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La persistance de l'inflation dans les modèlesnéo-keynésiens

Published online by Cambridge University Press:  17 August 2016

Safouane Mohamed Ben Aïssa  and
Olivier Musy
Safouane Mohamed Ben Aïssa
Affiliation:
GREQAM & CEDERS, Université de la Méditerranée & Université Paris X - Nanterre
Olivier Musy
Affiliation:
CEDERS, Université de la Méditerranée & Université de Rennes 1
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Résumé

Nous dérivons les dynamiques de l'inflation issues des différenteshypothèses d'ajustement des prix rencontrées dans la littératurenéo-keynésienne. Pour chaque modèle nous calculons la réponse de l'inflationet du produit suite à un choc sur le taux de croissance de la massemonétaire. Nous constatons que seules deux modélisations reproduisentcorrectement certains faits stylisés importants concernant l'impact de cetype de choc monétaire : la première est la spécification avec prixprédéterminés de Mankiw et Reis (2002) et la seconde celle à prix fixes deGalí et Gertler (1999). Aucune des autres alternatives examinées, y comprisle modèle à prix fixes de Fuhrer et Moore (1995), ne génère de réponsesatisfaisante. Elles sont notamment toutes incapables de reproduire unepersistance suffisante de l'inflation. Ceci montre que dans les modèles àprix fixes, la structure de rigidité choisie im-porte autant pour le degréde persistance de l'inflation que la présence ou non de valeurs retardées del'inflation dans la dynamique.

Summary

Summary

We derive the inflation dynamics implied by the different hypothesis onprice adjustment existing in the New Keynesian litterature. We study theresponse of output and inflation in each model consecutively to a shock onthe growth rate of money. We show that only two specifications can reproducecorrectly the stylized facts associated with this kind of shock: the modelwith predetermined prices of Mankiw and Reis (2002), and the model withfixed prices of Gali and Gertler (1999). None of the other alternatives,including the fixed prices model of Fuhrer and Moore (1995), is able toreproduce correctly the delayed response of inflation. Then, when analyzingthe inflation persistence implied by fixed prices models, the hypothesis onthe structure of price rigidity is as important as the presence of inflationlags in the dynamics.

Keywords

persistance de l'inflationcourbes de Phillips néo-keynésiennesprix fixesprix prédéterminésE31E52inflation persistenceNew Keynesian Phillips Curvesfixed pricespre-determined pricesE31E52

Information

Type
Research Article
Information
Recherches Économiques de Louvain/ Louvain Economic Review , Volume 71 , Issue 2 , January 2005 , pp. 175 - 191
Copyright
Copyright © Université catholique de Louvain, Institut de recherches économiques et sociales 2005 

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Footnotes

*

Adresse de correspondance: GREQAM, 2, Rue de la Charité, 13236 Marseille Cedex 02, FRANCE Tél.: +33 (0)4 91 14 07 23; fax: +33 (0)4 91 90 02 27; E-mail: benaissa@ehess.univ-mrs.fr, o.musy@univ-aix.fr.

Nous remercions G. Abraham-Frois, C. Deissenberg, C. Lespagnol, J.G. Sahuc, A. Venditti, un rapporteur anonyme ainsi que les participants au colloque T2M pour leurs commentaires. Nous restons, bien entendu, seuls responsables des erreurs pouvant subsister.

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