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

  • 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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File URL: http://dx.doi.org/doi:10.3406/reco.1990.409223
Download Restriction: Data and metadata provided by Persée are licensed under a Creative Commons "Attribution-Noncommercial-Share Alike 3.0" License http://creativecommons.org/licenses/by-nc-sa/3.0/

File URL: http://www.persee.fr/doc/reco_0035-2764_1990_num_41_3_409223
Download Restriction: Data and metadata provided by Persée are licensed under a Creative Commons "Attribution-Noncommercial-Share Alike 3.0" License http://creativecommons.org/licenses/by-nc-sa/3.0/

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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
Contact details of provider: Web page: http://www.persee.fr/collection/reco

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  1. Robert J. Gordon, 1986. "Productivity, Wages, and Prices Inside and Outside of Manufacturing in the U.S., Japan, and Europe," NBER Working Papers 2070, National Bureau of Economic Research, Inc.
  2. William H. Branson & Julio J. Rotemberg, 1979. "International Adjustment with Wage Rigidity," NBER Working Papers 0406, National Bureau of Economic Research, Inc.
  3. Jeffrey Sachs, 1986. "High Unemployment in Europe: Diagnosis and Policy Implications," NBER Working Papers 1830, National Bureau of Economic Research, Inc.
  4. 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 143-53, January.
  5. Robert J. Gordon, 1981. "Why U.S. Wage and Employment Behavior Differs from That in Britain and Japan," NBER Working Papers 0809, National Bureau of Economic Research, Inc.
  6. Levy, Mickey D., 1981. "Factors affecting monetary policy in an era of inflation," Journal of Monetary Economics, Elsevier, vol. 8(3), pages 351-373.
  7. 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.
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