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Politique monétaire optimale et effet de variété en économie ouverte

Author

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  • Stéphane Auray
  • Aurélien Eyquem
  • Jean-Christophe Poutineau

Abstract

(2007) ? the optimal monetary policy consists in stabilizing consumer prices, as the stabilization of producer prices generates an inadequate adjustment of the real exchange rate. Furthermore, when the intensive margin of trade is factored in, the choice of a fixed exchange-rate regime creates excess macroeconomic volatility that entails a welfare cost when trade flows are significant and when hours worked exhibit high real-wage elasticity.

Suggested Citation

  • Stéphane Auray & Aurélien Eyquem & Jean-Christophe Poutineau, 2010. "Politique monétaire optimale et effet de variété en économie ouverte," Economie & Prévision, La Documentation Française, vol. 0(2), pages 43-58.
    • Handle: RePEc:cai:ecoldc:ecop_193_0043
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