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Keynes et le risque de taux d'intérêt de la banque

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  • Jérôme de Boyer

Abstract

[fre] La théorie keynésienne du taux d'intérêt est une théorie monétaire du taux d'intérêt à long terme. Elle suppose que le système bancaire, et en particulier la banque centrale, puisse prendre des risques de taux d'intérêt. Dans le Treatise on Money, Keynes le signale et se déclare favorable à une telle prise de risques pour juguler la crise ; il n'y apparaît pas hostile dans la Théorie générale. Cet aspect de la théorie monétaire de Keynes invite à rompre avec la conception ricardienne de l'offre de monnaie et a été oublié par la suite. [eng] The keynesian theory of interest rate is a theory of the long term rate. It is inferred that the banking system, especialy the central bank, is able to take interest rate's risks. In A Treatise on Money Keynes thinks that central bank must do it so as to check crisis. This idea leads to a rupture with the ricardian money supply analysis but since it has been forgotten.

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  • Jérôme de Boyer, 1998. "Keynes et le risque de taux d'intérêt de la banque," Cahiers d'Économie Politique, Programme National Persée, vol. 30(1), pages 105-121.
    • Handle: RePEc:prs:caecpo:cep_0154-8344_1998_num_30_1_1215
    DOI: 10.3406/cep.1998.1215
    Note: DOI:10.3406/cep.1998.1215
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    References listed on IDEAS

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    1. Blanchard, Olivier J, 1981. "Output, the Stock Market, and Interest Rates," American Economic Review, American Economic Association, vol. 71(1), pages 132-143, March.
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