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Une théorie de l'inflation optimale fondée sur les contraintes de crédit


  • Xavier Ragot


This paper explores the relationship between credit constraints and inflation. It is shown that a small positive inflation can alleviate credit constraints and that this effect can justify a positive long run inflation target for central banks without any assumption concerning nominal rigidities. In a standard non-ricardian setting, which is an overlapping generation framework, I prove that monetary authorities can induce the optimal level of the real interest rate and hence the optimal level of production thanks to a positive long run inflation rate. Classification JEL : E52, E31, E43

Suggested Citation

  • Xavier Ragot, 2004. "Une théorie de l'inflation optimale fondée sur les contraintes de crédit," Revue économique, Presses de Sciences-Po, vol. 55(3), pages 469-478.
  • Handle: RePEc:cai:recosp:reco_553_0469

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    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects


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