L'efficacité de la politique monétaire; quelques enseignements récents

[eng] Monetary policy the revival of which Avas significant feature of economic policy since 1950 was discussed during the last years from theoretical or national point of view new approach is fellowed here to evaluate the efficiency of monetary policy in the light of experience and to state the conditions and measure of this efficiency. First is considered conclusion in his recent work on Business cycles and economic policy that direct controls and detailed fiscal policy are not better means of intervention than general monetary policy which permits the operation of the price system. Without accepting the extreme view that monetary policy can alone maintain economic stability we can rightly emphasize its complementary role both to reinforce direct controls by regulating money supply and to outweigh some deficiencies of fiscal policy. In every case the role of monetary policy is related to nev ana lysis of interest-elasticity of consumption and investment and to the psychological influence of uncertainty created by its flexibility. Monetary policy was used to maintain internal stability and restore the equilibrium of the balance of payments Specially in the United States Federal Reserve policy succeeded in counteracting deflationary tendencies and inflationary pressures The argument that hard money leads to unemploy ment is discussed in the light of Belgian German and Swedish experiences and the adoption of less ambitious concept of full employment is suggested. The Intimate connection between monetary policy and the balance of payments is also indicated by Important examples (Germany, Netherlands Norway). Though too numerous factors were intricated during these last years to permit to isolate accurately the specific influence of monetary policy it appeared successful in correcting short period disequilibria if the timing of intervention is proper and necessary to supplement other economic measures the combination of which depends on the nature and intensity of the disequilibrium The study of economic policies leads to the conclusion that economic policy must be essentially eclectic.