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Politique monétaire et prix d'actifs

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  • Grégory Levieuge

Abstract

The objective of this article is to collect the conclusions of the studies concerning the optimal behavior of central banks towards asset prices. At first, the analysis leads to discuss the numerous uncertainties that monetary authorities should face in case of an integration of an asset price target in their monetary policy rule. Then, this study estimates the way the authors of which take into account lessons of the asymmetric transmission channels of asset prices to the real sphere (financial accelerator and bank capital channel essentially). When it is case, it appears that the behavior of monetary authorities should be conditional in the financial context. So, monetary policy could act in a preventive way by trying to resolve financial imbalance when the agents?balance sheets are initially degraded (and only in that case). Nevertheless, it remains to prove that monetary policy is more effective than prudential policy in prevention.

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Bibliographic Info

Article provided by Presses de Sciences-Po in its journal Revue de l'OFCE.

Volume (Year): 93 (2005)
Issue (Month): 2 ()
Pages: 317-355

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Handle: RePEc:cai:reofsp:reof_093_0317

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Web page: http://www.cairn.info/revue-de-l-ofce.htm

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References

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  1. Shigenori Shiratsuka, 1999. "Asset price fluctuation and price indices," Working Paper Series WP-99-9, Federal Reserve Bank of Chicago.
  2. Ehrmann, Michael & Smets, Frank, 2003. "Uncertain potential output: implications for monetary policy," Journal of Economic Dynamics and Control, Elsevier, vol. 27(9), pages 1611-1638, July.
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Citations

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Cited by:
  1. Claudiu Tiberiu ALBULESCU, 2011. "Macro-Financial Risks and Central Banks: What Changes Has the Crisis Triggered?," Timisoara Journal of Economics, West University of Timisoara, Romania, Faculty of Economics and Business Administration, vol. 4(3(15)), pages 135-142.
  2. Marie-Sophie Gauvin, 2010. "La relation liquidité-prix d'actifs comme complément au principe de sélectivité du renflouement par un prêteur en dernier ressort," Post-Print dumas-00563416, HAL.

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