Hostname: page-component-586b7cd67f-t7fkt Total loading time: 0 Render date: 2024-11-29T19:49:34.878Z Has data issue: false hasContentIssue false
  • English
  • Français

Les coûts d’ajustement croisés et le cycle de productivité: évaluation dans un modèle de cycles réels

Published online by Cambridge University Press:  17 August 2016

Xavier Fairise
Xavier Fairise*
Affiliation:
Universités de Cergy-Pontoise et Paris I
Get access

Résumé

Dans le but d’analyser le cycle de productivité de l’emploi, cet article présente un modèle de cycles réels avec coûts d’ajustement croisés sur l’investissement et le travail. Le modèle est simulé et confronté aux faits stylisés du marché du travail. Nous évaluons plus particulièrement la capacité du modèle à reproduire un cycle de productivité de l’emploi. Nous montrons alors que l’amplitude du cycle de productivité ne dépend pas uniquement du poids des coûts d’ajustement de l’emploi, mais peut aussi résulter du degré de complémentarité, en termes de coûts d’ajustement, de l’embauche et de l’investissement. Au-delà de son explication du cycle de productivité, le modèle permet aussi de rendre compte de la dynamique de l’investissement et de l’emploi.

Summary

Summary

The aim of this article is to analyse the labour productivity cycle in the context of a real business cycle model augmented by interrelated adjustment costs. The model is simulated and compared to the labour market stylised facts. More specifically, we evaluate the ability of the model to reproduce the labour productivity cycle. We show that the size of the latter not only depends on the weight of the labour adjustment costs, but is also influenced by the existing complementarities of hiring and investment. Beyond the explanation of the productivity cycle, the model is also able to account for the investment employment dynamics.

Keywords

E22E24E30E22E24E30
Type
Research Article
Information
Recherches Économiques de Louvain/ Louvain Economic Review , Volume 61 , Issue 2 , 1995 , pp. 181 - 216
Copyright
Copyright © Université catholique de Louvain, Institut de recherches économiques et sociales 1995 

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

Footnotes

(*)

Je remercie François Langot et Philippe Le Gall pour leurs nombreuses remarques sur une version précédente de cet article. Je remercie également trois rapporteurs anonymes de la revue pour leurs suggestions judicieuses.

