Un modèle simple de croissance endogène avec effet de seuil des politiques monétaire et fiscale

We propose an endogenous growth model, allowing for thresholds effects on both fiscal and monetary policy, according to empirical evidence in the literature. We show that the growth maximizing policy mix implies using only one policy instrument. However, this instrument critically depends on the degree of financial development: countries with a developed financial system use only taxes, while countries with a less developed financial system use only seigniorage. These results are highly compatible with the observed stylized facts. Classification JEL : E5, E6, O4