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Fil du rasoir et chocs sur les rendements d’échelle

Published online by Cambridge University Press:  17 August 2016

Jérôme Glachant
Jérôme Glachant*
Affiliation:
Université d’Evry et M.A.D., Université de Paris I
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Résumé

Le sentier de croissance à taux constant ‘endogène’ peut àtre vu comme un nouveau fil du rasoir. Son existence repose sur la stricte égalité à un des rendements d’échelle vis-á-vis des facteurs accumulables. Nous étendons cette constatation en étudiant le sentier de croissance d’une économie où les rendements d’échelle, unitaires en espérance, sont soumis à des chocs stochastiques. La propriété de croissance ne résiste pas à l’introduction de ces chocs: le processus stochastique suivi par le stock de capital est stationnaire au sens fort. Cependant, l’économie ne converge pas pour autant vers un état stationnaire stable: la distribution limite du capital n’admet pas d’esperance. Nous commentons ensuite ces résultats pour en tirer quelques enseignements généraux.

Summary

Summary

In endogenous growth model, the balanced growth path can be seen as a new razor edge. Its existence requires that returns to scale with respect to accumulated factors equal exactly one. We propose to extend this result by studying an economy in which returns to scale—unitary on average—are disturbed by stochastic shocks. Growth is not robust: the stochastic process describing capital dynamics is stationary in a strong sense. However, the asymptotic distribution is singular, it does not admit first and second-order moments.

Keywords

O40C22O40C22
Type
Research Article
Information
Recherches Économiques de Louvain/ Louvain Economic Review , Volume 60 , Issue 3 , September 1994 , pp. 359 - 375
Copyright
Copyright © Université catholique de Louvain, Institut de recherches économiques et sociales 1994 

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Footnotes

(*)

Je remercie deux rapporteurs anonymes pour leurs suggestions. Les erreurs ou omissions subsistantes sont miennes.

References

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