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Politique monétaire de la bce et inertie des taux d'intérêt. Quel rôle pour les indicateurs d'inflation nationaux ?

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  • Julien Licheron

Abstract

This paper investigates two hypotheses regarding the influence of national considerations in the ecb interest-rate setting. The first hypothesis is related to the institutional framework of the Eurosystem, with a predominance of national representatives in the ecb Governing Council. The second hypothesis is more strategic: the ecb may be careful not to push one or several countries into deflation when raising its interest rates. Those two hypotheses are tested using an augmented specification of the Taylor rule. Our results suggest that national considerations matter in the ecb decision-making, especially due to the fear of pushing individual countries toward deflation. Interestingly, inflation dispersion among emu countries also seems to provide an explanation for the high inertia in euro area interest rates. Classification JEL : E31, E52, E58.

Suggested Citation

  • Julien Licheron, 2009. "Politique monétaire de la bce et inertie des taux d'intérêt. Quel rôle pour les indicateurs d'inflation nationaux ?," Revue économique, Presses de Sciences-Po, vol. 60(3), pages 713-725.
    • Handle: RePEc:cai:recosp:reco_603_0713
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    Citations

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    Cited by:

    1. Imen Mohamed Sghaier & Zouheir Abida, 2013. "Monetary Policy Rules for a Developing Countries: Evidence from Tunisia," The Review of Finance and Banking, Academia de Studii Economice din Bucuresti, Romania / Facultatea de Finante, Asigurari, Banci si Burse de Valori / Catedra de Finante, vol. 5(1), pages 035-046, June.
    2. Hamza Bennani, 2013. "Does the ECB consider the persistence of inflation differentials?," Economics Bulletin, AccessEcon, vol. 33(3), pages 2129-2139.
    3. Grégory LEVIEUGE & Cristina BADARAU-SEMENESCU, 2010. "Which policy-mix to mitigate the effects of the financial heterogeneity in a monetary union?," EcoMod2010 259600105, EcoMod.
    4. Imen Mohamed Sghaier, 2012. "Taylor Rule and Monetary Policy in Tunisia," Romanian Economic Journal, Department of International Business and Economics from the Academy of Economic Studies Bucharest, vol. 15(45), pages 143-166, December.

    More about this item

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • 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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