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

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  • Patrick Artus
  • Sani Avouyi-Dovi

Abstract

[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.

Suggested Citation

  • Patrick Artus & Sani Avouyi-Dovi, 1990. "Inflation anticipée, politique monétaire et taux d'intérêt aux Etats-Unis," Revue Économique, Programme National Persée, vol. 41(3), pages 581-598.
    • Handle: RePEc:prs:reveco:reco_0035-2764_1990_num_41_3_409223
    DOI: 10.3406/reco.1990.409223
    Note: DOI:10.3406/reco.1990.409223
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    References listed on IDEAS

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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.
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    6. Robert J. Gordon, 1991. "Productivity, Wages, and Prices Inside and Outside of Manufacturing in the U.S., Japan, and Europe," NBER Chapters, in: International Volatility and Economic Growth: The First Ten Years of The International Seminar on Macroeconomics, pages 153-207, National Bureau of Economic Research, Inc.
    7. 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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    9. Levy, Mickey D., 1981. "Factors affecting monetary policy in an era of inflation," Journal of Monetary Economics, Elsevier, vol. 8(3), pages 351-373.
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    1. Anne Bauer & Sanvi Avouyi-Dovi & Catherine Augory, 1993. "Les effets de la réunification sur les taux d'intérêt allemands," Revue Économique, Programme National Persée, vol. 44(5), pages 1001-1026.

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