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Règle de Taylor vs Règle-ICM : Applications à la zone euro

Author

Listed:
  • Grégory Levieuge

    (LEO - Laboratoire d'Économie d'Orleans [2004-2007] - UO - Université d'Orléans - CNRS - Centre National de la Recherche Scientifique)

Abstract

The aim of this article is to determine what is the optimal strategy of central banks (in particular of ecb) towards the exchange rate. According to the optimal monetary policy rules determined from a two-country (ea-usa) hybrid model with rational expectations, monetary authorities have to react to the exchange rate, in addition to the inflation and the output gap. This result confirms the superiority of strategies built around a Monetary Conditions Index (mci) on Taylor rules. Besides, the sensitive analysis of mci-rules according to the nature of shocks does not allow to assert that theses rules imply systematically a conflict of objective in case of real shocks. But the uncertainty which characterizes the equilibrium value of the exchange rate tends to minimize, even to annihilate, the role played by the exchange rate in the optimal monetary policy strategy. Classification JEL?: E43, E47, E5.
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Suggested Citation

  • Grégory Levieuge, 2006. "Règle de Taylor vs Règle-ICM : Applications à la zone euro," Post-Print halshs-00204035, HAL.
    • Handle: RePEc:hal:journl:halshs-00204035
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    Cited by:

    1. Marco Tronzano, 2009. "Assessing the Volatility of the Euro on Foreign Exchange Markets: Further Empirical Evidence and Policy Implications," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 62(1), pages 103-131.
    2. Grégory Levieuge, 2018. "La politique monétaire doit-elle être utilisée à des fins de stabilité financière ?," Revue française d'économie, Presses de Sciences-Po, vol. 0(3), pages 63-104.

    More about this item

    Keywords

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    JEL classification:

    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • E47 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Forecasting and Simulation: Models and Applications
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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