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

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  • 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
    DOI: 10.3406/ofce.1987.1095
    Note: DOI:10.3406/ofce.1987.1095
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    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.
    3. Turnovsky,Stephen J., 1977. "Macroeconomic Analysis and Stabilization Policy," Cambridge Books, Cambridge University Press, number 9780521291873.
    4. repec:hal:spmain:info:hdl:2441/5387 is not listed on IDEAS
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    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.

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