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

Listed author(s):
  • Jean-Baptiste Desquilbet
  • Patrick Villieu

[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.

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File URL: http://dx.doi.org/doi:10.3406/reco.1998.410048
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_1998_num_49_6_410048
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): 49 (1998)
Issue (Month): 6 ()
Pages: 1415-1434

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Handle: RePEc:prs:reveco:reco_0035-2764_1998_num_49_6_410048
Note: DOI:10.3406/reco.1998.410048
Contact details of provider: Web page: http://www.persee.fr/collection/reco

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