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Cible d'inflation ou de niveau de prix : quelle option retenir pour la banque centrale dans un environnement « Nouveau Keynésien » ?

Listed author(s):
  • Ludovic Aubert
  • Stéphane Adjemian

Dans la lignée de Svensson (1999) cet article se propose de reconsidérer la question du choix de la cible pour la banque centrale, selon les deux alternatives cible d'inflation ou cible de niveau de prix, sous une courbe de Phillips de type nouveau keynésien. Nos résultats tendent à plaider en faveur de l'adoption par la banque centrale d'une cible de niveau de prix. La comparaison des politiques discrétionnaires, sous les deux type de régimes, à la règle optimale sous engagement définie par Clarida. Gali et Gertler (2000) montre que la préférence pour la cible de niveau de prix s'explique par une meilleure gestion du problème de la crédibilité de la politique monétaire.

(This abstract was borrowed from another version of this item.)

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Article provided by De Boeck Université in its journal Recherches économiques de Louvain.

Volume (Year): 69 (2003)
Issue (Month): 3 ()
Pages: 293-317

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Handle: RePEc:cai:reldbu:rel_693_0293
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