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Le Royaume-Uni Peut-il Participer a la Monnaie Unique: le Role des Canaux de la Politique Monetaire

Author

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  • Artus, P.

Abstract

Nous mettons en avant une difficulte supplementaire (par rapport a celles souvent evoquees: chocs asymetriques, absence de coordination des politiques budgetaires...) de l'appartenance a une Union Monetaire: l'heterogeneite des canaux d'action de la politique monetaire sur l'economie. Nous prenons comme exemple la situation du Royaume-Uni, ou l'essentiel des financements est realise a taux variable, et ou, de ce fait, ce sont les taux d'interet a court terme qui ont un effet sur l'activite. Nous etudions les consequences de cette situation a l'aide d'un modele theorique d'une Union Monetaire a deux pays, le Royaume-Uni et l'Allemagne, ou au contraire la demande depend des taux d'interet a long terme.

Suggested Citation

  • Artus, P., 1997. "Le Royaume-Uni Peut-il Participer a la Monnaie Unique: le Role des Canaux de la Politique Monetaire," Papers 97-13/ei, Caisse des Depots et Consignations - Cahiers de recherche.
  • Handle: RePEc:fth:cadeco:97-13/ei
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    Keywords

    POLITIQUE MONETAIRE;

    JEL classification:

    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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