Relations de Fischer et neutralité de l'inflation

Jean-Michel Courtault ()

Revue Économique, 1995, vol. 46, issue 4, 1063-1079

Abstract: [fre] Dans cet article nous montrons que certaines relations couramment utilisées en macro-économie monétaire comme la relation de Fisher supposent que les agents économiques sont neutres au risque de richesse nominale On montre aussi que la relation de Fisher permet de rendre compte de la relation entre infla tion et taux intérêt réel qui est observée dans les économies contemporaines Toutefois la relation de Fisher ne peut être associée à l'hypothèse de neutralité de l'inflation [eng] In this paper we show that some of the most commonly used relations in Macroecono­mics such as the Fisher theorem assume implicitly nominal wealth risk neutrality. We also show that the Fisher theorem is compatible with the stylised facts about the rela­tionship between inflation and real interest rate. However the Fisher theorem cannot be associated with the hypothesis of inflation neutrality.

Date: 1995
Note: DOI:10.3406/reco.1995.409722
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