{"id":2371,"date":"2015-04-03T15:54:37","date_gmt":"2015-04-03T14:54:37","guid":{"rendered":"https:\/\/www.simtrade.fr\/blog_simtrade\/?p=2371"},"modified":"2024-03-24T19:25:52","modified_gmt":"2024-03-24T19:25:52","slug":"babillage-de-potaches","status":"publish","type":"post","link":"https:\/\/www.simtrade.fr\/blog_simtrade\/babillage-de-potaches\/","title":{"rendered":"Babillage de potaches\u2026"},"content":{"rendered":"<p><strong><span style=\"font-size: large;\">Note de march\u00e9s de Jean-Marie Choffray<\/span><\/strong><\/p>\n<p><a href=\"https:\/\/orbi.uliege.be\/profile?uid=p000682\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" style=\"padding: 5px;\" title=\"\" src=\"\nhttps:\/\/www.simtrade.fr\/blog_simtrade\/wp-content\/uploads\/2024\/03\/img_SimTrade_Photo_Jean_Marie_Choffray.jpg\" alt=\"\" width=\"133\" height=\"176\" align=\"right\" \/><\/a><\/p>\n<p>Il r\u00e9gnait au Massachusetts Institute of Technology, dans les ann\u00e9es soixante-dix, un climat de saine et amicale comp\u00e9tition entre les \u00e9tudiants des d\u00e9partements Economie et Management Science\u2026 Les premiers r\u00eavaient sans doute aux Nobel \u00e0 venir. Les autres, se consacraient aux r\u00e9volutions en germe dans les domaines de l\u2019informatique d\u00e9centralis\u00e9e, de l\u2019intelligence statistique et de l\u2019optimisation op\u00e9rationnelle. Monde id\u00e9alis\u00e9 contre monde r\u00e9el\u2026 R\u00e9flexion contre action\u2026 D\u00e9j\u00e0 alors !<\/p>\n<p>C\u2019est pourquoi les r\u00e9cents \u00e9changes entre mes lointains voisins de palier Ben Bernanke [1], Larry Summers [2] et Paul Krugman [3] m\u2019ont particuli\u00e8rement int\u00e9ress\u00e9, et, autant l\u2019avouer, amus\u00e9 !<\/p>\n<p>Sans surprise, on ne peut qu\u2019appr\u00e9cier la courtoisie avec laquelle ils semblent \u00eatre d\u2019accord sur leurs d\u00e9saccords. D\u00e9saccord au niveau du diagnostic quant \u00e0 la nature et \u00e0 la s\u00e9v\u00e9rit\u00e9 de la situation actuelle : \u00ab liquidity trap \u00bb, \u00ab secular stagnation \u00bb \u2013 forme persistente du \u00ab liquidity trap \u00bb \u2013, \u00ab deflation \u00bb, \u00ab lowflation \u00bb, \u00ab saving glut \u00bb, \u00ab weakness \u00bb, ou simples \u00ab headwinds \u00bb\u2026 D\u00e9saccord au niveau des solutions envisageables : \u00ab fiscal policy \u00bb \u2013 soutien \u00e0 l\u2019investissent public et\/ou priv\u00e9 \u2013, \u00ab international capital mobility \u00bb, et\/ou stimulation de la demande au travers d\u2019un \u00ab wealth effect \u00bb r\u00e9sultat de diverses \u00ab bubbles \u00bb&#8230; Enfin, d\u00e9saccord quant au \u00ab Wicksellian natural rate of interest \u00bb ou \u00ab Equilibrium real interest rate \u00bb \u2013 taux d\u2019\u00e9quilibre entre l\u2019\u00e9pargne et l\u2019investissement en situation de plein emploi, et donc non directement\u2026 observable ! \u2013, qui, une fois compar\u00e9 au taux d\u2019int\u00e9r\u00eat r\u00e9els, constitue un guide dans les choix mon\u00e9taires (taux d\u2019int\u00e9r\u00eat nominal \u00e0 court terme, voire diverses formes de rachat d\u2019actifs)\u2026<\/p>\n<p>Que retenir de ce \u00ab Mumbling with great incoherence \u00bb ? Pour ce qui me concerne, quatre choses :<br \/>\n1. Les meilleurs \u00e9conomistes n\u2019ont pas une vision commune de l\u2019exacte nature, des causes pr\u00e9cises, et des cons\u00e9quences, de la situation actuelle\u2026<br \/>\n2. Les taux d\u2019int\u00e9r\u00eat r\u00e9els sont vraisemblablement, d\u00e8s aujourd\u2019hui, faiblement n\u00e9gatifs aux Etats-Unis (5 ans), et nettement n\u00e9gatifs en Europe et au Japon (dix ans et\u2026 plus !)