Volatilité de l'inflation et croissance économique
2000, Revue Economique, 51(3), pp.693-701
Abstract
We propose a simple model of endogenous growth which puts forward the non linear impact of monetary policy on long run economic growth. Moreover, we show that, out of steady state, the volatility of inflation (expected and non-expected) decreases the rate of growth. In a stochastic framework, the precautionary saving induced by inflation volatility is indeed always overcome by an income effect due to the rise of the global expected return of saving. Theses results are supported by several empirical studies concerning the relationship between inflation and saving as well as those devoted to the influence of inflation volatility on economic growth.