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Les indices des conditions monetaires

Listed author(s):
  • Ludovic Aubert
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    Cet article fait le point et clarifie le concept et l'utilisation des indices des conditions monetaires (ICM), dont le principe est d'agreger differentes variables monetaires et financieres en un indicateur unique. Si les ICM paraissent pouvoir fournir une information pertinente, celle-ci doit etre correctement delimitee en fonction de l'utilisation qui en est faite par la banque centrale, comme cible operationnelle ou simple indicateur, et des chocs qui touchent l'economie. En tant qu'indicateur des conditions monetaires, et non pas de l'orientation de la politique monetaire, la lecture en variation de l'ICM est en mesure d'indiquer le degre d'assouplissement ou de durcissement des conditions monetaires, qui, de par sa construction doit permettre de mesurer la contribution des orientations des conditions monetaires au cycle.

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    Article provided by CEPII research center in its journal Economie Internationale.

    Volume (Year): (2003)
    Issue (Month): 96 ()
    Pages: 63-102

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    Handle: RePEc:cii:cepiei:2003-4td
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