References

Bibliographie

Abel, A.B. and Blanchard, O.J. [1983], An Intertemporal Model of Saving and Investment, Econometrica, 51(3), pp. 675–692.Google Scholar
Akerlof, G.A., Rose, A.K. et Yellen, J.L. [1988], Job Switching and Job Satisfaction in the U.S. Labor Market, Brooking Papers on Economic Activity, 2, pp. 495–594.Google Scholar
Artus, P. et Migus, B. [1986], Dynamique de l’investissement et de l’emploi avec coûts d’ajustement sur le capital et le travail, Annales d’Economie et de Statistique, 2, pp. 75–99.Google Scholar
Bentolila, S. et Bertola, G. [1990], Firing Costs and Labor Demand: How bad is Eurosclerosis?, Review of Economic Studies, 57(3), pp. 381–402.Google Scholar
Bils, M. [ 1985], Real Wages over the Business Cycle: Evidence from Panel Data, Journal of Political Economy, 93(4), pp. 666–689.Google Scholar
Brechling, F. [1965], The Relationship between Output and Employment in British Manufacturing Industries, Review of Economic Studies, 32(3), pp. 187–216.Google Scholar
Brechling, F. et O’Brien, P. [1967], Short-run Employment Functions in Manufacturing Industries: An Intertemporal Comparison, Review of Economics and Statistics, 49(3), pp. 277–287.Google Scholar
Burnside, C., Elchenbaum, M et Rebelo, S., [1990], Labor Hoarding and the Business Cycle, NBER Working Paper n° 3556.Google Scholar
Burnside, C. Elchenbaum, M. et Rebelo, S., [1993], Labor Hoarding and the Business Cycle, Journal of Political Economy, 101(2), pp. 245–273.Google Scholar
Cho, J.O. [1990], Money, Nominal Contracts, and the Business Cycle: I. Oneperiod Contract Case, Document de travail, Queen’s University.Google Scholar
Christiano, L.J. et Eichenbaum, M. [1988], Is Theory Really Ahead of Mesurement? Current Real Business Cycle Theory and Aggregate Market Fluctuations, NBER Working Paper n° 2700.Google Scholar
Christiano, L.J. et Eichenbaum, M. [1992], Current Real Business Cycle Theory and Aggregate Market Fluctuations, American Economic Review, 82(3), pp. 430–450.Google Scholar
Dunlop, J. [1939], The Movement of Real Wage and Money Wage Rates, Economic Journal, 48(191), pp. 413–434.Google Scholar
Fairise, X. [1994], La dynamique de l’emploi et des salaires: un approfondissement de la théorie des cycles réels, Thèse de doctorat Université de Paris I.Google Scholar
Fairise, X. [1995], Nominal wage contracts and the short-run dynamics of the real wage, in Hénin, PY. (éd.), Advances in Business Cycle, Berlin, Springer-Verlag.Google Scholar
Fairise, X., Hénin, P.Y. et Langot, F. [1992], Les modèles de cycles réels peuvent-ils expliquer les fluctuations de l’emploi et de la productivité?, Economic et Prévision, 5(106), pp. 23–40.Google Scholar
Fairise, X. et Langot, F. [1994], Labor Productivity and Business Cycle: Can R.B.C. Models be Saved?, European Economic Review, 38(8), pp. 1581–1594.Google Scholar
Fischer, S. [ 1977], Long-term Contracts, Rational Expectations and the Optimal Money Supply Rule, Journal of Political Economy, 85(1), pp. 191–205.Google Scholar
Fève, P. et Langot, F. [1993], The RBC Model through Statistical Inference. An Application on French Data, Cahiers ECO & MATHS (93.08), MAD, Université de Paris I. (A paraître dans Journal of Applied Econometrics).Google Scholar
Galeotti, M. et Schiantarelli, F. [1991], Generalized Q Models for Investment, Review of Economics and Statistics, 73(3), pp. 383–392.Google Scholar
Geary, P. et Kennan, J. [1982], The Employment-Real Wage Relationship: An International Study, Journal of Political Economy, 90(4), pp. 854–871.Google Scholar
Guilkey, D. et Lovell, K. [1980], On the Flexibility of the Translog Approximation, International Economic Review, 21(1), pp. 137–147.Google Scholar
Hairault, J.O. [1992a], L’influence de la monnaie dans les fluctuations économiques: évaluation empirique et fondements théoriques, Thèse de doctorat, Université de Paris I.Google Scholar
Hairault, J.O. [1992b], Présentation et évaluation du courant des cycles réels, Economic et Prévision, 106(5), pp. 1–22.Google Scholar
Hairault, J.O. et Portier, F. [1993], Money, New-Keynesian Macroeconomics and the Business Cycle, European Economic Review, 37(8), pp. 1533–1568.10.1016/0014-2921(93)90121-PGoogle Scholar
Hansen, G.D. [1985], Indivisible Labor and the Business Cycles, Journal of Monetary Economics, 16(3), pp. 309–327.Google Scholar
Hansen, G.D. et Sargent, T.J. [1988], Straight Time and Over Time in Equilibrium, Journal of Monetary Economics, 21(2/3), pp. 281–308.Google Scholar
Hayashi, F. [1982], Tobin’s Marginal q and Avarage q: A Neoclassical Interpretation, Econometrica, 50(1), pp. 213–224.Google Scholar
Keynes, J.M. [1939], Relative Movements of Real Wage and Output, Economic Journal, 49(193), pp. 34–51.Google Scholar
King, R.G. et Rebelo, S.T. [1993], Low Frequency Filtering and Real Business Cycles, Journal of Economic Dynamics and Control, 17(1/2), pp. 207–231.Google Scholar
King, R.G., Plosser, C., et Rebelo, S.T. [1988], Production, Growth and Business Cycles I, Journal of Monetary Economics, 21(2/3), pp. 196–232.Google Scholar
Kydland, F. et Prescott, E. [1982], Time to Build and Aggregate Fluctuations, Econometrica, 50(6), pp. 1345–1370.Google Scholar
Laffargue, J.P. et Malgrange, P. [1991], Une maquette trimestrielle de l’économie française avec anticipations rationnelles et concurrence monopolistique, Document de travail, Cepremap.Google Scholar
Lucas, R.E. et Rapping, L.A. [1969], Real Wages, Employment, and Inflation, Journal of Political Economy, 77(5), pp. 721–754.Google Scholar
Lucas, R.E. [1967], Adjusment Costs and the Theory of Supply, Journal of Political Economy, 75(4), pp. 321–334.Google Scholar
Nadiri, I. et Rosen, S. [1969], Interrelated Factor Demand Functions, American Economic Review, 59(4), pp. 457–471.Google Scholar
Neftci, S. [1978], A Time Serie Analysis of the Real Wages-Employment Relationship, Journal of Political Economy, 86(2), pp. 281–291.Google Scholar
Ol, W. [1962], Labor as a Quasi-Fixed Factor, Journal of Political Economy, 70(6), pp. 538–555.Google Scholar
Pindyck, R.S. et Rotemberg, J.J. [1983a], Dynamic Factor Demands and the Effects of Energy Price Shocks, American Economic Review, 73(5), pp. 1066–1079.Google Scholar
Pindyck, R.S. et Rotemberg, J.J. [1983b], Dynamic Factor Demands under Rational Expectations, Scandinavian Journal of Economics, 85(2), pp. 223–238.Google Scholar
Portier, F. [ 1992], Les rigidités de prix dans les fluctuations économiques, Thèse de doctorat, Université de Paris I.Google Scholar
Pouchain, M. [1980], Estimations de demandes de facteurs en termes d’ajustements croisés, Annales d’Economie et de Statistique, vol. 38–39, pp. 259–285.Google Scholar
Prescott, E. [1986], Theory Ahead of Business Cycle Measurement, Carnegie-Rochester Conference Series on Public Policy, 25, pp. 11–44.Google Scholar
Shapiro, M.D. [1986], The Dynamic Demand for Capital and Labor, Quarterly Journal of Economics, 101, pp. 513–542.Google Scholar
Solon, G., Barsky, R. et Parker, J. [1994], Measuring the Cyclically of Real Wages: How Important is Composition Bias?, Quarterly Journal of Economics, 109(1), pp. 1–25.Google Scholar
Tarshis, L. [1939], Change in Real and Money Wage, Economic Journal, 49(193), pp. 150–154.Google Scholar
Taylor, J. [1980], Aggregate Dynamics and Staggered Contacts, Journal of Political Economy, 88(1), pp. 1–23.Google Scholar
Treadway, A.B. [1971], The Rational Multivariate Flexible Accelerator, Econometrica, 39(5), pp. 845–855.Google Scholar