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Influence De La Politique Monetaire Sur Le Prix Des Actifs Financiers :Les Enseignements D’Un Modele Miu Applique A La Fed: Impact Of Monetary Policy On Asset Prices :Lessons From A Miu Model Applied To The Fed

Author

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  • Christian Aubin
  • IBRAHIMA DIOUF
  • DOMINIQUE PEPIN

Abstract

RESUME:Un modèle d’évaluation des actifs financiers basé sur la consommation et la monnaie estdéveloppé pour mettre en évidence l’influence de la politique monétaire sur la prime de risque,le taux d’intérêt sans risque et la volatilité du prix des actions. Appliquée à la Réserve fédéraledes Etats-Unis, l’analyse montre que la politique monétaire peut avoir un impact déséquilibrantsur le prix des actifs. Lorsque l’équilibre existe, elle n’a qu’une influence réduite sur la prime derisque et ne permet une réduction de la volatilité du prix réel des actions que si les agents ontune « préférence » pour la liquidité très faible. Aussi importe-t-il que cette préférence soitlimitée, afin que l’objectif de stabilisation macroéconomique coïncide avec celui de stabilisationfinancière.

Suggested Citation

  • Christian Aubin & IBRAHIMA DIOUF & DOMINIQUE PEPIN, 2013. "Influence De La Politique Monetaire Sur Le Prix Des Actifs Financiers :Les Enseignements D’Un Modele Miu Applique A La Fed: Impact Of Monetary Policy On Asset Prices :Lessons From A Miu Model Applied ," Brussels Economic Review, ULB -- Universite Libre de Bruxelles, vol. 56(3-4), pages 313-333.
  • Handle: RePEc:bxr:bxrceb:2013/174856
    Note: Special Issue30th Symposium on Money, Banking and FinanceGuest editors: Christian Aubin, Noëlle Duport andDaniel Goyeau
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    References listed on IDEAS

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