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Règle du taux d’intérêt et politique d’assouplissement quantitatif avec un rôle pour la monnaie

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  • Meixing Dai

Abstract

Cet article fournit un point de vue opposé au consensus d’« une macroéconomie sans LM ». Elle montre que, lorsque la politique monétaire est spécifiée en termes de règle du taux d’intérêt et la banque centrale ne contrôle pas directement les taux d’intérêt affectant la demande globale, la condition d’équilibre sur le marché monétaire a un autre rôle à jouer que de déterminer de manière endogène la masse monétaire. En effet, dans le cadre du modèle de l’offre et de la demande globales, une intégration des conditions équilibres sur les marchés monétaire et des réserves bancaires permet de montrer que l’inflation anticipée peut être stable ou instable selon le degré de développement financier de l’économie. Ce cadre permet également d’examiner la dynamique de l’économie quand le taux d’intérêt nominal tombe à zéro et une politique d’assouplissement quantitatif est mise en place.

Suggested Citation

  • Meixing Dai, 2011. "Règle du taux d’intérêt et politique d’assouplissement quantitatif avec un rôle pour la monnaie," Working Papers of BETA 2011-05, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
    • Handle: RePEc:ulp:sbbeta:2011-05
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    More about this item

    Keywords

    Règle du taux d’intérêt; marché des réserves bancaires; rôle de la monnaie; dynamique de l’inflation anticipée; politiques monétaires non conventionnelles; assouplissement quantitatif; et borne inférieure zéro du taux d’intérêt nominal.;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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