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Show me the money : retained earnings and the real effects of monetary shocks

  • Matthias Doepke (a1)

Résumé

La littérature empirique sur les chocs de politique monétaire nous informe que des chocs restrictifs sont suivis d'une hausse persistante des taux d'intérêt et d'une diminution persistante de la production. Les modèles monétaires standards de cycle peuvent expliquer les effets directs des chocs monétaires, mais ont des difficultés à reproduire la persistance de ceux-ci. Dans cet article, j'examine si les frictions qui affectent les décisions des ménages d'allocation des ressources peuvent mener à des effets persistants. Dans le modèle, les ménages détiennent deux actifs. L'un est utilisé à des fins de transaction (le compte à vue) et l'autre à des fins d'investissement (le carnet d'épargne). Il existe un faible coût de transaction pour transférer des fonds entre les actifs. Le fait que les entreprises accumulent des bénéfices non distribués et reversent les profits aux consommateurs avec un certain délai constitue également un facteur clé du modèle. Je montre que dans cet environnement, des chocs monétaires peuvent avoir des effets persistants même si le coût d'ajustement est très faible.

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Show me the money : retained earnings and the real effects of monetary shocks

  • Matthias Doepke (a1)

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