\u2026<br \/>\n3. La politique mon\u00e9taire actuelle cherche \u00e0 relever les anticipations d\u2019inflation et donc \u00e0 faire tendre les taux r\u00e9els \u00e0 la baisse\u2026<br \/>\n4. Une politique fiscale de soutien \u00e0 l\u2019investissement public et\/ou priv\u00e9 pourrait, si elle \u00e9tait bien calibr\u00e9e (cibles, intensit\u00e9 et dur\u00e9e), avoir une incidence positive sur le red\u00e9marrage de la croissance\u2026<\/p>\n<p>Ce n\u2019est donc pas demain que l\u2019environnement macro\u00e9conomique mondial changera significativement. Il va falloir faire preuve de beaucoup de patience, redonner confiance en l\u2019avenir et, sans doute, \u00e9viter les sources de conflit et de paralysie \u00e0 quelque niveau que ce soit. Tout en conservant \u00e0 l\u2019esprit que les taux d\u2019int\u00e9r\u00eat auront toujours tendance \u00e0 \u00eatre inf\u00e9rieurs au taux de croissance du PIB !<\/p>\n<p>Ainsi, et comme l\u2019observe Bill Gross [4]: \u00ab When Jim Cramer screamed \u201cthey know nothing, they know nothing\u201d, he was being a little unfair but not by much\u2026\u00bb \uf04a !<\/p>\n<p>[1] http:\/\/www.brookings.edu\/blogs\/ben-bernanke\/posts\/2015\/03\/31-why-interest-rates-low-secular-stagnation<br \/>\n[2] http:\/\/www.brookings.edu\/blogs\/ben-bernanke\/posts\/2015\/04\/01-larry-summers-response<br \/>\n[3] \u201cLiquidity Traps, Local and Global (Somewhat Wonkish)\u201d, http:\/\/krugman.blogs.nytimes.com\/<br \/>\n[4] https:\/\/www.janus.com\/bill-gross-investment-outlook<\/p>\n<p>Note : <em>cette Note de march\u00e9s ne peut, ni ne doit, \u00eatre consid\u00e9r\u00e9e comme formulant, ou sugg\u00e9rant, le moindre conseil d\u2019achat ou de vente de quelque produit financier que ce soit. Son seul objet est d\u2019\u00e9mettre un point de vue, et de le partager avec la communaut\u00e9 des investisseurs sceptiques, seuls responsables de leurs d\u00e9cisions.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Note de march\u00e9s de Jean-Marie Choffray Il r\u00e9gnait au Massachusetts Institute of Technology, dans les ann\u00e9es soixante-dix, un climat de saine et amicale comp\u00e9tition entre les \u00e9tudiants des d\u00e9partements Economie et Management Science\u2026 Les premiers r\u00eavaient sans doute aux Nobel \u00e0 venir. Les autres, se consacraient aux r\u00e9volutions en germe dans les domaines de l\u2019informatique &#8230; <a title=\"Babillage de potaches\u2026\" class=\"read-more\" href=\"https:\/\/www.simtrade.fr\/blog_simtrade\/babillage-de-potaches\/\" aria-label=\"Read more about Babillage de potaches\u2026\">Read more<\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5],"tags":[],"class_list":["post-2371","post","type-post","status-publish","format-standard","hentry","category-contributors"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.3 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Babillage de potaches\u2026 - SimTrade blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.simtrade.fr\/blog_simtrade\/babillage-de-potaches\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Babillage de potaches\u2026\" \/>\n<meta property=\"og:description\" content=\"Note de march\u00e9s de Jean-Marie Choffray Il r\u00e9gnait au Massachusetts Institute of Technology, dans les ann\u00e9es soixante-dix, un climat de saine et amicale comp\u00e9tition entre les \u00e9tudiants des d\u00e9partements Economie et Management Science\u2026 Les premiers r\u00eavaient sans doute aux Nobel \u00e0 venir. 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