Indépendance de la Banque centrale et politique monétaire: application à la Banque centrale euopéenne
[eng] This paper sums up the main results developed by the literature about indépendance and credibility of the monetary policy and uses them to analyse the European Central Bank status. According to the Maastricht treaty, the ECB's main objective should be price stability and ECB should be indépendant from political pressures. This can be related to Rogoff 's theory of a conservative governor, which shows that a delegation to an indépendant monetary autority can both reduce the inflationary bias induced by a lack of credibility, and limit fluctuations on the labour market after a supply shock. [fre] Rogoff. Cette délégation de pouvoir monétaire à un gouverneur indépendant permettrait de baisser le biais inflationniste, issu d'un manque initial de crédibilité, tout en conservant la possibilité de limiter les fluctuations consécutives à des chocs d'offre sur le marché du travail.
Volume (Year): 13 (1998)
Issue (Month): 1 ()
|Contact details of provider:|| Web page: http://www.persee.fr/collection/rfeco|
When requesting a correction, please mention this item's handle: RePEc:prs:rfreco:rfeco_0769-0479_1998_num_13_1_1043. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Equipe PERSEE)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.