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Une théorie de l'inflation optimales fondée sur les contraintes du crédit

Author

Listed:
  • Xavier Ragot

    (ECON - Département d'économie (Sciences Po) - Sciences Po - Sciences Po - CNRS - Centre National de la Recherche Scientifique)

Abstract

This paper explores the relationship between credit constraints and inflation. It is shown that a small positive inflation can alleviate credit constraints and that this effect can justify a positive long run inflation target for central banks without any assumption concerning nominal rigidities. In a standard non-ricardian setting, which is an overlapping generation framework, I prove that monetary authorities can induce the optimal level of the real interest rate and hence the optimal level of production thanks to a positive long run inflation rate.

Suggested Citation

  • Xavier Ragot, 2004. "Une théorie de l'inflation optimales fondée sur les contraintes du crédit," SciencePo Working papers Main hal-03471769, HAL.
    • Handle: RePEc:hal:spmain:hal-03471769
    DOI: 10.2307/3503376
    Note: View the original document on HAL open archive server: https://hal-sciencespo.archives-ouvertes.fr/hal-03471769
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    Keywords

    Politique monétaire; Inflation; Contrainte de crédit; La règle de Friedman;
    All these keywords.

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects

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