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L' aggiornamento des politiques monétaires

Author

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  • Michel Aglietta

Abstract

Inflation targeting was the only objective of monetary policy up to the financial crisis. Its rationale rests on a strong efficient market hypothesis that the systemic crisis has invalidated. Monetary policy must be overhauled to encompass financial stability under radical uncertainty, while money is endogenous and monetary policy has multiple objectives. Therefore it must use multiple instruments and allocate them to the objectives according to their relative performances. The responsibility for financial stability involves new macro prudential tools to manage financial vulnerabilities, some of which pertaining to monetary policy. Furthermore monetary and fiscal policies interact, which leads to reconsider the nature of central bank independence. Classification JEL: E44, E52, E58.

Suggested Citation

  • Michel Aglietta, 2014. "L' aggiornamento des politiques monétaires," Revue d'économie financière, Association d'économie financière, vol. 0(1), pages 243-256.
    • Handle: RePEc:cai:refaef:ecofi_113_0243
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    Citations

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    Cited by:

    1. Jean Charles Hourcade & Michel Aglietta & Baptiste Perrissin-Fabert, 2014. "Transition to a Low-Carbon society and sustainable economic recovery, a monetary-based financial device," Post-Print hal-01692593, HAL.

    More about this item

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • 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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