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Construction d'une règle monétaire pour la "zone euro"

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  • Jean-Paul Pollin
  • Alexis Penot

Abstract

[fre] Construction d'une règle monétaire pour la « zone euro ». . La littérature a montré l'efficacité des règles de politique monétaire articulées autour d'objectifs d'inflation. Or, la BCE, qui n'a pour seul objectif que la stabilité des prix, a confirmé sa confiance dans la surveillance des agrégats monétaires. Cet article montre par simulation d'un petit modèle économétrique que les objectifs d'inflation sont une stratégie que devrait suivre la BCE. De tels objectifs peuvent même être complétés par une règle activiste qui peut être alors utilisée comme un outil d'évaluation et d'encadrement de la politique d'une BCE qui échappe actuel­lement à toute forme de contrôle. [eng] Designing a monetary policy rule for euroland. . The literature has shown the efficiency of monetary policy rules articulated around inflation targets. However, the ECB, which has for only objective the price stability, has confirmed its confidence in the monitoring of monetary aggregates. This article shows by simulation of a small econometric model that inflation targets are a strategy that should be followed by the ECB. Such objectives can even be completed by an activist rule that can be then used as a tool of assessing and framing the policy of an ECB which currently escapes all shape of control.

Suggested Citation

  • Jean-Paul Pollin & Alexis Penot, 1999. "Construction d'une règle monétaire pour la "zone euro"," Revue Économique, Programme National Persée, vol. 50(3), pages 535-546.
  • Handle: RePEc:prs:reveco:reco_0035-2764_1999_num_50_3_410098
    Note: DOI:10.3406/reco.1999.410098
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    Cited by:

    1. Belhadj, ARAM & Bouguezzi, WAJDI & Jedlane, NABIL, 2009. "A Common Monetary Policy For The Maghreb: The Winners and The Losers?," MPRA Paper 29701, University Library of Munich, Germany.
    2. Jean-Louis BRILLET & Anna KRUSZEWSKA, "undated". "The Consequences of EU Accession for Poland - Simulations Using the MacSim System," EcoMod2004 330600029, EcoMod.
    3. 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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