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Epargne, investissement et monnaie dans une perspective intertemporelle

Author

Listed:
  • Antoine d'Autume

    (EUREQUA - Equipe Universitaire de Recherche en Economie Quantitative - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)

  • Philippe Michel

    (CORE - Center of Operation Research and Econometrics [Louvain] - UCL - Université Catholique de Louvain = Catholic University of Louvain)

Abstract

Nous étudions dans cet article un modèle d'équilibre où produc­teurs et consommateurs doivent résoudre simultanément des problèmes d'optimisation intertemporelle. Des modèles de ce type constituent sans nul doute le cadre adéquat pour traiter de l'égali­sation de l'épargne et de l'investissement et plus généralement pour analyser de nombreux problèmes de macro-économie et de théorie monétaire. Ils ne sont clairement pas radicalement nouveaux. La pro­blématique générale est au fond celle des modèles de croissance opti­male étudiés à la fin des années 1960. Ils sont pourtant l'objet d'un récent regain d'intérêt dont témoignent notamment les travaux d'Abel, Blanchard, Sachs 1. L'intuition commune à ces recherches est que l'ana­lyse macro-économique moderne doit s'attacher à mieux rendre compte des phénomènes d'ajustement intertemporel et, partant, du rôle des anticipations. Les traits les plus caractéristiques de notre modèle, qu'il partage avec la plupart des travaux évoqués ci-dessus, sont les suivants. Nous retenons l'hypothèse d'anticipations rationnelles ou plutôt, dans un contexte non stochastique, de prévision parfaite. Ceci permet de caractériser la dynamique autonome de l'économie, en faisant abstrac­tion clés effets d'éventuelles erreurs de prévision. Nous supposons l'accumulation du capital soumise à des coûts d'ajustement. Il est bien connu que cette hypothèse est requise pour définir un authentique comportement d'investissement, en termes clé flux, par opposition à un simple comportement de stock de capital désiré.

Suggested Citation

  • Antoine d'Autume & Philippe Michel, 1985. "Epargne, investissement et monnaie dans une perspective intertemporelle," Post-Print halshs-00430098, HAL.
  • Handle: RePEc:hal:journl:halshs-00430098
    DOI: 10.2307/3501766
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    References listed on IDEAS

    as
    1. Fischer, Stanley, 1979. "Capital Accumulation on the Transition Path in a Monetary Optimizing Model," Econometrica, Econometric Society, vol. 47(6), pages 1433-1439, November.
    2. Abel, Andrew B & Blanchard, Olivier J, 1983. "An Intertemporal Model of Saving and Investment," Econometrica, Econometric Society, vol. 51(3), pages 675-692, May.
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    Cited by:

    1. Antoine d'Autume, 1986. "Les anticipations rationnelles dans l'analyse macro-économique," Revue Économique, Programme National Persée, vol. 37(2), pages 243-284.
    2. Daniel Cohen & Jeffrey Sachs, 1991. "Growth and External Debt Under Risk of Debt Repudiation," NBER Chapters, in: International Volatility and Economic Growth: The First Ten Years of The International Seminar on Macroeconomics, pages 437-472, National Bureau of Economic Research, Inc.
    3. Plassard, Romain, 2021. "Barro, Grossman, and the domination of equilibrium macroeconomics," MPRA Paper 107201, University Library of Munich, Germany.

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