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L'indépendance de la Banque centrale peut-elle être contreproductive ? Une illustration en économie ouverte

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  • Jean-Baptiste Desquilbet
  • Patrick Villieu

Abstract

[eng] Can central bank independence be counterproductive ? An open economy illustration.. . This paper shows that, in a static two-country game theoretic model, delegating the monetary policy to an « independent » central bank may be counter-productive. The decision to delegate or not must be taken in the framework of a prisoners' dilemma, which leads to the question of how to coordinate the policymakers' decision on the « good » equilibrium. [fre] L'indépendance de la Banque centrale peut-elle être contreproductive ? Une illustration en économie ouverte. . Cet article montre, dans un cadre de jeu statique entre deux pays, que la délégation de la politique monétaire à une Banque centrale « indépendante » peut être contreproductive. La décision de déléguer ou non doit être prise dans le cadre d'un « dilemme du prisonnier », ce qui pose la question des modes de coordination pouvant être mis en place afin de focaliser les partenaires sur le « bon » équilibre.

Suggested Citation

  • Jean-Baptiste Desquilbet & Patrick Villieu, 1998. "L'indépendance de la Banque centrale peut-elle être contreproductive ? Une illustration en économie ouverte," Revue Économique, Programme National Persée, vol. 49(6), pages 1415-1434.
  • Handle: RePEc:prs:reveco:reco_0035-2764_1998_num_49_6_410048
    Note: DOI:10.3406/reco.1998.410048
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    Cited by:

    1. GAMMADIGBE, Vigninou, 2015. "Indice de cohérence du policy-mix : une proposition
      [Policy-mix coherence index : a proposal]
      ," MPRA Paper 63286, University Library of Munich, Germany.
    2. NGUENA, Christian L., 2012. "Objectif de Lutte contre l’Inflation et Croissance Economique en Afrique: la Nécessité d’une Alternative
      [Fighting against Inflation and economic growth in Africa: A necessity of alternative]
      ," MPRA Paper 49416, University Library of Munich, Germany, revised 19 Apr 2013.
    3. René TAPSOBA & Jean-Louis COMBES & Nasser ARY TANIMOUNE, 2012. "Policy Mix Coherence: What Does it Mean for Monetary Policy in West Africa?," Working Papers 201213, CERDI.
    4. NGUENA, Christian L., 2012. "Objectif de Stabilité des Prix et Croissance Economique en Zone CEMAC: Une Approche en Données de Panel
      [Price Stability Objectives and Economic Growth: A Panel Data Econometrics Empirical Investig
      ," MPRA Paper 49412, University Library of Munich, Germany, revised 09 Feb 2013.
    5. GAMMADIGBE, Vigninou, 2015. "Policy Mix Coherence Index (PMCI) : A Proposal," MPRA Paper 63583, University Library of Munich, Germany.
    6. Abdelkader Aguir & Mounir Smida, 2015. "Efficiency of monetary policy under inflation targeting," Economics Bulletin, AccessEcon, vol. 35(1), pages 788-813.

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