TAUX D'INTERET, DISTRIBUTION DU REVENU, THEORIE DES CYCLES VITAUX ET CHOIX DU PORTEFEUILLE.

This paper explores the consequences of the introduction of the life-cycle hypothesis into an economic growth model with two classes of savers (profits earners and wage earners). Our analysis shows that the determination of the equilibrium interest rate is more flexible than in the corresponding model with constant propensities to save: the results obtained are however basically similar to those obtained in the traditional KALDOR/PASINETTI model. As a matter of fact, the rate of interest turns out to be (a) higher than the natural rate of growth, (b) determined by the behavioural parameters of the profits earners only, and (c) independent of the form of the production function. Looking at the long term properties of the model we show that interest uncertainty may have a stabilizing effect on the equilibrium growth rate of the model. [ABSTRACT FROM AUTHOR]