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Une théorie de l'inflation optimale fondée sur les contraintes de crédit

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  • Xavier Ragot

Abstract

This paper explores the relationship between credit constraints and inflation. It is shown that a small positive inflation can alleviate credit constraints and that this effect can justify a positive long run inflation target for central banks without any assumption concerning nominal rigidities. In a standard non-ricardian setting, which is an overlapping generation framework, I prove that monetary authorities can induce the optimal level of the real interest rate and hence the optimal level of production thanks to a positive long run inflation rate.Classification JEL : E52, E31, E43

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Bibliographic Info

Article provided by Presses de Sciences-Po in its journal Revue économique.

Volume (Year): 55 (2004)
Issue (Month): 3 ()
Pages: 469-478

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Handle: RePEc:cai:recosp:reco_553_0469

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