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Politique monétaire avec information de marché application au spread de taux

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  • Grégory Levieuge

Abstract

This research aims at examining whether asset prices and the term structure spread in particular are of interest for the conduct of monetary policy. It is shown that the predictive property of the spread is policy-dependant. So the correlation between spread and PIB collapses when the term structure spread is introduced with high weighting as an argument in a monetary rule. This phenomenon (Goodhart?s law) constitutes a serious warning for central banks which would take into account any financial information.

Suggested Citation

  • Grégory Levieuge, 2003. "Politique monétaire avec information de marché application au spread de taux," Revue d'économie politique, Dalloz, vol. 113(2), pages 233-254.
    • Handle: RePEc:cai:repdal:redp_132_0233
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    Cited by:

    1. Henry Ngongo, 2015. "Les indicateus avanc\'es de l'inflation en RDCongo," Papers 1509.06504, arXiv.org.
    2. Grégory Levieuge, 2005. "Politique monétaire et prix d'actifs," Revue de l'OFCE, Presses de Sciences-Po, vol. 93(2), pages 317-355.
    3. Gilles, Philippe & Huchet, Nicolas & Gauvin, Marie-Sophie, 2012. "Politique monétaire, choix de portefeuille du secteur bancaire et canal de la prise de risque," L'Actualité Economique, Société Canadienne de Science Economique, vol. 88(2), pages 175-196, Juin.
    4. Henry Muganza Ngongo, 2015. "Les indicateus avancés de l'inflation en RDCongo," Post-Print hal-01202369, HAL.

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