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Would a euro's depreciation improve the French economy?

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235067_w60.pdf (874.7Kb)
Date
2013
Publisher city
Palma
Publisher
Universitat de les Illes Balears
Dewey
Economie internationale
Sujet
Exchange rates; Microsimulation; CGE models
JEL code
F.F4.F40; C.C6.C63; C.C6.C68
URI
https://basepub.dauphine.fr/handle/123456789/11693
Collections
  • LEDa : Publications
Metadata
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Author
Spadaro, Amedeo
1312 Paris-Jourdan Sciences Economiques [PJSE]
Carré, Martine
status unknown
Piccoli, Luca
10735 U. Illes Balears
Magnani, Riccardo
147976 Centre d'Economie de l'Université Paris Nord [CEPN]
Type
Document de travail / Working paper
Item number of pages
56
Abstract (EN)
In this paper, we use a Micro-Macro mo del to evaluate the e ects of a euro's depreciation on the French economy, both at the macro and micro level. Our Micro-Macro model consists of a Microsimulation mo del that includes an arithmetical mo del for the French fiscal system and two behavioral mo dels used to simulate the eff ects on consumption b ehavior and lab or supply, and a multisectoral CGE model which simulates the macro economic e ects of a reform or a shock. The integration of the two mo dels is made using an iterative (or sequential) approach. We find that a 10% euro's depreciation stimulates the aggregate demand by increasing exports and reducing imports which increases production and reduces the unemployment rate in the economy. At the individual level, we nd that the macro economic shock reduces poverty and, to a lesser extent, income inequality. In particular, the decrease in the equilibrium wage, determined in the macro mo del, slightly reduces the available income for people who have already a job, while the reduction in the level of unemployment permits to some individuals to find a job, substantially increasing their income and, in many cases, bringing them out of poverty.

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