Résumés
Résumé
Cet article discute du rôle du mécanisme de substitution intertemporelle dans le comportement de consommation des ménages. Après avoir constaté que ce mécanisme est au coeur de plusieurs modèles monétaires mais, qu’étant trop fort, il tend généralement à réduire la capacité de ces modèles à reproduire les faits stylisés monétaires, je dresse un bilan de l’état des connaissances sur le lien entre consommation et effet de substitution intertemporelle. L’intérêt de l’hypothèse de persistance des habitudes dans le comportement de consommation est analysée à l’aide d’un modèle simple de choix intertemporels pour montrer que cette hypothèse permet d’affaiblir le mécanisme de substitution intertemporelle, et par voie de conséquence, d’améliorer les propriétés dynamiques des modèles monétaires usuels.
Abstract
This article discusses the role of the intertemporal substitution mechanism in consumption. After noting that this mechanism is central for several monetary models but, being too strong, it generally tends to reduce the ability of these models to reproduce the stylized monetary facts, it discusses the state of knowledge about the relationship between consumption and the intertemporal substitution effect. The interest of the hypothesis of habit persistence in consumption behaviour is analyzed using a simple model of intertemporal choice to show that this assumption allows weakening the intertemporal substitution mechanism, and consequently, improve the dynamic properties of the common monetary models.
Parties annexes
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