Indexation des salaires, discrétion et réputation dans un modèle de politique monétaire

Discretionary monetary policy leads to an inflationary bias. The disappointing results obtained by the reputation building approach, initiated by Barro and Gordon [1983] to solve this bias, rely on a static and non realistic behaviour of the private sector?s agents. By integrating indexation in their behaviour, we demonstrate the existence of a reputational equilibrium in both finite and infinite horizon models. Moreover, we demonstrate that, in a finite horizon model, the equilibrium inflationary bias is decreasing with the indexing parameter. Finally, when the horizon becomes infinite, we obtain a reputational equilibrium with no inflationary bias. Classification JEL : E5