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La politique monétaire sans monnaie

  • Jérôme Creel

    (OFCE)

  • Henri Sterdyniak

    (OFCE)

Le schéma traditionnel de la courbe LM où le taux d’intérêt équilibre une demande de monnaie stable et une offre de monnaie fixée par la banque centrale n’a plus de sens dans les systèmes financiers modernes caractérisés par la disparition de la distinction entre actifs monétaires et non-monétaires. La banque centrale fixe à chaque période le taux d’intérêt monétaire; la masse monétaire, quelle que soit sa définition arbitraire, est déterminée par la demande de monnaie; le taux d’inflation est déterminé, période après période, par le comportement conjoint de la banque centrale, des autorités budgétaires et du secteur privé; la notion de financement monétaire du déficit public disparaît (...).

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Paper provided by Sciences Po in its series Sciences Po publications with number info:hdl:2441/2961.

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Date of creation: Jul 1999
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Publication status: Published in Revue de l'OFCE, 1999, pp.111-153
Handle: RePEc:spo:wpmain:info:hdl:2441/2961
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