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Inflation anticipée, politique monétaire et taux d'intérêt aux Etats-Unis

Listed author(s):
  • Patrick Artus
  • Sani Avouyi-Dovi

[fre] Inflation anticipée, politique monétaire et taux d'intérêt aux Etats-Unis On estime dans cet article sur données mensuelles une fonction de réaction par les taux courts des autorités monétaires américaines, réalisée en y intégrant l'inflation prévue, période par période, à l'aide d'un modèle structurel et multi-sectoriel de la boucle prix-salaires aux États-Unis. La comparaison avec les résultats obtenus en utilisant les prix observés permet de se demander si la FED réagit bien en fonction d'anticipations d'inflation. On utilise aussi ces séries de prix pour estimer une équation de structure par terme des taux d'intérêt aux États-Unis. [eng] Expected inflation, monetaty policy and interest rates in the united states After having estimated a small model explaining wages and priees in the United States, we use this model to generale rational inflationnary expectations. We try to introduce those expectations in the Fed's reaction function on interest rates and in the term structure of interest rates equation, to analyse the extent of forward-looking behavior of the monetary authorities and of the public.

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Article provided by Programme National Persée in its journal Revue économique.

Volume (Year): 41 (1990)
Issue (Month): 3 ()
Pages: 581-598

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Handle: RePEc:prs:reveco:reco_0035-2764_1990_num_41_3_409223
Note: DOI:10.3406/reco.1990.409223
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  1. William H. Branson & Julio J. Rotemberg, 1991. "International Adjustment with Wage Rigidity," NBER Chapters, in: International Volatility and Economic Growth: The First Ten Years of The International Seminar on Macroeconomics, pages 13-44 National Bureau of Economic Research, Inc.
  2. Gordon, Robert J, 1982. "Why U.S. Wage and Employment Behaviour Differs from That in Britain and Japan," Economic Journal, Royal Economic Society, vol. 92(365), pages 13-44, March.
  3. Basevi, G. & Calzolari, M., 1982. "Monetary Authorities' Reaction Functions in a Model of Exchange - Rate Determination for the European Monetary System," Cahiers de recherche 8218, Universite de Montreal, Departement de sciences economiques.
  4. Marothia, Dinesh K. & Phillips, William E., 1982. "Demand and supply functions for money in Canada : Some further evidence," Journal of Monetary Economics, Elsevier, vol. 9(2), pages 249-261.
  5. Bradley, Michael D & Potter, Susan M, 1986. "The State of the Federal Budget and the State of the Economy: Further Evidence," Economic Inquiry, Western Economic Association International, vol. 24(1), pages 143-153, January.
  6. Gordon, Robert J, 1986. "Productivity, Wages and Prices Inside and Outside of Manufacturing in the US, Japan and Europe," CEPR Discussion Papers 134, C.E.P.R. Discussion Papers.
  7. Levy, Mickey D., 1981. "Factors affecting monetary policy in an era of inflation," Journal of Monetary Economics, Elsevier, vol. 8(3), pages 351-373.
  8. Jeffrey Sachs, 1986. "High Unemployment in Europe: Diagnosis and Policy Implications," NBER Working Papers 1830, National Bureau of Economic Research, Inc.
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