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Les stabilisations des années vingt. Réflexions sur la notion de crédibilité

Author

Listed:
  • Mathilde Maurel

    (ROSES - Réformes et Ouverture des Systèmes Economiques post-Socialistes - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)

Abstract

The twenties are akin to laboratory experiments which are useful for the ana­lysis of monetary events. Sargent (1982) highlights the role of credibility in the suc­cess of economic policy and the examplarity of the twenties for understanding contemporaneous stakes. Our model is based on the monetary financing of the deficit ; hence it suggests that any generalization is cautious. Two empirical illus­trations are proposed : the German and Hungarian hyperinflation and stabilization processes.

Suggested Citation

  • Mathilde Maurel, 1997. "Les stabilisations des années vingt. Réflexions sur la notion de crédibilité," Post-Print halshs-00468767, HAL.
    • Handle: RePEc:hal:journl:halshs-00468767
    DOI: 10.2307/3502840
    as

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    Keywords

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    JEL classification:

    • E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • N14 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: 1913-

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