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La politique monétaire sans monnaie

Listed author(s):
  • Jérôme Creel

    (Observatoire français des conjonctures économiques)

  • Henri Sterdyniak

    (Observatoire français des conjonctures économiques)

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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File URL: http://spire.sciencespo.fr/hdl:/2441/2961/resources/3-70.pdf
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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
Publication status: Published in Revue de l'OFCE, 1999, pp.111-153
Handle: RePEc:spo:wpmain:info:hdl:2441/2961
Contact details of provider: Web page: http://www.sciencespo.fr/

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  40. Barro, Robert J., 1989. "Interest-rate targeting," Journal of Monetary Economics, Elsevier, vol. 23(1), pages 3-30, January.
  41. Fuhrer, Jeffrey C & Moore, George R, 1995. "Forward-Looking Behavior and the Stability of a Conventional Monetary Policy Rule," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 27(4), pages 1060-1070, November.
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