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Équilibres de sous-emploi, défauts de coordination des activitésdécentralisées et externalités d'échange

Published online by Cambridge University Press:  17 August 2016

Ludovic A. Julien
Ludovic A. Julien*
Affiliation:
EconomiX, Université Paris X-Nanterre
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Résumé

Les modèles de défauts de coordination ont pour objet le fonctionnementeffectif des économies lorsque la fonction de coordination est laissée auxagents. Néanmoins, la réalisation des transactions à l'équilibre général etses conséquences sur la détermination du niveau de l'activité et de l'emploisont généralement passées sous silence. Dans ce texte, nous précisons lerôle joué par les externalités d'échange en étudiant la réalisation destransactions décentralisées. Nous explorons à cet effet un modèle deprospection monétaire dans lequel les externalités de participation dans lestransactions conditionnent la détermination du niveau de l'activité etd'emploi d'équilibre. Les défauts de coordination sont ici liés à desprophéties auto-réalisatrices portant sur la réalisation des transactions.La technologie d'échange engendre trois équilibres inefficaces ordonnés entermes de bien-être. Nous montrons que l'utilisation de la monnaie commeintermédiaire facilite la décision de production et permet de surmonter lesproblèmes de coordination dans les transactions. Nous analysons l'effet d'unaccroissement de la quantité de monnaie sur le niveau de l'activité. Nousdiscutons enfin de l'intérêt de l'approche retenue au sein de lalittérature.

Summary

Summary

General equilibrium models of coordination failures capture the rationale ofdecentralised private activities. Nevertheless, the modelling ofdecentralized transactions and their influence at the macro-level are ofteneluded. In this paper, we explore a search theoretic monetary model withoutauctioneer and with trade-frictions, in which macro-underemployment iscaused by a lack of coordination in decentralized trades. The equilibriumconcept is a steady state with self-fulfilling expectations concerning thetrade sector. There are multiple Pareto-ranked inefficient equilibria.Externalities arise from the transaction technology and money plays acritical role in coordinating transactions. We show that the acceptabilityof money yields a Pareto improvement because its use in trade makesproduction decisions easier. Moreover, when the degree of specialisation inconsumption is low, more money enhances welfare and increases production. Wefinally discuss the model through the literature.

Keywords

équilibres multiplestransactionsdécentralisationexternalités de participation au marchéD40E10E24multiple equilibriatransactionsdecentralizationmarket participation externalitiesD40E10E24

Information

Type
Research Article
Information
Recherches Économiques de Louvain/ Louvain Economic Review , Volume 72 , Issue 1 , 2006 , pp. 75 - 99
Copyright
Copyright © Université catholique de Louvain, Institut de recherches économiques et sociales 2006 

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Footnotes

*

ludovic.julien@u-paris10.fr. Ce texte a été discuté dans le séminaire COFAIL du groupe de recherche sur les défauts de coordination de l'Université Paris X-Nanterre. Je remercie ses participants C. Bidard, F. Larbre, N. Sanz et F. Tricou pour leurs commentaires. Je remercie également les deux rapporteurs anonymes pour leurs conseils et suggestions et demeure responsable des erreurs qui subsistent.

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