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Dynamique transitoire et non superneutralité de la monnaie dans un modèle de croissance endogène à deux secteurs

Author

Listed:
  • Taoufik Rajhi

    (LEO - Laboratoire d'Économie d'Orleans [UMR6586] - UO - Université d'Orléans - CNRS - Centre National de la Recherche Scientifique)

  • Patrick Villieu

    (LEO - Laboratoire d'Économie d'Orleans [UMR6586] - UO - Université d'Orléans - CNRS - Centre National de la Recherche Scientifique)

Abstract

Cet article examine la relation entre le taux de croissance de la masse monétaire et l'accumulation du capital physique durant la dynamique transitoire d'un modèle de croissance endogène à deux secteurs (capital humain et capital physique) à la Lucas [1988]. Utilisant une fonction d'utilité CES, on montre que, sur la trajectoire d'ajustement pour un rapport initial du capital physique sur le capital humain inférieur à sa valeur stationnaire, le saut de l'investissement en réponse à un accroissement du taux de croissance de la masse monétaire a le signe de (S – 1) (S – σ), où S est l'élasticité de substitution intertemporelle, et σ l'élasticité instantanée de substitution entre consommation et monnaie. Les propriétés d'hystérèse des modèles de croissance endogène sont ensuite invoquées pour mettre en évidence la non-superneutralité de la monnaie à long terme sur le niveau des variables réelles.
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Suggested Citation

  • Taoufik Rajhi & Patrick Villieu, 1998. "Dynamique transitoire et non superneutralité de la monnaie dans un modèle de croissance endogène à deux secteurs," Post-Print halshs-00250460, HAL.
    • Handle: RePEc:hal:journl:halshs-00250460
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    Keywords

    Dynamique; transitoire; superneutralité; monnaie; modèle; croissance; endogène; secteurs;
    All these keywords.

    JEL classification:

    • E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy

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