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Politique monetaire et credibilite dans les pays finances a taux fixe

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  • Artus, P.

Abstract

Nous montrons que, dans les pays ou la demande depend des taux a long terme et non des taux a court terme, parce que l'economie est financee a taux fixe, a long terme, il est difficile pour la Banque Centrale de conserver sa credibilite. En effet, si elle a une forte aversion pour l'inflation, elle devrait faire varier enormement les taux courts en reponse aux chocs inflationnistes, ce qui peut etre impossible. Une variation limitee des taux courts peut alors etre confondue par les marches avec une faible aversion pour l'inflation.

Suggested Citation

  • Artus, P., 2000. "Politique monetaire et credibilite dans les pays finances a taux fixe," Papers 2000-56/ma, Caisse des Depots et Consignations - Cahiers de recherche.
  • Handle: RePEc:fth:cadeco:2000-56/ma
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    References listed on IDEAS

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    1. Thomas Doan & Robert B. Litterman & Christopher A. Sims, 1983. "Forecasting and Conditional Projection Using Realistic Prior Distributions," NBER Working Papers 1202, National Bureau of Economic Research, Inc.
    2. Bradley, Michael D & Potter, Susan M, 1986. "The State of the Federal Budget and the State of the Economy: Further Evidence," Economic Inquiry, Western Economic Association International, vol. 24(1), pages 143-153, January.
    3. Giavazzi, Francesco & Spaventa, Luigi, 1990. "The `New' EMS," CEPR Discussion Papers 369, C.E.P.R. Discussion Papers.
    4. Bernard CONNOLLY & Jurgen KRÖGER, 1993. "Economic Convergence in the Integrating Community Economy and the Role of Economic Policies," Discussion Papers (REL - Recherches Economiques de Louvain) 1993012, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
    5. Cohen, Daniel & Wyplosz, Charles, 1989. "The European Monetary Union: An Agnostic Evaluation," CEPR Discussion Papers 306, C.E.P.R. Discussion Papers.
    6. Flood, Robert P. & Garber, Peter M., 1984. "Collapsing exchange-rate regimes : Some linear examples," Journal of International Economics, Elsevier, vol. 17(1-2), pages 1-13, August.
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    More about this item

    Keywords

    POLITIQUE MONETAIRE ; MONNAIE ; BANQUES CENTRALES;

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects

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