La neutralisation des mouvements et de l'impact des prix d'actifs doit-elle être du ressort de la politique monétaire ?
[eng] Does the neutralization of movements and impacts of asset prices have to concern monetary policy ? This article deals with the role of monetary policy in the neutralization of the movements and impacts of asset prices. Analysing at first the importance of the main transmission channels of asset prices, this study leads to underline the importance of the initial structure of the agents balance-sheets : the more financial system is healthy, the less the repercussion of financial shocks is strong. It is advisable in particular to insist on the health of banks, which are responsible of the amplification of shocks. Then, this findings turn discussion into two types of policies : a Taylor rule with an explicit asset prices target on one hand, a prudential and counter-cyclical policy on the other hand. According to this way, the analysis leans on the conclusions of the study of Levieuge (2003) to explain why monetary policy is less competent than prudential policies to handle and especially to prevent macroeconomic imbalance due to asset prices volatility. JEL classifications : E3, E5, G18, G21 [fre] Cet article s'interroge sur le rôle de la politique monétaire dans la neutralisation des mouvements et de l'impact des prix d'actifs. Étudiant l'importance des principaux canaux de transmission des prix d'actifs à la sphère réelle, l'analyse conduit à souligner que la force de répercussion des chocs financiers dépend de la structure initiale des bilans des agents, et en particulier des banques, dont le comportement n'est pas étranger à l'amplification des chocs. Ce constat oriente la discussion sur deux types de politique : une cible de prix d'actifs d'une part, une mesure réglementaire d'ordre prudentiel et contracyclique d'autre part. Suivant cette voie, l'argumentaire s'appuie sur l'étude de Levieuge (2003) pour expliquer en quoi la politique monétaire est moins compétente que la politique prudentielle pour traiter et surtout prévenir les déséquilibres macroéconomiques imputables aux mouvements des prix d'actifs. Classification JEL : E3, E5, G18, G21
Volume (Year): 74 (2004)
Issue (Month): 1 ()
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