Flexibilité des changes et asymétries des chocs

Fabrice Collard and Martine Carré

Revue Économique, 1998, vol. 49, issue 3, 709-720

Abstract: [eng] Exchange rate flexibility and asymmetries of shocks. . This article studies the relationships between changes in exchange rates and macroeconomic aggregates within a general equilibrium framework. Such an analysis aims to evaluate the isolationist properties of a flexible exchange rate regime. We further have a look to the international transmission of shocks. Taking into account wealth effects yields a non neutrality of both monetary and fiscal policies either in the domestic or the foreign economy. [fre] Flexibilité des changes et asymétries des chocs. . Cet article étudie les relations entre variations de change et mouvements des agrégats macroéconomiques dans le cadre d'un modèle d'équilibre général afin d'évaluer les propriétés autarciques d'un régime de changes flexibles. Nous nous attachons plus particulièrement à mettre en évidence les canaux de transmission internationale des chocs. La prise en compte des effets de richesse entraîne une non-neutralité même à long terme des politiques monétaires et fiscales, domestiques et étrangères.

Date: 1998
Note: DOI:10.3406/reco.1998.410003
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