IDEAS home Printed from https://ideas.repec.org/a/prs/rvofce/ofce_0751-6614_1987_num_19_1_1095.html
   My bibliography  Save this article

Les fonctions de réaction des autorités monétaires allemandes, françaises et anglaises

Author

Listed:
  • Virginie Coudert
  • Sanvi Avouyi-Dovi
  • Michel Boutillier
  • Richard Topol

Abstract

[eng] The Reaction Functions of the German, French and English Monetary Authorities Virginie Coudert, Sanvi-Avouyi Dovi, Michel Boutillier, Richard Topol In the achievement of economic policy objectives, one of the key instruments of the national monetary authorities is the setting of the rate of interest in the money market. The behaviour of the authorities can be described by means of reaction functions, and estimates are provided in this article for the Federal Republic of Germany, France and the United Kingdom. The results indicate that the role accorded to monetary policy has been different in the various countries : in France priority is given to the external constraint ; in Germany to fighting inflation and minimising fluctuations in the mark-dollar rate ; and in the United Kingdom to protecting the value of the pound and controlling the money supply so as to control inflation. [fre] Afin d'atteindre des objectifs de politique économique les autorités monétaires nationales utilisent entre autres instruments le maniement du taux d'intérêt sur le marché monétaire. Leurs comportements peuvent être décrits par des fonctions de réaction, dont les estimations pour l'Allemagne fédérale, la France et le Royaume-Uni sont données dans cet article. Les résultats obtenus montrent que le rôle accordé à la politique monétaire diffère selon les pays : en France priorité à la contrainte extérieure ; en Allemagne lutte contre l'inflation et défense contre les perturbations de change venues ď outre-Atlantique ; au Royaume-Uni défense des taux de change et contrôle de la masse monétaire en vue de la maîtrise de l'inflation.

Suggested Citation

  • Virginie Coudert & Sanvi Avouyi-Dovi & Michel Boutillier & Richard Topol, 1987. "Les fonctions de réaction des autorités monétaires allemandes, françaises et anglaises," Revue de l'OFCE, Programme National Persée, vol. 19(1), pages 175-188.
  • Handle: RePEc:prs:rvofce:ofce_0751-6614_1987_num_19_1_1095
    Note: DOI:10.3406/ofce.1987.1095
    as

    Download full text from publisher

    File URL: https://doi.org/10.3406/ofce.1987.1095
    Download Restriction: no

    File URL: https://www.persee.fr/doc/ofce_0751-6614_1987_num_19_1_1095
    Download Restriction: no

    References listed on IDEAS

    as
    1. Henri Sterdyniak & Pierre Villa, 1986. "Des conséquences conjoncturelles de la régulation monétaire," Revue Économique, Programme National Persée, vol. 37(6), pages 963-998.
    2. Benjamin M. Friedman, 1977. "The Inefficiency of Short-Run Monetary Targets for Monetary Policy," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 8(2), pages 293-346.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Philippe Gudin & Antoine Magnier & Nicolas Ponty, 1991. "Taux d'intérêt : une asymétrie moins forte," Économie et Statistique, Programme National Persée, vol. 246(1), pages 55-63.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:prs:rvofce:ofce_0751-6614_1987_num_19_1_1095. 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). General contact details of provider: https://www.persee.fr/collection/ofce .

    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 CitEc recognized a reference but did not link an item in RePEc 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 RePEc Author Service 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.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.