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La transparence de la politique monétaire et la dynamique des marchés financiers

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Author Info
Meixing DAI
Moïse SIDIROPOULOS
Eleftherios SPYROMITROS

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Abstract

Cet article étudie les implications, en termes de stabilité économique, de la relation entre le degré d’indépendance de la Banque centrale et le degré de transparence (ou d’opacité) de la politique monétaire dans un modèle qui tient explicitement compte des marchés financiers et ainsi de la dynamique jointe de l’inflation et des cours boursiers. Nous montrerons que l’opacité sur les préférences de la Banque centrale exerce une influence négative sur la stabilité. Cette influence négative pourrait être modérée ou compensée par les effets d’un écart positif entre le poids relatif perçu par le public et le vrai poids que la Banque centrale attribue à l’objectif d’output. Par ailleurs, un marché du travail peu flexible, une demande de biens peu sensible au taux d’intérêt réel, ou encore une vitesse de circulation de la monnaie et une élasticité - intérêt de la demande de monnaie élevées exigent une plus grande transparence pour assurer la stabilité de l’économie.

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Paper provided by Bureau d'Economie Théorique et Appliquée, ULP, Strasbourg in its series Working Papers of BETA with number 2007-19.

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Date of creation: 2007
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Handle: RePEc:ulp:sbbeta:2007-19

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Keywords: Transparence; règle de taux d’intérêt; prix des actifs; stabilité macroéconomique.;

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E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Meixing DAI, 2007. "A two-pillar strategy to keep inflation expectations at bay: A basic theoretical framework," Working Papers of BETA 2007-20, Bureau d'Economie Théorique et Appliquée, ULP, Strasbourg. [Downloadable!]
  2. Dai, Meixing, 2009. "On the role of money growth targeting under inflation targeting regime," MPRA Paper 13780, University Library of Munich, Germany. [Downloadable!]
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