L'effet d'encaisse réelle. Cinquante ans d'emprise sur la théorie monétaire

Michel Herland and Bruno Rizzo

Revue Économique, 2000, vol. 51, issue 5, 1249-1280

Abstract: [fre] Pendant longtemps, la doctrine néoclassique n'a pas vu d'inconvénient majeur à séparer dans deux compartiments presque etanches les lois de détermination des prix relatifs, d'une part, et de leur niveau absolu, d'autre part. Il fallut attendre le milieu du XXe siècle, avec Don Patinkin, pour que ce dernier démontre les incohérences logiques du principe dichotomique et qu'il propose, grâce à l'effet d'encaisse réelle, de nouvelles conditions de validité de la théorie quantitative. En dépit de certaines contestations, l'analyse de Patinkin a fini par remporter une large adhésion. Avec le recul, cependant, l'insatisfaction l'emporte tant la théorie pure de la monnaie apparaît encore suspendue à des artifices. [eng] The real balance effect : a 50 years domination of monetary theory. . The neoclassical economy has disconnected for a long time the two questions of the determination of relative prices, on the one hand, and of the determination of absolute prices, on the other hand. In the middle of the XXth century, thanks to his real balance effect, Don Patinkin succesfully demonstrated the logical inconsistencies of the dichotomic principle and brought out new conditions of validity of the quantity theory of money. Since, Patinkin's theory has been largely accepted in spite of some controversies. Looking back, however, one may consider that Patinkin's solution remains artificial and that pure monetary theory has not yet reached completion.

Date: 2000
Note: DOI:10.3406/reco.2000.410584
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