix des investisseurs.

Suggested Citation

  • Laroque, Guy, 1992. "Investissement et politique monétaire dans le court terme : une présentation du modèle IS-LM," L'Actualité Economique, Société Canadienne de Science Economique, vol. 68(1), pages 69-98, mars et j.
    • Handle: RePEc:ris:actuec:v:68:y:1992:i:1:p:69-98
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    1. Barro, Robert J, 1974. "Are Government Bonds Net Wealth?," Journal of Political Economy, University of Chicago Press, vol. 82(6), pages 1095-1117, Nov.-Dec..
    2. Hayashi, Fumio, 1982. "Tobin's Marginal q and Average q: A Neoclassical Interpretation," Econometrica, Econometric Society, vol. 50(1), pages 213-224, January.
    3. Olivier Jean Blanchard & Stanley Fischer, 1989. "Lectures on Macroeconomics," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262022834, December.
    4. Lucas, Robert Jr, 1976. "Econometric policy evaluation: A critique," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 1(1), pages 19-46, January.
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