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Une explication monétaire non monétariste : la théorie post-keynésienne

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  • Jean-François Goux
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    [fre] Le monétaire n'est plus le domaine exclusif des monétaristes. Ils sont aujourd'hui concurrencés sur ce terrain par les post-keynésiens qui mettent l'accent sur le caractère séquentiel de l'évolution économique, sur la situation d'incertitude, sur le rôle des institutions économiques et surtout sur l'importance de la monnaie et du crédit. La monnaie est intimement associée au temps et n'existe qu'en raison de l'incertitude. Ses particularités en découlent. La monnaie est introduite et intégrée dans une économie monétaire de production par l'intermédiaire du crédit et plus généralement dans le cadre du processus de financement de l'économie. L'offre de monnaie est endogène et le taux d'intérêt est exogène. On peut discuter du car- actère plus ou moins « horizontal » de la courbe d'offre. La banque centrale est accommodante et conduit la politique monétaire de manière assez passive en ne disposant que du taux d'intérêt comme instrument. [eng] Money is no longer the exclusive field of monetarists. Today, they are challenged on this ground by Post-Keynesians who emphasize the sequential nature of economic evolution, the uncertainty, the place of economic institutions and above all the importance of money and credit. Money is intimately associated with time and exists only because of uncertainty and its peculiarities come from this. Money is introduced and integrated in a monetary economy of production through the medium of credit and, more generally, as a part of the process of financing the economy. The supply of money is endogenous and the interest rate is exogenous. We can question the more or less "horizontal" pattern of the supply curve. The central bank is accommodating and conducts its monetary policy rather passively with only one instrument: the interest rate.

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    Article provided by Programme National Persée in its journal Revue française d'économie.

    Volume (Year): 11 (1996)
    Issue (Month): 3 ()
    Pages: 69-94

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    Handle: RePEc:prs:rfreco:rfeco_0769-0479_1996_num_11_3_1098
    Note: DOI:10.3406/rfeco.1996.1098
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