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Conduite et efficacité de la politique économique : les leçons de la crise
[Management and Efficiency of the Economic Policies : The Crisis' Lessons"]

  • Landais, Bernard
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    This paper intend to keep some lessons from the recent crisis for the monetary and fiscal stabilization policies. We develop six propositions about these policies : The monetary policy may be wrongly orientated before a crisis ; The non-orthodox monetary actions are effective but dangerous; The Central Bank must adopt an enlarged framework for her strategy ; Fiscal Policy has not been completely rehabilited by crisis events and its efficiency is dubious ; In Euro Zone, monetary policy has been a problem that fiscal policies are not able to solve ; In Euro Zone, public debts are a big problem that monetary molicy can solve.

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    Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 31223.

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    Date of creation: 01 Jun 2011
    Date of revision:
    Handle: RePEc:pra:mprapa:31223
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    1. Reinhart, Carmen, 2009. "The Second Great Contraction," MPRA Paper 21485, University Library of Munich, Germany.
    2. Jordi Galí, 2015. "The Monetary Pillar and the Great Financial Crisis," Working Papers 469, Barcelona Graduate School of Economics.
    3. Bernard LANDAIS, 2010. "The Monetary Origins Of The Economic And Financial Crisis," Journal of Applied Economic Sciences, Spiru Haret University, Faculty of Financial Management and Accounting Craiova, vol. 5(3(13)/Fal), pages 280-291.
    4. Tobias Adrian & Arturo Estrella & Hyun Song Shin, 2010. "Monetary cycles, financial cycles, and the business cycle," Staff Reports 421, Federal Reserve Bank of New York.
    5. Mathias Dolls & Clemens Fuest & Andreas Peichl, 2010. "Automatic Stabilizers and Economic Crisis: US vs. Europe," NBER Working Papers 16275, National Bureau of Economic Research, Inc.
    6. John B. Taylor, 2009. "The Financial Crisis and the Policy Responses: An Empirical Analysis of What Went Wrong," NBER Working Papers 14631, National Bureau of Economic Research, Inc.
    7. Carmen Reinhart & M. Belen Sbrancia, 2015. "The Liquidation of Government Debt," IMF Working Papers 15/7, International Monetary Fund.
    8. Frederic S. Mishkin, 2009. "Is Monetary Policy Effective During Financial Crises?," NBER Working Papers 14678, National Bureau of Economic Research, Inc.
    9. Peter Howells & Iris Biefang Frisancho-Mariscal, 2010. "Recent Developments in Monetary Policy," Working Papers 1017, Department of Accounting, Economics and Finance, Bristol Business School, University of the West of England, Bristol.
    10. Alan J. Auerbach & William G. Gale, 2009. "Activist Fiscal Policy to Stabilize Economic Activity," NBER Working Papers 15407, National Bureau of Economic Research, Inc.
    11. Douglas W. Diamond & Raghuram Rajan, 2009. "The Credit Crisis: Conjectures about Causes and Remedies," NBER Working Papers 14739, National Bureau of Economic Research, Inc.
    12. Trimborn, Timo & Strulik, Holger, 2011. "The Dark Side of Fiscal Stimulus," Annual Conference 2011 (Frankfurt, Main): The Order of the World Economy - Lessons from the Crisis 48725, Verein für Socialpolitik / German Economic Association.
    13. David C. Wheelock & Mark E. Wohar, 2009. "Can the term spread predict output growth and recessions? a survey of the literature," Review, Federal Reserve Bank of St. Louis, issue Sep, pages 419-440.
    14. Jordi Galí, 2010. "The monetary pillar and the great financial crisis," Economics Working Papers 1223, Department of Economics and Business, Universitat Pompeu Fabra.
    15. Itai Agur & Maria Demertzis, 2010. "Monetary Policy and Excessive Bank Risk Taking," DNB Working Papers 271, Netherlands Central Bank, Research Department.
    16. Reinhart, Carmen & Rogoff, Kenneth, 2009. "This Time It’s Different: Eight Centuries of Financial Folly-Preface," MPRA Paper 17451, University Library of Munich, Germany.
    17. Bharat Trehan, 2009. "Predicting crises, part I: Do coming crises cast their shadows before?," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue sep21.
    18. Xavier Debrun & Radhicka Kapoor, 2010. "Fiscal Policy and Macroeconomic Stability: Automatic Stabilizers Work, Always and Everywhere," IMF Working Papers 10/111, International Monetary Fund.
    19. Olivier Blanchard & Giovanni Dell'Ariccia & Paolo Mauro, 2010. "Rethinking Macroeconomic Policy," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 42(s1), pages 199-215, 09.
    20. Antonio Fatás & Ilian Mihov, 2010. "The Euro and Fiscal Policy," NBER Chapters, in: Europe and the Euro, pages 287-324 National Bureau of Economic Research, Inc.
    21. Lee , Jim & Crowley, Patrick M, 2009. "Evaluating the stresses from ECB monetary policy in the euro area," Research Discussion Papers 11/2009, Bank of Finland.
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