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Politique monétaire et information hétérogène

Author

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  • Romain Baeriswyl
  • Camille Cornand

Abstract

[fre] Ce papier propose une analyse de la politique monétaire dans une économie où la non-neutralité monétaire est issue de deux principales hypothèses : la connaissance commune imparfaite et l'existence de complémentarités stratégiques entre les agents économiques. L'attrait pour ce type de modélisation repose sur sa capacité à reproduire des propriétés dynamiques réalistes. Lorsque l'information hétérogène est la friction qui génère la non-neutralité monétaire, il est naturel de s'intéresser à la politique de communication des banques centrales. Nous montrons dans ce contexte que la politique monétaire de la banque centrale ne se limite pas à son action mais englobe également sa stratégie de communication, l'une et l'autre étant interdépendantes. [eng] Monetary Policy under Heterogeneous Information . This paper analyses the conduct of monetary policy in an economy where money non-neutrality arises from imperfect common knowledge and strategic complementarities. The appeal for modelling non-neutrality this way consists in its power to replicate realistic dynamic properties. When heterogeneous information is the friction that genrates money non- neutrality, it seems natural to focus on central banks' communication strategy. In this context, we show that central bank's monetary policy should not be reduced to its sole action purpose, but should include its communication policy, both being intertwined.

Suggested Citation

  • Romain Baeriswyl & Camille Cornand, 2008. "Politique monétaire et information hétérogène," Revue Française d'Économie, Programme National Persée, vol. 23(1), pages 117-163.
  • Handle: RePEc:prs:rfreco:rfeco_0769-0479_2008_num_23_1_1662
    DOI: 10.3406/rfeco.2008.1662
    Note: DOI:10.3406/rfeco.2008.1662
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