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Les règles monétaires génératrices de crédibilité. Eléments de critique des thèses des « nouveaux classiques »


  • Jean-Pierre Faugere


[eng] The monetary policies debate regarding the European Monetary Union considers the "Barro-Gordon" framework as a main reference. This argues that the credibility of monetary commitments in the fight against inflation could be strengthened either by tying one's hands in the EMS or by appointing a "conservative" central banker. The paper first sets out the general coherence of these approaches, which renew the rational expectations and natural rate theory, thanks to an application of repeated games between the policymaker and the people. Then the text puts forward some criticisms and questions regarding the relevance of preferences and, more precisely, of the hypothesis of a confrontation between the policymaker, who pursues an activist policy in vain, and a private sector, considered as an entity. [fre] Jean-Pierre Faugère Les règles monétaires génératrices de crédibilité. Discussion des thèses des «nouveaux classiques». Le débat sur les politiques monétaires dans le cadre de l'Union Economique et Monétaire met au premier plan les analyses de type « Barro-Gordon » qui soutiennent que la crédibilité des engagements de lutte contre l'inflation peut être renforcée par des dispositions telles que l'appartenance au SME ou la nomination d'un responsable de banque centrale « conservateur». Après avoir présenté la cohérence globale de ces approches, qui renouvellent la théorie des anticipations rationnelles et du chômage naturel par l'explicitation d'un jeu non coopératif entre le décideur public et les agents privés, le texte présente un certain nombre d'éléments critiques et s'interroge sur la pertinence des fonctions d'utilité, et plus précisément l'hypothèse d'un face à face entre un décideur public, poursuivant vainement des politiques inflationnistes, et un secteur privé, conçu comme un ensemble homogène.

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  • Jean-Pierre Faugere, 1991. "Les règles monétaires génératrices de crédibilité. Eléments de critique des thèses des « nouveaux classiques »," Revue Française d'Économie, Programme National Persée, vol. 6(4), pages 227-280.
  • Handle: RePEc:prs:rfreco:rfeco_0769-0479_1991_num_6_4_1299
    Note: DOI:10.3406/rfeco.1991.1299

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    References listed on IDEAS

    1. Ramey, Garey & Ramey, Valerie A, 1995. "Cross-Country Evidence on the Link between Volatility and Growth," American Economic Review, American Economic Association, vol. 85(5), pages 1138-1151, December.
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    8. repec:umd:umdeco:rodriguez9901 is not listed on IDEAS
    9. Corden, W Max & Neary, J Peter, 1982. "Booming Sector and De-Industrialisation in a Small Open Economy," Economic Journal, Royal Economic Society, vol. 92(368), pages 825-848, December.
    10. Jeffrey D. Sachs & Andrew Warner, 1995. "Economic Reform and the Process of Global Integration," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 26(1, 25th A), pages 1-118.
    11. Francisco Rodriguez & Dani Rodrik, 1999. "Trade Policy and Economic Growth: A Skeptic's Guide to Cross-National Evidence," NBER Working Papers 7081, National Bureau of Economic Research, Inc.
    12. Sachs, Jeffrey D & Warner, Andrew M, 1997. "Sources of Slow Growth in African Economies," Journal of African Economies, Centre for the Study of African Economies (CSAE), vol. 6(3), pages 335-376, October.
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