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Les effets stabilisants de la zone-cible du taux d’inflation
[The stabilising effects of inflation-targeting zone]

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Author Info
Dai, Meixing

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Abstract

Résumé: Une zone-cible du taux d’inflation comporte une borne supérieure et une borne inférieure clairement annoncées par les autorités monétaires. Ces dernières assurent la crédibilité de cette zone par des interventions ponctuelles sur les marchés financiers lorsque le taux d’inflation anticipé atteint la borne supérieure ou inférieure. Nous proposons dans ce papier un cadre théorique qui permet de démontrer que la zone-cible du taux d’inflation a des vertus stabilisantes : en stabilisant le taux d’inflation anticipé, elle stabilise le taux d’inflation réalisé et les autres variables macro-économiques.

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File URL: http://mpra.ub.uni-muenchen.de/13856/
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Publisher Info
Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 13856.

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Date of creation: Dec 1998
Date of revision: Nov 2001
Handle: RePEc:pra:mprapa:13856

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Related research
Keywords: Mots clés: zone-cible du taux d’inflation; politique monétaire; marché financier.;

Find related papers by JEL classification:
E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy

References listed on IDEAS
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    Other versions:
  3. Orphanides, Athanasios & Wieland, Volker, 2000. "Inflation zone targeting," European Economic Review, Elsevier, vol. 44(7), pages 1351-1387, June. [Downloadable!] (restricted)
    Other versions:
  4. Barro, Robert J, 1979. "Money and the Price Level under the Gold Standard," Economic Journal, Royal Economic Society, vol. 89(353), pages 13-33, March. [Downloadable!] (restricted)
  5. Ben S. Bernanke & Frederic S. Mishkin, 1997. "Inflation Targeting: A New Framework for Monetary Policy?," NBER Working Papers 5893, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  6. Krugman, Paul R, 1991. "Target Zones and Exchange Rate Dynamics," The Quarterly Journal of Economics, MIT Press, vol. 106(3), pages 669-82, August. [Downloadable!] (restricted)
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  7. Svensson, Lars E. O., 1991. "Target zones and interest rate variability," Journal of International Economics, Elsevier, vol. 31(1-2), pages 27-54, August. [Downloadable!] (restricted)
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  8. Bertola, Giuseppe & Caballero, Ricardo J, 1992. "Target Zones and Realignments," American Economic Review, American Economic Association, vol. 82(3), pages 520-36, June. [Downloadable!] (restricted)
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  9. Bartolini, Leonardo & Bodnar, Gordon M., 1992. "Target zones and forward rates in a model with repeated realignments," Journal of Monetary Economics, Elsevier, vol. 30(3), pages 373-408, December. [Downloadable!] (restricted)
    Other versions:
  10. Svensson, Lars E. O., 1997. "Inflation forecast targeting: Implementing and monitoring inflation targets," European Economic Review, Elsevier, vol. 41(6), pages 1111-1146, June. [Downloadable!] (restricted)
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  11. Sutherland, Alan, 1995. "Monetary and real shocks and the optimal target zone," European Economic Review, Elsevier, vol. 39(1), pages 161-172, January. [Downloadable!] (restricted)
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  12. Dowd, Kevin, 1994. "A Proposal to End Inflation," Economic Journal, Royal Economic Society, vol. 104(425), pages 828-40, July. [Downloadable!] (restricted)
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  14. Rangvid, Jesper & Sorensen, Carsten, 2001. "Determinants of the implied shadow exchange rates from a target zone," European Economic Review, Elsevier, vol. 45(9), pages 1665-1696, October. [Downloadable!] (restricted)
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  18. Sargent, Thomas J & Wallace, Neil, 1973. "Rational Expectations and the Dynamics of Hyperinflation," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 14(2), pages 328-50, June. [Downloadable!] (restricted)
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