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Couts et benefices du passage d'une faible inflation a la stabilite des prix. Une comparaison internationale

Author

Listed:
  • Chatelain, J.-B.
  • Sevestre, P.

Abstract

Cet article value, en reprenant l'approche de Feldstein [1996], quelques-uns des co ts et des b n fices du passage d'une faible inflation (2%) une inflation nulle pour les conomies fran aise, allemande, britannique, espagnole et am ricaine. Cette approche met l'accent sur les distorsions dans les d cisions d' pargne et d'investissement en logement engendr es par l'indexation imparfaite du syst me fiscal. Des tudes r centes ont montr qu'un passage d'une inflation de 2% la stabilit des prix conduisait des gains en surplus des m nages de l'ordre de 1,05% du PIB par an aux Etats-Unis, de 1,4% en Allemagne, de 1,7% en Espagne et de seulement 0,21% au Royaume-Uni. Nous montrons que ces diff rences d' valuation rel vent en grande partie du choix de l' lasticit de l' pargne au taux d'int r t et de sp cificit s de la fiscalit de ces pays. En France, sur la base de la fiscalit de l' pargne pr valant en 1998, le b n fice annuel du retour observ la stabilit des prix serait de 0,66%.

Suggested Citation

  • Chatelain, J.-B. & Sevestre, P., 1999. "Couts et benefices du passage d'une faible inflation a la stabilite des prix. Une comparaison internationale," Working papers 62, Banque de France.
    • Handle: RePEc:bfr:banfra:62
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    More about this item

    Keywords

    Inflation ; prix ; cycles economiques.;
    All these keywords.

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation

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