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Règles de taux d'intérêt en changes flexibles et en présence de chocs permanents

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  • Pierre Villa

Abstract

[eng] Interest rate rules with flexible exchange rates and permanent shocks. . We endogeneize the supply of money in a model of a medium size country with flexible exchange rates and full indexation of wages and priees in the long run. It allows us to study, in a dynamical framework, the interest rates rules, when the economy faces fully anticipated permanent shocks. In particular, if the monetary authorities aim to stabilize ouput (internai target) and trade balance (extemal target), the optimal rule links the interest rate with the real exchange rate. The model also allows to discuss whether other assignements of the interest rate are relevant. [fre] Règles de taux d'intérêt en changes flexibles et en présence de chocs permanents. . Dans un modèle du pays de taille moyenne en situation de changes flexibles avec indexation totale à long terme des prix et des salaires, on endogénéise l'offre de monnaie. Cela nous permet d'étudier, dans un cadre dynamique, les règles de gestion du taux de marché monétaire en présence de chocs permanents parfaitement anticipés par les agents. En particulier, si les autorités cherchent à stabiliser la production (objectif interne) et la balance commerciale (objectif externe), la règle optimale consiste à relier le taux du marché monétaire au taux de change réel. Le modèle permet aussi de discuter la pertinence d'autres règles d'affectation du taux d'intérêt.

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  • Pierre Villa, 1991. "Règles de taux d'intérêt en changes flexibles et en présence de chocs permanents," Revue Économique, Programme National Persée, vol. 42(5), pages 867-900.
    • Handle: RePEc:prs:reveco:reco_0035-2764_1991_num_42_5_409314
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    References listed on IDEAS

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