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Une réhabilitation raisonnée de la finance fonctionnelle : stagnation séculaire, croissance et inflation

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  • Côme Poirier
  • Xavier Ragot

Abstract

The uncertainty about growth, the return of inflation and the need for an energy transition are renewing the economic policy debate. If the situation was previously referred to as secular stagnation, other names are emerging: stagflation reflation. Beyond the diagnosis, what use should be made of monetary or fiscal policy in an environment of high debt? This issue is all the more important as the European rules of budgetary coordination are being questioned. Based on concrete examples, this article asserts the central role of fiscal policy in relation to monetary policy. This development should be understood as a rehabilitation of ?functional finance? in a measured form. The implications for the mandate of central banks and the European fiscal framework are developed. Classification JEL: E40, E50, E52, E58, E60

Suggested Citation

  • Côme Poirier & Xavier Ragot, 2021. "Une réhabilitation raisonnée de la finance fonctionnelle : stagnation séculaire, croissance et inflation," Revue d'économie financière, Association d'économie financière, vol. 0(4), pages 61-72.
    • Handle: RePEc:cai:refaef:ecofi_144_0061
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    JEL classification:

    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • 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
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General

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