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Les stabilisations des années vingt. Réflexions sur la notion de crédibilité

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  • Mathilde Maurel

Abstract

[eng] Stabilizations in the twenties : thoughts on the credibility concept. . . The twenties are akin to laboratory experiments which are useful for the analysis of monetary events. Sargent (1982) highlights the role of credibility in the success of economic policy and the examplarity of the twenties for understanding contemporaneous stakes. Our model is based on the monetary financing of the deficit ; hence it suggests that any generalization is cautious. Two empirical illustrations are proposed : the German and Hungarian hyperinflation and stabilization processes. [fre] Les années vingt constituent un laboratoire pour l'analyse des phénomènes monétaires. Sargent [1982] insiste sur le rôle de la crédibilité dans le succès de la politique économique. Dans un modèle centré sur le financement monétaire du déficit, la thèse selon laquelle les années vingt constituent un paradigme de la politique économique est remise en question. Le modèle est validé empiriquement par les hyperinflations et stabilisations hongroise et allemande.

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  • Mathilde Maurel, 1997. "Les stabilisations des années vingt. Réflexions sur la notion de crédibilité," Revue Économique, Programme National Persée, vol. 48(3), pages 539-548.
    • Handle: RePEc:prs:reveco:reco_0035-2764_1997_num_48_3_409894
    DOI: 10.3406/reco.1997.409894
    Note: DOI:10.3406/reco.1997.409894
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    More about this item

    JEL classification:

    • E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • N14 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: 1913-

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