Déséquilibre, investissement et désagrégation sectorielle: une application au cas français

This paper considers a disequilibrium model of the French economy. This model includes a tradable and a nontradable sectors, investment behaviours of these sectors, and has been estimated over the period 1964/4-1984/4. A regime of excess demand had prevailed in the tradable goods sector from 1979 to 1984. This probably resulted from low productive investments over 1975-1985, which were themselves caused by the weak profitability of firms over this period. The nontradable goods sector had almost always been in a regime of excess supply. But the disequilibrium in this sector was often small.