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Déflation et politique monétaire

Listed author(s):
  • St-Amant, Pierre

    (Banque du Canada)

  • Tessier, David

    (Université du Québec en Outaouais)

This paper discusses policies that monetary policy authorities could implement in response to a generalized and persistent decline in goods and services prices. The authors argue that in such situation the priority should be to defend the credibility of monetary policy. They differentiate between two types of credibility: that concerning the authorities’ intention to reach their target and that concerning the authorities’ capacity to reach the target. They then review a few instruments that could strengthen these two types of credibility. Their conclusion is that monetary policy authorities would have powerful tools at their disposal to escape deflation. Persistent and repeated policy errors would be needed for deflation to persist. Dans ce texte, les auteurs traitent des politiques que les autorités monétaires pourraient adopter pour mettre fin à une baisse généralisée des prix des biens et des services. Ils soutiennent que la priorité doit être d’asseoir la crédibilité de la politique monétaire. Ils distinguent deux types de crédibilité : celle relative à l’intention des autorités d’atteindre une cible de stabilité des prix et celle relative à leur capacité d’atteindre cette cible. Ils passent en revue quelques instruments susceptibles de renforcer ces deux types de crédibilité. Leur conclusion est que les autorités monétaires disposeraient de moyens puissants, bien que difficiles à doser, pour éliminer la déflation. Il faudrait des erreurs de politique persistantes et répétées pour qu’une déflation perdure.

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Article provided by Société Canadienne de Science Economique in its journal L'Actualité économique.

Volume (Year): 84 (2008)
Issue (Month): 3 (septembre)
Pages: 307-323

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Handle: RePEc:ris:actuec:v:84:y:2008:i:3:p:307-323
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