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Politique monetaire et prix des actifs: le cas des Etats-Unis

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  • Wibaut, Q.
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    Abstract

    Ce document donne un apercu de debat actuel sur la prise en compte des prix des actifs par la politique monetaire, se concentrant sur l'evolution des cours des actions aux Etats-Unis. Il passe d'abord en revue les principales causes et consequences de cette evolution, puis resume les arguments pour et contre une reaction de la politique monetaire. L'approche courante qui recourt a la formule de Gordon-Shapiro n'est pas a meme de rendre compte du niveau eleve des cours boursiers qui prevaut actuellement. Plusieurs limites du modele de concurrence parfaite de Gordon-Shapiro peuvent expliquer l'ecart entre les prix observes sur les marches et les prix "justifies" par ce modele. Les cours des actions imfluencent l'investissement et la consommation par divers canaux. Bien que la politique monetaire ne puisse pas ignorer les fluctuations des prix des actifs, l'opinion prevaut qu'elle ne doit pas en tenir compte au-dela de leurs repercussions sur l'inflation.

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    Bibliographic Info

    Paper provided by Warwick - Development Economics Research Centre in its series Papers with number 11.

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    Length: 50 pages
    Date of creation: 2000
    Date of revision:
    Handle: RePEc:fth:warwde:11

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    Postal: University of Warwick, Development Economics Research Center, Coventry CV4 7AL, United Kingdom.
    Phone: +44 (0) 2476 523202
    Fax: +44 (0) 2476 523032
    Web page: http://www.warwick.ac.uk/fac/soc/Economics/
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    Keywords: POLITIQUE MONETAIRE ; INVESTISSEMENTS ; INFLATION;

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