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Animal spirits in cash-in-advance economies*

  • Stefano Bosi (a1), Frédéric Dufourt (a2) and Francesco Magris (a1)
Résumé

La pertinence empirique des modèles avec indétermination de l'équilibre et fluctuations “à taches solaires” a souvent été remise en cause, notamment parce que de tels modèles exigeraient des rendements d'échelle fortement croissants ou des calibrations relativement controversées des fondamentaux de l'économie. Dans cet article, nous étudions l'apparition de tels phénomènes dans un modèle standard de croissance optimale avec offre de travail endogène lorsqu'une contrainte d'encaisses préalables partielle porte sur les dépenses de consommation des ménages. Nous montrons, sous des préférences usuelles et des rendements d'échelle constants, que de tels phénomènes émergent en présence d'une contrainte de liquidité arbitrairement faible. Nous étudions également les propriétés cycliques de cette économie en présence de chocs portant simultanément sur la technologie et les croyances, et analysons nos résultats au regard de modèles comparables proposés dans la littérature.

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Corresponding author
EPEE, Département d'économie, Université d'Evry - Val d'Essonne. 4, Bd F. Mitterrand. 91025 Evry Cedex, France. Tel: + 33 1 69 47 70 52. Fax: + 33 1 69 47 70 50. E-mail: stefano.bosi@univ-evry.fr.
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*

We are grateful to Guido Cazzavillan, Jean-Michel Grandmont, Marco Maffezzoli and Alain Venditti for very helpful comments and suggestions. We wish to thank participants to SET 2002 and ESEM 2002 in Venice, T2M 2002 in Evry, and Journée DELTA. Any remaining errors are our own.

Footnotes
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Recherches Économiques de Louvain/ Louvain Economic Review
  • ISSN: 0770-4518
  • EISSN: 1782-1495
  • URL: /core/journals/recherches-economiques-de-louvain-louvain-economic-review
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